freely provides a payment acceptance solution exclusively for food vendors, eliminating processing fees for merchants. This platform automates receivables and streamlines reconciliation through seamless ERP integration. Merchants also receive faster payments and earn cash back for accepting credit card transactions.
Funding
$225K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Food vendors often face significant credit card processing fees, which can erode their profit margins, especially given the industry's typically tight margins. Traditional payment methods like ACH and checks can be slow and inefficient, leading to cash flow challenges and increased administrative overhead.
Solution
Freely Payments provides a payment processing solution designed exclusively for food vendors, enabling them to accept credit card payments without incurring processing fees. The platform leverages a closed-loop payment ecosystem and intelligent payment routing to minimize costs and maximize efficiency. Freely offers automated receivables and seamless ERP integration to streamline reconciliation processes. By partnering with Mastercard, Freely provides VIP rates and a co-branded card solution that offers cashback rewards, further reducing net processing costs. This approach improves cash flow, reduces bad debt, and strengthens relationships between distributors and restaurants by offering financial benefits and flexibility.
Target Audience
Freely Payments primarily targets food vendors and broadline distributors seeking to reduce credit card processing fees and streamline their payment processes, as well as restaurants aiming to improve cash flow and access working capital.
Features
- Credit card payment acceptance with processing fees covered by Freely
- Cashback rewards for accepting credit card payments
- Automated receivables and streamlined reconciliation processes
- Seamless ERP integration for efficient data management
- Partnership with Mastercard for VIP rates and exclusive benefits
- Closed-loop payment ecosystem for optimized cost savings
- Co-branded card solution with cashback perks
- Intelligent payment routing to minimize processing fees
- Faster payments to improve cash flow
- Elimination of bad debt through quicker receivables