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FreedomPay: A Synopsis of Innovation

Posted December 21, 2016 by

In the beginning, it was a mere idea, but one with ambition. Still, we needed a break: what the business world calls “a proof of concept” – a small exercise to test our one singular idea that would transform consumer payment technology forever.

It was the year 2000. Y2K had come and gone, leaving us all breathless with suspense – or not. The world was ready for something big.

And then we got it: the chance to design and enable some of the industry’s first mobile payments, with big time partners like Nokia, McDonald’s, Bank of America, Visa, and others. The proof of concept was a proof positive: we could change the industry.

A Track Record of Success

From the beginning, FreedomPay was structured around emerging technologies, cloud computing, and mobility. Like any great technology company, we owe much of our success to our leadership. Founder and CEO Tom Durovsik built a strong reputation in the business community long before FreedomPay ever came along. He guided a number of highly successful startup businesses and held numerous leadership positions with some of the world’s most recognized consumer brands. He’s what you might call a hands-on executive, who knows his business – and his business plan – top to bottom, inside and out.

Though it’s only in its second decade, our company timeline is a resume built to showcase innovation. Highlights include some of the industry’s most important developments. For example:

  • In 2004, FreedomPay forged a closed loop payment solution for stored value and voucher systems for the food service industry.
  • In 2007, FreedomPay launched its cloud-based platform as a service (PaaS) and a first-generation incentives platform, giving merchants the ability to accept broad based payments and launch targeted incentives based on buying habits, while delivering the ability to track the progress of incentives against real-time sales.
  • In 2009, FreedomPay expanded the platform capabilities beyond in-store and online to include consumers’ mobile phones, a platform that once again operated across stored value and voucher (closed-loop), private label and bank card (open-loop) markets.

FreedomPay Today

Today, our cashless solutions and real-time data capabilities enable deeper insights into customer purchase behavior. We’re the engine inside the world’s expanding yet interconnected ecosystem of commerce. We can apply our solution from scratch or adapt it to any legacy technology. We’re committed to innovation, ready to meet the needs and harness the possibilities of new technologies such as mobile wallets, peer-to-peer payment solutions – whatever the next big idea happens to be.

Our P2PE solution is fully audited and validated according to the PCI Security Standards. It supports traditional and emerging payments technologies like EMV, and integrates into point-of-sale systems and payment processors. With the coveted PCI validation, merchants employing the FreedomPay P2PE solution can reduce their scope for PCI compliance and conduct their business with the assurance that no cardholder data flows through their systems.

We understand that consumers are more mobile than ever, and vendors need solutions that can keep up.

Our goal at FreedomPay is to always be looking forward, to predict the next big thing in commerce,” says Tom Smith of FreedomPay, “to change the face of global commerce. This enables us to continually deliver the most innovative solutions in the payments industry.

The Solution Is Ready

Mobile payments, intelligent analysis, virtual and remote terminals, payment processing, incentives and customer relationship management services – the bottom line is, we can help.

From payment security solutions such as P2PE, tokenization and EMV support, to stored value solutions, we’ve proven our ability to anticipate our customers’ needs. We help companies in hospitality, retail, financial services, manufacturing and contract food services to make payments faster, smoother, simpler and smarter than ever before.

Visit us online at FreedomPay.com to learn what FreedomPay can do for you.




 

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