FreedomPay

Last updated
FreedomPay
Company typePrivate
IndustryPayments platform as a service
GenrePayments Gateway
FoundedPhiladelphia, 2000
FounderTom Durovsik, CEO
HeadquartersPhiladelphia, Pennsylvania,
USA
Key people
Tom Durovsik, CEO; Christopher Kronenthal, President & CTO
ProductsFreedomPay Commerce Platform
OwnerTom Durovsik
Website www.freedompay.com

FreedomPay is a company that provides payment platform as a service. It was founded in 2000 and is currently located in Philadelphia, Pennsylvania. In early 2000, FreedomPay launched mobile payment "proof of concepts" with enterprises such as McDonald's, [1] Bank of America [2] and Visa. Later in 2004, FreedomPay delivered a closed loop payment system for stored value and voucher systems to the food service industry. [3]

Contents

History

FreedomPay was founded by Thomas Durovsik in 2000. [4]

In 2007, FreedomPay developed a gateway for credit card processing (FreeWay) that captures detailed transaction data. That data can be mined for real time intelligence from disparate systems, giving merchants insight into their sales. Using that data, FreedomPay launched a cloud-based platform as a service (PaaS) and a first generation incentive platform.

In 2013, FreedomPay was selected by Microsoft as its commerce platform partner for the global banking and retail sectors.

In 2014, FreedomPay earned PCI validation for its point-to-point encryption solution (P2PE). FreedomPay was the first fully functional platform solution in North America to achieve PCI validation, including support for NFC and EMV payments. [5]

Partners with QikServe (since 2018), [6] J.P. Morgan, Elavon (2024), [7] Citi Teams, [8] and WorldPay. [9]

Products

FreedomPay Commerce Platform

The FreedomPay platform is a commerce solution that includes mobile payment capabilities, high-level security, incentive technologies, and business intelligence that integrates with live POS systems.

Mobile payments and incentives

The mobile application connects consumers’ smartphones to the FreedomPay commerce platform at physical merchants. In addition to allowing mobile payments through the use of QR codes, the mobile app delivers targeted incentives, replaces loyalty cards, and provides access to electronic copies of receipts. [10]

Merchants utilizing the FreedomPay Commerce Platform have the ability to create offers and loyalty programs. These offers can target users based on a number of criteria, including purchase history as well as user-input information. Users within the merchant-chosen distance can see active incentives within the mobile application and apply them to their bill at checkout. [11]

The FreedomPay platform allows users to automatically accrue loyalty points. Loyalty rewards are also more flexible. For example, a user could redeem points for a discounted meal or accrue more points and redeem them for a vacation day. Points can also be awarded by financial institutions. [12]

Business Intelligence

FreedomPay Business Intelligence is a piece of the Commerce Platform and provides real-time analysis of business transactions for merchants utilizing the FreedomPay Commerce Platform. Merchants are able to view detailed business reports online and in real time, giving them perspective on their retail practices and the effectiveness of individual incentives and programs. [13]

Stored Value

FreedomPay Stored Value is a cashless payment solution, that provides corporate clients such as universities, hospitals, and corporate cafeterias with an option for stored value spending. [14] According to the US Treasury, a Stored Value proponent, the benefits of a program like this are the speed provided, flexibility in funding, POS integration, and data collection. [15]

FreedomPay Stored Value cards allow contactless payments and mobile payments at payment terminals.

Funding options include automated funding through bank accounts, credit or debit cards, and payroll deduction, as well as manual funding using those as well as cash and checks. Integration with most major POS systems keeps FreedomPay Stored Value system adoption costs at a minimum.

The online portal for Stored Value allows FreedomPay clients to use that information for a number of purposes, from distributing basic monetary-value vouchers to rewards based on eating habits. [16]

Partnerships

FreedomPay maintains partnerships[ failed verification ] with enterprises including:

Related Research Articles

<span class="mw-page-title-main">Tokenization (data security)</span> Concept in data security

Tokenization, when applied to data security, is the process of substituting a sensitive data element with a non-sensitive equivalent, referred to as a token, that has no intrinsic or exploitable meaning or value. The token is a reference that maps back to the sensitive data through a tokenization system. The mapping from original data to a token uses methods that render tokens infeasible to reverse in the absence of the tokenization system, for example using tokens created from random numbers. A one-way cryptographic function is used to convert the original data into tokens, making it difficult to recreate the original data without obtaining entry to the tokenization system's resources. To deliver such services, the system maintains a vault database of tokens that are connected to the corresponding sensitive data. Protecting the system vault is vital to the system, and improved processes must be put in place to offer database integrity and physical security.

<span class="mw-page-title-main">Point of sale</span> Time and place where a retail transaction is completed

The point of sale (POS) or point of purchase (POP) is the time and place at which a retail transaction is completed. At the point of sale, the merchant calculates the amount owed by the customer, indicates that amount, may prepare an invoice for the customer, and indicates the options for the customer to make payment. It is also the point at which a customer makes a payment to the merchant in exchange for goods or after provision of a service. After receiving payment, the merchant may issue a receipt, as proof of transaction, which is usually printed but can also be dispensed with or sent electronically.

<span class="mw-page-title-main">Verifone</span> Multinational point-of-sale equipment manufacturer

Verifone, Inc. is an American multinational corporation headquartered in Coral Springs, Florida. Verifone provides technology for electronic payment transactions and value-added services at the point-of-sale. Verifone sells merchant-operated, consumer-facing and self-service payment systems to the financial, retail, hospitality, petroleum, government and healthcare industries. The company's products consist of POS electronic payment devices that run its own operating systems, security and encryption software, and certified payment software, and that are designed for both consumer-facing and unattended environments.

First Data Corporation is a financial services company headquartered in Atlanta, Georgia, United States. The company's STAR Network provides nationwide domestic debit acceptance at more than 2 million retail POS, ATM, and at online outlets for nearly a third of all U.S. debit cards.

Shopping cart software is a piece of e-commerce software on a web server that allows visitors to have an Internet site to select items for eventual purchase.

<span class="mw-page-title-main">NETS (company)</span> Singaporean electronic payment service provider

Network for Electronic Transfers, colloquially known as NETS, is a Singaporean electronic payment service provider. Founded in 1986 by a consortium of local banks, it aims to establish the debit network and drive the adoption of electronic payments in Singapore. It is owned by DBS Bank, OCBC Bank and United Overseas Bank (UOB).

Moneris is a Canadian financial technology company that specializes in payment processing.

Heartland Payment Systems, Inc. is a U.S.-based payment processing and technology provider. Founded in 1997, Heartland Payment Systems' last headquarters were in Princeton, New Jersey. An acquisition by Global Payments, expected to be worth $3.8 billion or $4.3 billion was finalized on April 25, 2016.

<span class="mw-page-title-main">Alipay</span> Third-party mobile and online payment platform

Alipay is a third-party mobile and online payment platform, established in Hangzhou, China in February 2004 by Alibaba Group and its founder Jack Ma. In 2015, Alipay moved its headquarters to Pudong, Shanghai, although its parent company Ant Financial remains Hangzhou-based.

Amazon Pay is an online payments processing service owned by Amazon. Launched in 2007, Amazon Pay uses the consumer base of Amazon.com and focuses on giving users the option to pay with their Amazon accounts on external merchant websites. As of March 2021, the service became available in Austria, Belgium, Cyprus, Denmark, France, Germany, Hungary, India, the Republic of Ireland, Italy, Japan, Luxembourg, Malaysia, Netherlands, Portugal, Spain, Sweden, Switzerland, United Kingdom, and the United States.

A payment processor is a system that enables financial transactions, commonly employed by a merchant, to handle transactions with customers from various channels such as credit cards and debit cards or bank accounts. They are usually broken down into two types: front-end and back-end.

<span class="mw-page-title-main">Worldpay, Inc.</span> American payment processing company

Worldpay is an American multinational financial technology company and payment processing company. Worldpay provides payment and technology services to merchants and financial institutions globally generating 40 billion transactions across 146 countries and 135 currencies.

<span class="mw-page-title-main">GoPago</span>

GoPago was a cloud-based mobile payment platform with an integrated point of sale system, based in Pasadena, CA. GoPago's payment platform allows customers to purchase orders in advance of arriving at brick-and-mortar merchants and merchants to manage orders in real-time. In August 2012, GoPago released GoPago LIVE, an application-based tablet point of sale system, which are free to merchants. GoPago's mobile payments platform is cloud-based, which allows transactions processing without near-field communications or QR-code technologies. On December 11, 2013, Amazon reached an agreement with GoPago to buy a license to its technology and hire certain members of its engineering team. On December 20, 2013, mobile commerce company DoubleBeam acquired all of the assets of GoPago, including all customers, systems, products, brand name and IP portfolio. On February 20, 2015, DoubleBeam was acquired by Verifone, Inc, and GoPago was subsequently rebranded as Verifone Cloud POS.

Leaf is a platform technology by Leaf Holdings, Inc. that serves as a central hub for small business commerce. The Leaf platform consists of a tablet computer built specifically for Point of Sale (POS), and a cloud-based software tool for business management, analytics, and customer engagement. Leaf is designed to help retail stores, restaurants, and other small businesses improve the speed and ease of checkout, and to help business owners obtain better insight into, and control over their operations.

<span class="mw-page-title-main">Cayan</span> U.S.-based payment processing company

Cayan is a provider of payment technologies and merchant services, based in Boston, Massachusetts. The company enables payments in physical stores and mobile locations, as well as e-commerce. Cayan was acquired by TSYS in December 2017 and operates as wholly-owned subsidiary of TSYS.

<span class="mw-page-title-main">Clover Network</span> Cloud-based Android point of sale platform

Clover is a cloud-based Android point of sale (POS) platform that was launched in April 2012. The company is headquartered in Sunnyvale, California, United States. As of the quarter ended September 2020, Clover processed $133 billion of annualized card transactions worldwide, making it the largest U.S. cloud POS firm.

<span class="mw-page-title-main">SumUp</span> Financial technology company

SumUp is a global financial technology company headquartered in London, United Kingdom. SumUp supports more than 3.5 million merchants in over 30 markets worldwide, and operates business tools created specifically for the micro and nano segment.

India Stack refers to the project of creating a unified software platform to bring India's population into the digital age. Its website describes its mission as follows: "India Stack is a set of open APIs that allows governments, businesses, startups and developers to utilize a unique digital Infrastructure to solve India’s hard problems towards presence-less, paperless, and cashless service delivery" Of the four "distinct technology layers" mentioned on the same page, the first, the "Presenceless Layer" is the most controversial as it involves storing biometric data such as fingerprints for every citizen. Since such markers are widely being adopted to enable cashless payment, the issue arises of fraudulent use of biometrics. The other layers are the Paperless Layer, which enables personal records to be associated with one's online identity; the Cashless Layer, a single interface to all national banks and online wallets; and the Consent Layer, which aims to maintain security and control of personal data.

Shift4Shop is a technology company that develops e-commerce software for businesses. The company was founded in 1997 with headquarters in Tamarac, FL. Shift4Shop develops electronic commerce application for online stores and retail point-of-sale systems.

<span class="mw-page-title-main">Affirm Holdings</span> U.S. financial services company

Affirm Holdings, Inc. is an American listed company founded by PayPal co-founder Max Levchin in 2012. It is a fintech company with a buy now, pay later service for online and in-store shopping. Affirm tops the U.S. buy now, pay later sector, reporting over 18 million users and US$20.2 billion annual GMV as of 2023.

References

  1. ↑ "McDonald's Tests Cashless Fast Food". ABC News.
  2. ↑ "FreedomPay makes waves in contactless payment".
  3. ↑ "Transaction Trends November 2012". Issuu.
  4. ↑ "FreedomPay doubles down on gateway focus". Payments Dive. Retrieved 2024-07-17.
  5. ↑ "FreedomPay Announces North America's First Fully-Functional, PCI-Certified P2PE Technology for Merchants". Corporate Compliance Insights. 2014-08-19. Retrieved 2021-03-16.
  6. ↑ Signarovitz, Beth (2024-05-22). "QikServe and FreedomPay Partnership Going Strong After Six Years". Food On Demand. Retrieved 2024-07-17.
  7. ↑ hslade (2024-04-26). "Elavon and FreedomPay partner to transform hospitality and retail payments in Europe". FinTech Global. Retrieved 2024-07-17.
  8. ↑ PYMNTS (2023-12-07). "Citi Teams With FreedomPay to Offer Payments Choice at Checkout". PYMNTS.com. Retrieved 2024-07-17.
  9. ↑ PYMNTS (2023-09-20). "FreedomPay and WorldPay Expand Integrated Payments Partnership". PYMNTS.com. Retrieved 2024-07-17.
  10. ↑ Groenfeldt, Tom. "FreedomPay Captures And Uses The Information In Transactions". Forbes.
  11. ↑ Finance on Windows Article "Next-Generation Commerce"
  12. ↑ Microsoft Article "Can Big Data and Payments Drive Loyalty in Consumer Banking?"
  13. ↑ Microsoft Article "Payments is an Information Business"
  14. ↑ BizJournal.com Article "FreedomPay pushes cashless growth"
  15. ↑ "EagleCash". www.fiscal.treasury.gov. Retrieved June 10, 2021.
  16. ↑ "Transforming Payments from a Transaction Business to an Information Business" (PDF). download.microsoft.com. September 2013. Archived from the original (PDF) on 2013-12-19. Retrieved 2013-12-18.
  17. ↑ "Microsoft, FreedomPay Collaborate on Targeted Offers". November 2013.
  18. ↑ "Oracle MICROS POS Systems". www.micros.com. Retrieved June 10, 2021.
  19. ↑ "Partner Page". HID Global (in Spanish). Retrieved 2021-06-10.
  20. ↑ "FreedomPay combines cashless payments and loyalty programs for quick-serve restaurants". Archived from the original on 2014-01-06. Retrieved 2014-01-06.
  21. ↑ "Compass Group Selects FreedomPay for EMV, Security and Industry-Leading Payment Innovation – FreedomPay".
  22. ↑ "SODEXHO LINKS WITH FREEDOMPAY". FoodService Director. 15 (8): 24. August 2002.
  23. ↑ "Hillrom Dining Services - Hillrom". hillrom.aramarkcafe.com.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.