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FreedomPay Review: Fees, Complaints, Comparisons, & Lawsuits

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see who will offer you the lowest pricing and best service

Rating

5/5
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Website
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(888) 495-2446

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Rating:
5/5

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A Full-Service Merchant Account Provider

Founded in 2000, FreedomPay is a merchant account provider that specializes in P2PE-enabled payment processing technology. The company is partnered with Bank of America, Heartland, Chase, Vantiv, Elavon, First Data, Global Payments, Mercury, WorldPay, and TSYS for its payment processing, and it is specifically focused on serving contract food services, financial services, gaming, higher education, hospitality, and retail industries.

FreedomPay Payment Processing

FreedomPay processes all major debit and credit cards for most business types. They are not very clear about the specifics of their services on their website, but it appears they are at least capable of large-scale processing as they claim to process “the majority of transactions in Las Vegas”.

FreedomPay Location & Ownership

FreedomPay is headquartered at 2929 Walnut St Floor 14, Philadelphia, Pennsylvania 19104, and does not list its acquiring bank. Tom Durovsik is the founder and CEO of FreedomPay.

FreedomPay Review Table of Contents

  • Costs & Contract: FreedomPay offers variable contract terms depending on each merchant’s business type, size, and processing history.
  • Complaints & Service: FreedomPay has received fewer than 10 public complaints.
  • BBB Rating: FreedomPay currently has an “A+” rating with the Better Business Bureau and has received 1 informal review in the last 3 years.
  • Sales & Marketing: FreedomPay does not hire independent sales agents and has not received any complaints about its sales practices.
FreedomPay payment processing
FreedomPay appears to offer standard payment processing services

Is the BBB Rating for FreedomPay Accurate?

Better Business Bureau Profile

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see who will offer you the lowest pricing and best service

BBB Summary

Product & Service Complaints 0
Billing & Collection Complaints 0
Advertising & Sales Complaints 0
Guarantee & Warranty Complaints 0
Delivery Complaints 0

No Complaints

FreedomPay has an “A+” rating with the Better Business Bureau and is not BBB accredited. The company has received 0 complaints in the past three years.

What Merchants Say

FreedomPay has also received 1 informal negative review. The review describes issues with equipment and poor customer service:

their kiosks are defective. I added money to the machine to fund my card for food purchases. Made two purchases after the money was loaded onto my card. upon returning for lunch to make another food purchase on the same day i was informed I have a negative balance and the money that was added to the card is gone. did a bit more research and it turns out the money was removed from the card balance 3 minutes after the money was loaded into the machine. was informed from freedom pay, the cash was ejected minutes after i added it to the machine. No one seems to want to take responsibility for the mechanical error stating i need to contact the restaurant who in turn informs me there’s nothing they can do. I question the companies kiosks reliability to not eject cash minutes after inserting into the machine leaving it for the passerby to take.

The company has responded to the complaint explaining what measures were taken to resolve the issue.

An “A” Performance

Given the company’s relatively clean complaint record and responsiveness, we agree with the BBB’s rating at this time. Merchants should note, however, that there are good reasons to be skeptical of the BBB’s rating system.

How Expensive is FreedomPay?

Rates, Fees, and Contract Terms

This processor offers the lowest rates and best service we've seen

Cost Summary

Swiped Rate 1.00% - 4.99%
Keyed-In Rate 1.00% - 4.99%
Early Termination Fee Variable
PCI Compliance Fee Variable
Equipment Lease Terms Variable

FreedomPay Contract Terms

There is no publicly available information about the standard FreedomPay contract at this time. It is likely that the company customizes its pricing and terms according to each merchant’s business type, location, and processing history. The company’s wide range of preferred merchant types means that it could offer long-term equipment leases for certain merchants’ needs. We encourage merchants to check out our list of the providers of the best merchant services.

No Red Flags

The total absence of complaints about the company’s contract terms merits an “A” in this category, but it should be noted that we are assigning this grade without any verified knowledge of specific pricing. It is difficult to assess at this time whether FreedomPay’s contract terms are competitive with the cheapest merchant accounts.

Does FreedomPay Use Deceptive Marketing?

Advertising & Sales Strategy

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Key Points

Employs Independent Resellers No
Advertises Deceptive Rates No
Discloses All Important Terms No

Inside Sales Team

FreedomPay appears to rely on in-house staff to market its services. There is no evidence at this time indicating that the company employs independent sales agents, and we are unable to locate any FreedomPay complaints that report unethical behavior by the company’s sales team. This compares favorably to our list of best credit card processors.

No Misleading Quotes

FreedomPay does not appear to engage in any deceptive advertising strategies in its official materials. If you suspect that FreedomPay is charging you undisclosed fees, we recommend seeking a third-party statement audit to eliminate hidden charges.

Does FreedomPay Deserve Your Business?

Review Summary & Our Thoughts

A Reliable Option for Most Merchants

According to all available information, FreedomPay rates as a dependable merchant services provider. The company is primarily focused on providing supplementary software for payment processing, but its clean complaint record is a very positive sign. Even when dealing with companies that rate highly by our standards, we urge merchants to thoroughly examine the terms of any contract they are given and to compare its pricing to top-rated merchant account providers.

5-Star Rated FreedomPay Competitors

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About The Author

Phillip Parker is a Payments Industry Analyst and creator of this blog, CardPaymentOptions.com. Phillip is passionate about researching merchant service providers and payment industry trends. He is often quoted as an expert source in national publications such as INC Magazine, The Los Angeles Times, Entrepreneur, and many others.

“I started this blog because I was disgusted by the business practices of the merchant services industry. I wanted to empower business owners by providing insight on how to avoid shady merchant account providers and costly credit card processing mistakes.” 

Phillip’s Processor Comparisons

Picking a credit card processor can be a headache, but we’ve made it easy. Phillip recommends comparing the best merchant services providers we’ve researched.

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