FreedomPay
| Company type | Private |
|---|---|
| Industry | Payment platform, Financial services |
| Founded | 2000 |
| Founder | Tom Durovsik |
| Headquarters | Philadelphia , United States |
Key people | Tom Durovsik (CEO) |
| Products | FreedomPay Commerce Platform, Mobile Payments and Incentives, Business Intelligence, Stored Value solutions |
FreedomPay is a payment platform as a service (PaaS) company established in 2000 by Tom Durovsik, who currently holds the position of CEO. Based in Philadelphia, Pennsylvania, FreedomPay began by piloting mobile payment solutions with prominent corporations such as McDonald's, Bank of America, and Visa. By 2004, the company had introduced a closed-loop payment system designed for stored value and voucher applications within the food service sector.
History
FreedomPay was created by entrepreneur Thomas Durovsik and in 2007 launched its FreeWay credit card processing gateway. This gateway captures granular transaction details, enabling merchants to access real-time sales intelligence across various systems. Utilizing this data capability, FreedomPay developed a cloud-based commerce platform as a service along with an incentive management system.
In 2013, Microsoft chose FreedomPay as its commerce platform partner to serve the global banking and retail industries. The following year, FreedomPay earned PCI validation for its point-to-point encryption (P2PE) technology—marking it as the first fully operational North American platform supporting both NFC and EMV payment methods.
In 2023, Amazon Web Services incorporated Amazon One into FreedomPay’s commerce technology stack, further expanding its presence in the market.
FreedomPay continues to cultivate strategic alliances with companies such as QikServe (since 2018), J.P. Morgan, Elavon (2024), Citi Teams, and WorldPay. These partnerships enhance its global footprint and reinforce its leadership in hospitality and retail payment solutions.
FreedomPay Commerce Platform
The FreedomPay Commerce Platform offers an all-encompassing solution that integrates mobile payment functionality, sophisticated security measures, incentive tools, and business intelligence analytics—all seamlessly connected with active POS systems.
Mobile Payments and Incentives
Through FreedomPay’s mobile application, consumers can connect their smartphones to the commerce platform at physical retail locations to make payments via QR codes. This system replaces conventional loyalty cards by delivering personalized incentives and digital receipts directly to users.
Merchants have the ability to create customized offers and loyalty programs based on customer purchase behavior and other data points. Customers located within a merchant-defined geographic area receive active promotions through the app that can be redeemed during checkout.
The platform supports automatic accumulation of loyalty points with versatile redemption options ranging from discounts to experiential rewards. Financial institutions may also allocate points through this system.
Business Intelligence
FreedomPay Business Intelligence provides merchants using the platform with real-time transactional analytics. This feature offers comprehensive online reporting tools that deliver insights into retail performance metrics and assess promotional campaign effectiveness.
Stored Value
FreedomPay Stored Value is a cashless payment solution designed for institutional clients such as universities, hospitals, and cafeterias. It enables contactless and mobile payments at terminals while supporting funding methods including automated bank transfers, credit or debit cards, payroll deductions, and manual funding through cash or checks.
The solution integrates with leading POS systems to reduce implementation costs. An online portal allows clients to administer stored value funds for diverse uses such as monetary vouchers or reward programs driven by customer activity.
Partnerships
FreedomPay has formed strategic alliances with leading corporations, boosting its market presence and facilitating seamless product integration. Notable partners include:
- Microsoft
- MICROS
- Ingenico
- Parametric Technology Corporation (PTC)
- ScanSource
- Digital Dining
- First Data
- HID Global
- Guckenheimer
- Compass Group
- Sodexo
- Global Payments
- NCR Corporation
- Aramark
These collaborations play a crucial role in advancing FreedomPay's business objectives by broadening its international reach, enhancing its competitive positioning, and accelerating growth through combined payment platforms and customer loyalty initiatives.