FreedomPay

File:FreedomPay Commerce Platform Diagram.png

FreedomPay

Type	Private
Key people	Tom Durovsik (CEO)
Industry	Financial Technology
Products	Payment processing, commerce platform
Website	[www.freedompay.com Official website]

FreedomPay is a financial technology company that provides a commerce platform for secure payment processing and data analytics. Founded in 2000 by Tom Durovsik, the company is headquartered in Philadelphia, Pennsylvania. FreedomPay's platform is designed to facilitate seamless transactions across various industries, including retail, hospitality, healthcare, and education.

Overview

FreedomPay offers a comprehensive suite of services that include payment processing, data security, and customer engagement solutions. The company's platform is built to support a wide range of payment methods, including credit and debit cards, mobile payments, and contactless transactions. FreedomPay is known for its focus on security, utilizing advanced encryption and tokenization technologies to protect sensitive payment information.

History

FreedomPay was established in 2000 with the goal of revolutionizing the way businesses handle payments. Over the years, the company has expanded its offerings to include a robust commerce platform that integrates with various point-of-sale systems and enterprise resource planning (ERP) solutions. In 2014, FreedomPay launched its "Commerce Platform as a Service" (CPaaS), which provides businesses with a scalable and flexible solution for managing payments and customer interactions.

Technology

FreedomPay's technology stack is designed to provide a secure and efficient payment processing experience. The platform supports EMV, NFC, and magnetic stripe transactions, ensuring compatibility with a wide range of payment devices. FreedomPay's security features include point-to-point encryption (P2PE) and tokenization, which help to minimize the risk of data breaches and fraud.

Point-to-Point Encryption (P2PE)

Point-to-Point Encryption is a security measure that encrypts payment data at the point of entry and keeps it encrypted until it reaches the payment processor. This ensures that sensitive information is protected throughout the transaction process.

Tokenization

Tokenization is a process that replaces sensitive payment information with a unique identifier, or token, that cannot be used outside of the specific transaction. This adds an additional layer of security by ensuring that actual payment data is never stored or transmitted.

Industries Served

FreedomPay serves a diverse range of industries, each with unique payment processing needs. Some of the key industries include:

• Retail: FreedomPay provides retailers with tools to enhance the customer shopping experience, including loyalty programs and personalized promotions.
• Hospitality: The platform supports hotels and restaurants with integrated payment solutions that streamline operations and improve guest satisfaction.
• Healthcare: FreedomPay offers secure payment processing for healthcare providers, ensuring compliance with industry regulations such as HIPAA.
• Education: Educational institutions use FreedomPay to manage campus commerce, including meal plans and bookstore purchases.

Partnerships

FreedomPay has established partnerships with major technology companies and payment processors to enhance its platform capabilities. These partnerships enable FreedomPay to offer a wide range of integrations and services to its clients.

Recognition

FreedomPay has received numerous awards and accolades for its innovative solutions and commitment to security. The company is recognized as a leader in the financial technology industry and continues to drive advancements in payment processing technology.

Also see

• Financial technology
• Payment gateway
• Point-to-point encryption
• Tokenization (data security)
• Contactless payment