FreedomPay Wows RetailNOW 2016
This summer, FreedomPay joined merchants and payment solutions providers from around the world at RSPA RetailNOW 2016 in Grapevine, Texas, for high impact educational seminars, networking, and a few rounds of golf. Thousands of attendees gathered to learn and discuss the current state and future of the evolving point-of-sale technology ecosystem. Among the speakers was our very own Matt Donnelly, vice president of products and compliance, who gave a dynamic presentation on how FreedomPay’s advanced commerce platform provides omnichannel security solutions for smarter payments.
Swipe or chip? It’s more than just a popular meme, it’s the new complex payment landscape as retailers integrate multiple ways for consumers to make purchases, which also includes a tap option for mobile wallets. EMV (Euro Mastercard Visa) payments that utilize chip and PIN features for enhanced fraud prevention benefit merchants who’ve upgraded to the European standard, as they won’t be held liable for fraudulent charges. Although more secure than traditional swipe credit cards, EMV leaves card holder information exposed during transactions, fails to protect data during online or mobile purchases, and is PCI (Payment Card Industry) non-compliant.
FreedomPay specializes in providing merchants with secure transaction solutions with PCI validated point-to-point encryption (P2PE) services. Our technology encrypts and protects data from point of interaction through transport and storage. To accomplish this, our system uses a process known as card data encryption during a transaction, transferring a string of alphanumeric code instead of the actual credit card information. FreedomPay’s secure platform unencrypts the card data and passes it to the card processors for approval from the bank. After approval or decline, FreedomPay then transmits a secure token back to the merchant for ongoing storage. Even in the event of a security breach, there would be nothing for a hacker to gain because no credit card data was ever actually transferred or stored, reducing merchant and consumer exposure.
Fast food restaurants, convenience stores, stadium concessions, and dining services are just some of the operations that can realize faster and more secured payments with PCI validated point-to-point encryption (P2PE) solutions. Online commerce and tablet terminals (favored by food trucks, outdoor events, pop-up retailers) also make excellent use cases. At FreedomPay, we deliver value to merchants and customers alike by making payments seamless, intuitive, simpler – in a word, smarter.
Our presentation at RSPA RetailNOW 2016 was a rousing success, and we look forward to attending next year in Las Vegas as we remain at the forefront of next-generation technology and commerce.