Posted December 21, 2016 by FreedomPay

FreedomPay: A Synopsis of Innovation


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.

Posted December 08, 2016 by FreedomPay

Avoiding Risk in Far-Off Places with Dynamic Currency Conversion

In an increasingly globalized world, consumers constantly find themselves having to deal with the complications of foreign transactions when visiting the United States. Whether the purchase is a retail shopping expense, or simply a minor travel expense, unpredictable markets and fluctuating currencies make navigating a transaction in another country difficult. That’s without taking into account the exchange rate fees that are often associated with international purchases as well. Our mission at FreedomPay has been to simplify the currency conversion process, so that when traveling to the U.S., making a purchase is as simple as it would be in your home country.

Our Dynamic Currency Conversion solution helps eliminate the risks of foreign exchanges. It not only gives customers the choice of paying in their own home currency, but also in the merchant’s base currency if that is preferable. It is an innovation in the field of international transactions that helps both sides of the exchange.

As FreedomPay Vice President Tom Smith says, “Providing international travelers a way to pay in their home currency improves the shopping experience and eliminates the extra expense incurred when card associations and issuers apply their currency conversion fees onto a customer’s credit card bill. It also eliminates the need for customers to try to calculate the price of an item in their home currency.

Dynamic Currency Conversion allows customers to make informed choices by seeing the amount they are paying in a form of currency they are familiar with. Additionally, our system ensures there is full transparency: no more hidden fees or surprise charges. What is printed on the receipt is what will show up on the bank statement. This makes the customer more comfortable with the transaction and improves the experience and impression that they have with a merchant.

Customers aren’t the only ones who benefit from our technology. In modern international markets, transactions involving currency exchange often require merchants to take on quite a bit of risk if drastic changes in the markets occur. With FreedomPay’s system, this risk is mitigated for both parties, ensuring an amicable and safe transaction. Additionally, using the currency conversion provided by our system helps businesses offset credit card fees that may be charged when accepting international cards. Merchants using Dynamic Currency Conversion also have the opportunity to attract business away from competitors who do not use a simple conversion system. Convenience and security are the quickest ways to win over potential customers, especially international travelers who are feeling out of their element.

For merchants with high numbers of foreign transactions, our system eliminates risk and improves customer relations. Particularly for resorts or businesses in the tourist center service industry, providing secure and simplified currency conversion is an absolute necessity to stay competitive.

Want to learn more about how Dynamic Currency Conversion can be a benefit to your company? Visit FreedomPay.com to learn more about our exceptional customer service and groundbreaking technology!


Posted December 01, 2016 by FreedomPay

FreedomPay’s P2PE Technology: Securing Shopping

As 2016 draws to a close, the next big national trend is a robust holiday shopping season, a sign that consumers are ready to spend again.

The National Retail Federation predicts a massive Thanksgiving shopping weekend, kicked off by Black Friday specials. More than 137.4 million Americans are expected to shop online or in stores over the four-day holiday weekend, up from 135.8 million last year, according to an NRF survey. If the forecast holds true, this could be an early sign of a strong holiday quarter.

While retailers certainly welcome increased traffic and sales, a rush on shopping, travel and dining out also leads to an increased risk of compromised credit card information. Fortunately, merchants can mitigate that risk for their customers with a point-of-sale solution that not only meets industry requirements but also take additional security steps.

Merchants can reduce their scope for PCI compliance and ensure that no cardholder data actually flows through their systems. FreedomPay’s Point to Point Encryption (P2PE) solution is fully audited and validated according to PCI standards, and supports traditional as well as emerging payment technologies such as EMV. It integrates with POS systems and payment processors. Merchants deploying the FreedomPay P2PE solution are covered under its PCI validation, and can raise their level of security compliance while delivering a safer experience for their customers.

For 2016, online sales are expected to increase seven percent – 10 percent over the previous year – to reach up to $117 billion, according to the NRF. FreedomPay’s Hosted Payment Page provides cardholder encryption for online purchases with a seamless integration into a retailers existing ecommerce site. Customers providing card information during the online checkout process will experience the same security as when they use their credit card at the store.

While EMV chip cards are gaining widespread adoption, most consumers and many merchants don’t understand that the EMV technology only prevents card duplication fraud. It does not secure payment data throughout the entire transaction chain.

With the FreedomPay solution, merchants can fill the security gaps left in the transition to EMV payments. The system integrates P2PE and tokenization to fill in the security gaps from the transition to EMV. With tokenization, credit card information is encrypted at the point-of-sale, and actual credit card data is replaced by a random code (token) in the merchant’s system. So if the system is breached, there is no actual data that can be compromised.

FreedomPay’s solutions are approved by the PCI Security Council to reduce the scope for PCI compliance. Using a non-validated P2PE solution that does not support the EMV chip cards leaves merchants exposed to liability for data breaches and fraudulent purchases.

As the use of mobile wallets increases, FreedomPay’s solution supports NFC payments through platforms such as Apple pay, Samsung Pay and Android Pay. Furthermore, as the payments ecosystem continues to branch out, FreedomPay adapts and evolves to support new opportunities as well as integrate with legacy technologies.

While holiday shoppers will be budget conscious as always, card data security is high on everyone’s wish list this year. That’s why FreedomPay’s goal is to stay on the leading edge of payments innovation and change the face of global commerce. There’s no better time to do that than the biggest shopping season of the year.

Interested in learning more about how we can help your retail operations deliver a great level of security to your customers? Visit us online at FreedomPay.com.