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Posted June 13, 2024 by FreedomPay

FreedomPay Raises the Bar in the Payments Industry by Raising Merchant Payment IQ with Merchant Centric Acquiring™

By Chris Kronenthal, President, FreedomPay

The digital payments landscape is rapidly evolving, driven by technological advancements, changing consumer behaviors, and the rise of innovative payment solutions. For merchants, this evolution presents both an opportunity and a daunting challenge. 

To stay competitive, to increase efficiency and profitability, and to meet changing customer expectations, merchants must elevate their understanding of payment processing and technology—and raise their “payments IQ.”

Merchant Centric Acquiring™ (MCA) by FreedomPay is the industry’s first independent referral advisory that takes the pain out of payments by changing the way merchants, ISVs and processors find each other and work together. By leveraging over 20 years of payments experience, data-based evidence, and robust industry relationships, FreedomPay guides merchants through three-step process of education, evaluation, and exploration, delivering a free in-depth analysis and expert advisory, and provides a range of MCA-certified processors to choose from. All at no cost or obligation to merchants.

MCA will help you review your business, payment type patterns, volume, fees and overall fit. Businesses can streamline complexity, increase profitability and operational efficiency, standardize technology, and deliver a superior buying experience.

Merchants who’ve used MCA have reported up to 18% savings on transaction fees. Merchants also described MCA as a valuable learning experience. One suggesting, “I learned more about payment processing in a one-hour phone call with MCA advisors than I did in years of doing business.” Another merchant claims that agreeing to the free analysis was one the best business decisions they ever made.

In an era of rapid technological advancement and increasing complexity in payment processing, it is imperative for merchants to become better informed. By educating themselves on the latest trends, technologies, and regulatory requirements, merchants can enhance their competitive edge, improve operational efficiency, and make better data-based decisions. 

By enhancing their payments IQ, merchants can better anticipate and adapt to future changes, ensuring long-term sustainability and growth. Forward-thinking merchants who invest in ongoing education and technology adoption are better positioned to thrive in an increasingly digital world.

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Posted May 08, 2024 by FreedomPay

Know More, Spend Less: Take the Pain Out of Payments Processing with Merchant Centric Acquiring (MCA)

High business overheads and a cash-strapped customer base mean that merchants are seeking opportunities to reduce their outgoings. Merchant Centric Acquiring (MCA) by FreedomPay supports their bottom-line focus by empowering merchants to cut costs and enhance their operational predictability and flexibility. 

MCA is the industry’s first independent referral advisory service. This indicates a historical lack of transparency around the costs and features that differentiate payment processors. MCA’s trusted advisors leverage FreedomPay’s robust knowledge and industry relationships and experience as an independent payment gateway to educate merchants, evaluate their current state, and explore opportunities for cost savings and enhanced efficiency using the best payment processor for their requirements. 

MCA presents businesses of all sizes with a uniquely unbiased opportunity to find the best pre-qualified, certified, and verified payment processor to boost their success. MCA trusted advisors conduct a cost and obligation-free consultative review of a company’s accounts and payment solutions. This includes a data-driven analysis of their transaction volume, processing fees, and payment type patterns as well as their organizational priorities. Finally, the advisors review their findings with the merchant, helping them to navigate the payments industry’s complex dynamics, terminology, and acronyms and identify the right tech investment for their business. 

MCA saves merchants a significant 18% on their payment processing fees. How? Standardized fees and structures strengthen merchants’ bargaining position by benchmarking industry rates. Transparent and locked rates mean no expensive surprises! Simultaneously, it streamlines their operations by empowering merchants to manage their payment acceptance terms and conditions. This gives businesses of all sizes greater operational agility, efficiency, and predictability.

With Merchant Centric Acquiring, transparency unites with cost savings and operational efficiency. Take the pain out of payments processing – try MCA free of charge, and with no obligation!

Start Saving Money and Time

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Posted April 22, 2024 by FreedomPay

Revolutionizing Retail Success Through Tech Innovation

While the jury is out on whether the customer is always right, every successful retailer agrees that the customer must always come first! 

A customer-centric retailer adapts to changing expectations and prioritizes the needs of every consumer: secure, compliant transactions, a flexible, speedy, and streamlined shopping experience, and relevant loyalty incentives. FreedomPay explores how tech innovation is revolutionizing Retail, empowering retailers to set themselves apart from their competitors while ensuring customer satisfaction, acquisition, and retention.

Streamlined & Speedy Shopping
Time is money, and customers today are on a tight budget! A fast, flexible, and seamless shopping journey that prioritizes customer convenience boosts conversion rates and boosts consumer satisfaction. 

Just one poor buying experience can cause irreparable damage to a customer’s perception of a retailer and their willingness to shop with them again. Fortunately, retailers can reduce the lengthy wait times at checkout that often lead to customer frustration and even cart abandonment.

How? By integrating with a secure, independent payment gateway that supports shoppers’ preferred payment methods and facilitates a unified, hybrid shopping experience across in-store, online, and in-app. 

Flexibility & Freedom of Choice
Future-forward retailers of all sizes are embracing the evolution of technology by integrating with alternative and digital payment methods to optimize users’ checkout experience. These range from contactless debit and credit cards and Digital Wallets (whose use will overtake plastic in the next decade) to AI-powered self-service kiosks and palm-based biometric payments! 

Cost and timing are shaping shoppers’ purchase decisions and by offering payment across several interest-free installments using Buy Now Pay Later (BNPL) or installment loans, retailers make products and services accessible and affordable. This flexible offering can help to increase sales and spend-per-transaction while enhancing the customer experience and earning the retailer a competitive market edge.

A Personalized Approach to Loyalty 
Tech innovation is influencing the way retailers approach loyalty. Forward-thinking businesses are harnessing, interpreting, and segmenting data-driven behavioral insights or Business Intelligence to deeply understand a customer’s habits and preferences. 

The insights empower retailers to reliably target customers using customized communications and incentives that resonate with the individual. By incentivizing the purchase of relevant products across appropriate locations and channels, a data-driven loyalty strategy boosts retailers’ conversions, increases repeat custom, and strengthens brand loyalty.

Establishing Trust and Delivering Data Security.
Whether a retailer operates as a pureplay eCommerce, a brick-and-mortar store, or takes a hybrid, omnichannel approach, a PCI-validated P2PE solution drastically reduces their compliance scope. Customers are reassured that their personal data is secure, and merchants avoid potential reputational damage and hefty penalties for non-compliance. 

Highly secure, compliant, and reliable payments are the cornerstone of customers’ trust in your business – fundamental to every retailer’s success!  Working with a trusted partner or advisor with extensive industry experience is key to safe and swift transformation and establishing customer-centricity across every touchpoint through strategic tech innovation.

Safe and Secure + Fast and Flexible = Customer Centricity
Investment in tech innovation is revolutionizing Retail by speeding up, securing, and streamlining the customer-centric shopping experience for consumers and merchants alike. From using data to personalize loyalty incentivization to enabling alternative and digital payment acceptance within seconds, an independent, global payment gateway sits at the intersection of safe and secure, and fast and flexible performance.

FreedomPay is the world’s largest independent payment gateway, with 1000+ POS, PMS, web, and mobile integrations – all backed by industry-leading security. We empower businesses of all sizes to modernize their payment processes, expand beyond their current tech and seize new opportunities to drive revenue, customer satisfaction, andgrowth with our advanced and adaptive technology. 

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Posted March 21, 2024 by FreedomPay

What Is A Payment Gateway And Why Do I Need One?

EVERY business needs a payment gateway. Whether you’re an e-Commerce, brick and mortar, or hybrid business, a gateway is essential for accepting any digital or electronic payments made online and in-store at the Point of Sale (POS). 

What is a payment gateway?
A payment gateway is a software program that sits between the merchant and their customer. It’s often described as ‘an electronic cash register for the virtual world’. Payment gateways offer a secure pathway that requests and manages transactions to transfer money between a customer and a merchant’s bank account. FreedomPay is the world’s largest independent payment gateway, with many additional capabilities!  

What does a payment gateway do?
A gateway has three essential roles: encryptionauthorization, and settlement.  

First, the gateway encrypts payment data through tokenization for secure transfer between the seller and the buyer. Next, it sends a payment request to the payment processor for authorization via the credit card or financial institution associated with the payment method. This allows the website or POS to move onto confirmation, receipt, or the next action in the sales journey. Finally, it settles the payment, completing the transaction and facilitating the transfer of funds between the buyer and seller. 

Some payment gateways with advanced functionality (such as FreedomPay) power order screening, tax calculation, and geolocation services to manage location-specific actions and feature dashboards for analyzing and reporting transaction status and payment performance.

How does a gateway help my business?
A gateway is great for customers. Why? It helps businesses deliver a seamless checkout experience by enabling secure acceptance within seconds

It benefits merchants, too. The right payment gateway ensures rapid, streamlined, and accurate transaction authorization. If a payment is valid, the value is exchanged. If not, the payment is declined, and your business avoids unnecessary chargeback fees!

What about PCI compliance?
The gateway provider assumes responsibility for the data traveling through the payment chain, reducing merchants’ compliance scope. Merchants never have to deal with sensitive credit card data directly with a PCI-P2PE, GDPR and PSD2-SCA compliant gateway like FreedomPay, relieving them of the associated PCI obligations and transactional security risks

Is a gateway the same thing as a processor?
There are many similarities but also some important differences. The gateway represents a system, whereas the processor is a ‘step’ in the payment chain. Processors and gateways both analyze and transmit transaction data to the relevant issuing parties, but a gateway also supports the settlement process by facilitating the transfer of funds between the buyer and seller.

Payment gateways and aggregators for online payments
To accept online payments, businesses need to have access to a payment gateway and to hold a merchant account, also known as an ‘aggregator’. Aggregators often offer access to a gateway in tandem with their merchant account (such as PayPal). A single gateway can support omnichannel payments, including online, mobile, and in-store POS transactions. A gateway must be compatible with the shopping cart to integrate with the aggregator, so you may need to set up your shopping cart and aggregator before your payment gateway. 

A powerful commerce investment
The right payment gateway is a powerful investment. FreedomPay’s cloud-based, patented secure switching easily connects to selling systems and unifies multiple channels. Its additional commerce capabilities enable at-a-glance reporting via transaction dashboards, and in-depth analysis of detailed consumer behavior insights. These can be used to streamline customer interactions and power a data-driven, personalized sales and loyalty incentivization strategy

The world’s largest independent payment gateway could take your sales operations and customer experience to the Next Level. Drive revenue, expand your legacy tech, and drive consumer satisfaction your way with an unrivalled world class, secure platform. Learn more about FreedomPay’s advanced and adaptive technology platform.

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Posted September 21, 2023 by FreedomPay

FreedomPay and Amazon Collaborate to Offer Merchants Seamless, Palm-Powered Checkout Experiences

Chris Kronenthal, President at FreedomPay

At FreedomPay, our technology empowers businesses around the world to provide a robust, frictionless, and personalized purchasing experience across online and in-store channels. That’s why we’re excited to announce that Amazon One—the fast, convenient, and contactless identity service that uses your palm to enter, identify, and pay—is now integrated with FreedomPay’s commerce technology platform.

Together, Amazon Web Services (AWS) and FreedomPay’s technologies enable merchants to offer a seamless checkout process and a faster way to pay. Shoppers will be able to use their palm to pay with FreedomPay using Amazon One

Amazon One, a palm-based biometric identity and payment service, uses artificial-intelligence-like computer vision and deep learning techniques, including generative AI, to establish a person’s identity. Amazon One is highly secure and protected by multiple security controls using custom-built algorithms and hardware to create each person’s unique palm signature which is never stored on the device. Instead, these signatures are encrypted and sent to a highly secure, custom-built area in the cloud, which simplifies a range of tasks from payment to access. You can read more about how Amazon One was designed with customer privacy and data security top of mind.

With FreedomPay’s commerce tech, consumers and merchants gain access to world-class technology, including our seamless tokenization capacity. This feature enhances data security while delivering the seamless, personalized experiences consumers love. Tokenization protects customer data with a randomly generated “token.” Not only does this protect bank accounts and credit card numbers, it also allows merchants to recognize their customers. It also allows customers to build profiles of spending patterns and provide insights to deliver more targeted loyalty programs, promotions, and rewards. These features, powered by FreedomPay, enable consumers to use any credit or debit card to check out with any merchant or venue that accepts Amazon One.

Merchants face a rapidly changing consumer landscape. Payment flexibility will remain key to customer satisfaction and a merchant’s brand reputation. As consumer expectations continue to emphasize speed, customization and convenience of checkout, merchants must optimize every interaction with consumers by embracing innovation, prioritizing personalization, and delivering a seamless and secure experience.

A platform like FreedomPay’s differentiated and convenient payment experience is key to helping merchants unleash the power of pay with the world’s open payments platform.

We’re excited to work with Amazon Web Services (AWS) to launch this new solution and to continue building innovative new physical retail experiences.

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Posted March 27, 2023 by FreedomPay

Cedric Lourie, Vice President of Digital Development at FreedomPay outlines the value of data-driven insights in enhancing customer relationships in a new interview.

We sit in a very unique space, in the middle of the entire payment ecosystem. This lends itself to understanding a lot about the consumers: what they’re buying, what they’re not buying, how they pay, and how they like to transact. 

Using our Business Intelligence (BI) platform, we can help merchants to understand what those trends are, for a variety of reasons; whether it’s enablement of new functionality, or understanding consumer trends to offer an enhanced consumer experience. Perhaps it’s the beginning of a loyalty at play where merchants want to use consumer segmentation to understand very niche types of consumers, so that they can better cater to them. 

Our Business Intelligence platform allows merchants to create and study any type of consumer segment. Maybe it’s their highest spenders, the consumer spending on certain products, or consumers they haven’t seen in a long time. The consumer segmentation engine within our BI platform allows merchants to generate these, so they can take action to drive their behavior and enhance their overall consumer experience.

Thank you, Cedric!

Take your understanding of your customers’ preferences and requirements to the Next Level with FreedomPay’s Business Intelligence platform.

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Posted March 20, 2023 by FreedomPay

Cedric Lourie: Streamlining Checkout Processes And Partner Relationships to Exceed Customer Demands

Cedric Lourie, Vice President of Digital Development at FreedomPay, outlines the value of alternative, digital payment methods and the partners who enable them.

Consumer demand for innovation at checkout is booming. Merchants wishing to meet and exceed customer and guest expectations must offer them choice and ease of use through increased functionality. 

Very few merchants want to invest their time, talent, and resources into developing one-on-one relationships with the providers of each new functionality and integration they enable.  

FreedomPay seeks out and partners with third party providers of the alternative technologies that interest the merchants who choose our Next Level Commerce™ platform. We empower merchants to optimize their customer journeys with our agnostic, one-stop solution.

Perhaps your partner of choice is an industry giant such as PayPal, Klarna, Apple Pay, or Google Pay. Maybe you wish to establish additional functionalities such as payment with loyalty points, Pay by Link, QR code transactions, or gift card enablement. 

Whatever your plan is for your business, FreedomPay can help you integrate with ease to Unleash the Power of Pay

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Posted March 06, 2023 by FreedomPay

Life at FreedomPay

Are you looking for your next career move?

Allan Moulds, SVP Human Resources at FreedomPay describes our approach to hiring and the company culture in this short Q and A session.

Q: How does FreedomPay attract such fantastic talent?

A: “Right now, in the market where you have so many tech companies scaling back, it really helps being a rapid growth company. A lot of people want to work for a company that’s growing versus shrinking. 

We have such a talented and technical workforce that people meet who we are and they just want to work with us. It comes down to, talent attracts talent.”

Q: Describe the company culture at FreedomPay

A: “Our company culture is really created by our diverse workforce. Our employees create the tone. We’re an established company with over 20 years of history, but we still hold on to that start-up mentality where it’s all hands on deck. Everyone can be a part of the goal.”

Q: How does FreedomPay approach diversity, equity, and inclusion?

A: “In terms of diversity, here at FreedomPay, we really try to attract people of very different thought, whether that be across gender, ethnicity, race, age, education level. We have a lot of women in tech who are leading the way. We’ve got a lot of leaders from different diverse groups that help create a better workspace for everybody and make it a really inclusive environment.” 

Do you have any questions about a career at FreedomPay? Feel reach out to our Hiring Managers.

Ready to join us? Apply for a current vacancy or submit your resumé.

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Posted February 27, 2023 by FreedomPay

Driving Purchase Decisions & Engagement with Chris Kronenthal

Customer loyalty is the cornerstone of merchant success across every vertical. FreedomPay President, Chris Kronenthal, offers insights on the role of data-driven personalization, from incentivizing purchases to targeted follow-up communications.

Driving purchase decisions

How do you get customers to come to your place of business, check out and make that purchase? Really focus on personalizing that experience, whether that’s through a discounting strategy or some type of loyalty or messaging campaign, as well as references to advertising right at the point of check out. 

When that customer comes in, can you give them an option on the screen that allows them to see branding or messaging to really drive their decision?

Post-purchase

Once the customer has checked out, Business Intelligence comes in. This is our offering to understand all of the rich consumer data that we’ve been gathering throughout that checkout process. 

Then, the merchant uses it to study the customer’s behavior, to get them to come through that funnel more effectively each time.With Business Intelligence, merchants can leverage the power of Next Level Commerce™ to unleash a consumer-centric reality. FreedomPay’s sophisticated platform gives merchants actionable insights at the touch of a button. These empower businesses to segment their customer base and target them effectively with highly relevant rewards, discounts, and incentives.

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