Latest news with #FreedomPay
Yahoo
an hour ago
- Business
- Yahoo
Payment Outages Threaten £1.6 Billion in UK Retail & Hospitality Sales
Research also shows UK Businesses Average Over 5 Major Outages Annually, with 61% Occurring During Critical Peak Trading Times London, UK, June 10, 2025 (GLOBE NEWSWIRE) -- A new study released today reveals the staggering cost of payment system failures to UK retail and hospitality businesses, estimating losses of £1.6 billion annually. The research, conducted by FreedomPay and Dynatrace in partnership with Retail Economics, highlights the increasing frequency and impact of these disruptions on day-to-day trading, with consumers exhibiting low tolerance for delays. Adding to the concern, the study finds that 1 in 5 retail and hospitality businesses lack a secure digital backup when systems fail, exacerbating the potential for lost revenue. The study indicates that these failures are not isolated incidents but a recurring operational challenge that disrupts service, damages customer trust, and negatively impacts revenue. UK businesses are reporting an average of over five major outages each year, with 61% occurring during peak trading periods, amplifying the financial impact. "Consumer-facing businesses are operating in increasingly unpredictable conditions," says Chris Kronenthal, President, FreedomPay. "From extreme weather and power failures to cyber-attacks and system outages, disruption is no longer the exception, it's becoming the norm. The lack of planning by businesses, coupled with the fragility of existing infrastructure, is creating a perfect storm for revenue loss and reputational damage." Key findings from the study include: Consumer tolerance: Most consumers will only tolerate up to 6 minutes of payment disruption before becoming frustrated, with 22 minutes being the absolute limit. The average outage, however, lasts 84 minutes – far exceeding consumer patience. Costly blind spots: Businesses are dangerously out of touch with consumer patience, overestimating their willingness to wait during payment disruptions (32 minutes vs. the actual 22 minutes) and failing to recognise the immediate customer attrition this misjudgement causes, leading to significant revenue loss and damaged brand reputation. Payment system downtime is costly: If a payment system goes down between minutes 7 and 11, businesses could lose an average of £73 million in sales every minute. Losses quickly add up: By minute 22 of the outage, total losses could reach £1.17 billion. That's a whopping 74% of all the revenue at risk. Reliance on mobile and card payments continues to rise: Less than 30% of consumers always carry cash when visiting shops, restaurants, or leisure venues. The average amount carried is £35, which is less than the average in-store spend of £47. Vulnerable consumers: Higher-income consumers, who tend to visit physical retail and hospitality venues more frequently and rely more heavily on digital payments, are disproportionately affected by payment disruptions. Backup gaps: 22% of businesses study having no backup payment method beyond cash, and 7% have no fallback at all. "Payment resilience isn't just an IT issue, it's a critical business capability', adds Alois Reitbauer, Chief Technology Strategist, Dynatrace. 'Outages don't just stop transactions; they break the customer journey and disrupt essential services. To stay resilient, businesses need real-time visibility, the agility to adapt in real time, and technologies that auto prevent and auto remediate disruptions. In a world where disruptions are inevitable, speed and insights are a business's most valuable safeguards." "In today's hyper-competitive landscape, seamless payment experiences are non-negotiable,' states Richard Lim, CEO, Retail Economics. 'Our research underscores the critical need for retailers and hospitality businesses to prioritise payment resilience. The financial impact of outages is significant, but the erosion of customer trust and brand loyalty can cause long term damage. Investing in robust, fail-safe payment infrastructure isn't just about mitigating risk; it's about safeguarding future growth and maintaining a competitive edge." The full study can be found here. About FreedomPay FreedomPay's Next Level Commerce™ platform transforms existing payment systems and processes from legacy to leading edge and enables merchants to unleash the power of pay. As the premier choice for many of the largest companies across the globe in retail, hospitality, lodging, gaming, sports and entertainment, foodservice, education, healthcare and financial services, FreedomPay's technology has been purposely built to deliver rock solid performance in the highly complex environment of global commerce. The company maintains a world-class security environment and was first to earn the coveted validation by the PCI Security Standards Council against Point-to-Point Encryption (P2PE/EMV) standard in North America. FreedomPay's robust solutions across payments, security, identity, and data analytics are available in-store, online and on-mobile and are supported by rapid API adoption. The award winning FreedomPay Commerce Platform operates on a single, unified technology stack across multiple continents allowing enterprises to deliver an innovative Next Level experience on a global scale. About Dynatrace Dynatrace is advancing observability for today's digital businesses, helping to transform the complexity of modern digital ecosystems into powerful business assets. By leveraging AI-powered insights, Dynatrace enables organizations to analyze, automate, and innovate faster to drive their business forward. Learn more at About Retail Economics Retail Economics is an independent economics research consultancy focused on B2B thought leadership in the consumer and retail industry. We analyse the complex retail economic landscape and draw out actionable insight for our clients. Leveraging our own proprietary retail data and applying rigorous economic analysis, we transform information into points of action. Our service provides unbiased research and analysis on the key economic and social drivers behind the retail sector, helping to inform critical business decisions, giving you a competitive edge through deeper insights. Contact: Freedompay: freedompayuk@ Dynatrace: dynatraceuk@ CONTACT: Jennifer Tayebi Burson for FreedomPay +1 734 395 0780
Business Upturn
7 days ago
- Business
- Business Upturn
FreedomPay Powers Pret A Manger's Payment Experience Globally
Philadelphia, Pennsylvania, June 03, 2025 (GLOBE NEWSWIRE) — FreedomPay, an innovative leader in Next Level Commerce™ technologies, has partnered with freshly made food and organic coffee shop, Pret A Manger. This collaboration is already powering Pret in three major markets—the United Kingdom, United States and Hong Kong with further deployments planned in Europe later in 2025 —providing a seamless and resilient payment experience for customers worldwide. This partnership provides Pret with a robust and reliable platform to support its continued growth. FreedomPay's industry-leading solution ensuring payment acceptance is consistently available and operational, a critical factor for success in the fast-paced quick service restaurant (QSR) industry. The platform's store-and-forward functionality ensures uninterrupted transaction processing even during connectivity disruptions, allowing Pret to maintain business continuity and maximize revenue. Chris Matthews, Global Retail Technology Director at Pret A Manger said, 'At Pret, we are committed to providing a frictionless and enjoyable experience for our customers. Partnering with FreedomPay allows us to leverage their best-in-class technology to ensure secure and reliable payment processing, no matter where our customers are in the world. This partnership is a key ingredient in our recipe for international success, allowing us to focus on what we do best: delivering delicious, freshly made food and organic coffee.' 'We are thrilled to partner with Pret A Manger to bring our secure and innovative commerce solutions to their expanding global market,' said Chris Kronenthal, President at FreedomPay. 'This collaboration reflects our commitment to empowering QSR brands with the technology they need to thrive in today's digital landscape. We look forward to providing Pret with data-driven insights to enhance their operations and customer satisfaction through our integrated Next Level Commerce™ platform.' About FreedomPay FreedomPay's Next Level Commerce™ platform transforms existing payment systems and processes from legacy to leading edge and enables merchants to unleash the power of pay. As the premier choice for many of the largest companies across the globe in retail, hospitality, lodging, gaming, sports and entertainment, foodservice, education, healthcare and financial services, FreedomPay's technology has been purposely built to deliver rock solid performance in the highly complex environment of global commerce. The company maintains a world-class security environment and was one of the first payment solution providers in North America to be validated by the PCI Security Standards Council. FreedomPay's robust solutions across payments, security, identity, and data analytics are available in-store, online and on-mobile and are supported by rapid API adoption. The award winning FreedomPay Commerce Platform operates on a single, unified technology stack across multiple continents allowing enterprises to deliver an innovative Next Level experience on a global scale. About Pret A Manger Pret A Manger is a beloved sandwich and organic coffee chain commonly referred to as Pret and based in the United Kingdom. The first shop opened in London in 1986 where the company is headquartered today. Pret's sandwiches, salads and wraps are freshly handmade each day in shop kitchens using quality ingredients and all coffees, teas and hot chocolates are organic. Pret operates more than 650 shops worldwide with more than 9,500 team members in 18 markets (United Kingdom, Ireland, United States, Hong Kong, France, Dubai, Kuwait, India, Luxembourg, Switzerland, Belgium, Singapore, Germany, Canada, Italy, Spain, Qatar, Greece). For more information, please visit Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same.
Yahoo
27-02-2025
- Business
- Yahoo
Olo Q4 Revenue Up 21%, Beats Estimates
By Karen Roman Restaurant technology provider Olo Inc. (NYSE: OLO) said fourth-quarter revenue increased 21% to $76.1 million year-over-year, beating analysts' estimates. Gross profit grew 11% to reach $40.3 million, while non-GAAP net income was $11.3 million, or $0.06 per share, compared to $8.5 million, or $0.05 per share the year prior, it said. The company also highlighted its partnership with FreedomPay to penetrate the $100+ billion in card-present gross payment volume within its existing base. Olo said it projects FY 2025 revenue to be in the range of $333 million to $336 million and non-GAAP operating income to be between $45.5 million to $47.0 million. 'Team Olo put together a fantastic 2024 that included strong financial performance, new and expansion deployments with marquee restaurant brands, and platform reliability and innovation that powered $29 billion in gross merchandise volume and $2.8 billion in gross payment volume for the year,' said Noah Glass, Olo's founder and CEO. Contact: Editor@ Sign in to access your portfolio
