Jump to content

FreedomPay

Add links
From Wikipedia, the free encyclopedia

This is an old revision of this page, as edited by Minorax (talk | contribs) at 04:38, 14 June 2024. The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

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
Websitewww.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]

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.

With the launch of the FreedomPay Commerce Platform in 2009, its customers could deliver those incentives in real time to consumers’ mobile phones and enable mobile payments. All of this technology is based on an open architecture and is protected by high-level security. [4]

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]

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. [6]

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. [7]

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. [8]

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. [9]

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. [10] 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. [11]

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. [12]

Partnerships

FreedomPay maintains partnerships[failed verification] with enterprises including:

References

  1. ^ "McDonald's Tests Cashless Fast Food". ABC News.
  2. ^ "FreedomPay makes waves in contactless payment".
  3. ^ "Transaction Trends November 2012". Issuu.
  4. ^ a b "Microsoft, FreedomPay Collaborate on Targeted Offers". November 2013.
  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. ^ Groenfeldt, Tom. "FreedomPay Captures And Uses The Information In Transactions". Forbes.
  7. ^ Finance on Windows Article "Next-Generation Commerce"
  8. ^ Microsoft Article "Can Big Data and Payments Drive Loyalty in Consumer Banking?"
  9. ^ Microsoft Article "Payments is an Information Business"
  10. ^ BizJournal.com Article "FreedomPay pushes cashless growth"
  11. ^ "EagleCash". www.fiscal.treasury.gov. Retrieved June 10, 2021.
  12. ^ "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.
  13. ^ "Oracle MICROS POS Systems". www.micros.com. Retrieved June 10, 2021.
  14. ^ "Partner Page". HID Global (in Spanish). Retrieved 2021-06-10.
  15. ^ "FreedomPay combines cashless payments and loyalty programs for quick-serve restaurants". Archived from the original on 2014-01-06. Retrieved 2014-01-06.
  16. ^ "Compass Group Selects FreedomPay for EMV, Security and Industry-Leading Payment Innovation – FreedomPay".
  17. ^ "SODEXHO LINKS WITH FREEDOMPAY". FoodService Director. 15 (8): 24. August 2002.
  18. ^ "Hillrom Dining Services - Hillrom". hillrom.aramarkcafe.com.
Retrieved from "https://en.wikipedia.org/w/index.php?title=FreedomPay&oldid=1228970350"