Braintree (company)

Braintree
Industry Payment service provider
Founded 2007
Founder Bryan Johnson
Headquarters Chicago, Illinois, The United States
Areas served
 US, Europe, Canada, Hong Kong, Singapore, Malaysia, Australia, New Zealand
Key people
 Juan Benitez (GM/CTO)
Number of employees
 500+ (2016)
Parent eBay (2013–2014)
PayPal (2014–present)
Website braintreepayments.com

Braintree—a subsidiary of PayPal—is a company based in Chicago that specializes in mobile and web payment systems for ecommerce companies. Braintree emphasizes its easy integrations, multiple payment method options (including PayPal and Venmo), simple pricing, security, and support.[1]

Braintree provides its customers with a merchant account and a payment gateway, along with various features including recurring billing, credit card storage, support for mobile and international payments, and PCI Compliance solutions.[2]

History

Bryan Johnson founded Braintree out of the University of Chicago in 2007.[3] According to Forbes, Johnson hoped to distinguish his online payments company from the competition by focusing primarily on providing exceptional customer service. Ultimately, Braintree’s transparency about fees and devotion to a targeted audience of tech developers has helped this company to grow from a team of 5 in Chicago to an international business with over 500 employees across 4 continents.[4]

Johnson, a history buff, wanted to give the company a name that would sound stable, important, trustworthy and would enable him to attract top developers. Rather than call it something like International Payments Technologies – a name that would not appeal to developers — Johnson decided to name it Braintree, the hometown of Presidents John Adams and John Quincy Adams.[4]

In late 2011, Bill Ready took over as CEO.[5] Less than a year later, Braintree acquired Venmo for $26.2 million.[6] In 2013, PayPal—then part of eBay—acquired Braintree for $800 million.[2]

Expansion

In November 2012 Braintree officially announced that they would begin providing services in Australia.[7] Less than a year later, in August 2013, they expanded into Europe and Canada.[8] By mid-2015, Braintree announced support in Hong Kong, Singapore, and Malaysia.[9]

PayPal acquired Modest in August 2015[10] and rolled Modest’s ecommerce products into Braintree’s offerings.

When Braintree was acquired by PayPal, it had $12 billion in Authorized Payment Volume and 56.5 million cards on file. By late 2015, it was on track to process $50 billion in Authorized Payment Volume that year and had 154 million cards on file.[11]

Products and Services

Braintree provides businesses with the ability to accept payments online or within their mobile application. Its full-stack payment platform can replace the traditional model of sourcing a payment gateway and merchant account from different providers.[12]

On October 1, 2012 Braintree launched instant signup, streamlining the onboarding process for US merchants, reducing the signup process to a few minutes.[13]

Braintree first announced the v.zero SDK in July 2014.[14] The SDK allows automatic shopping cart integration with PayPal among other payment types. In September 2014, Braintree announced a partnership with Coinbase to accept Bitcoin.[15]

GitHub, Jane.com, ParkWhiz, and Chargify are among the companies that launched with the v.zero SDK, which supports One Touch Payments.[16] Current companies using the v.zero SDK include Airbnb, Boxed, Munchery, StubHub, SquadUp, TellOnMe, Type Tees by Threadless and YPlan.[17]

The family of One Touch-enabled apps includes PayPal's own mobile app where most users have a credit or debit card stored with the service. It does not require those users to create an account on an e-commerce site or enter credit card details every time they want to buy something.[16]

The concept of One Touch is based on a prior product called Venmo Touch, which was developed in conjunction with Venmo, the person-to-person payment service Braintree bought in August 2012. Venmo Touch was the first one-touch mobile buying experience to hit the market, allowing a consumer to pay in a single touch across multiple apps on their mobile device. At the time, CEO Bill Ready's strategy was to combine Venmo's reach with consumers, who used its cash-sending features to split restaurant bills and chip in for gifts, with Braintree's reach among developers.[16]

Venmo Touch has become PayPal One Touch and it enables one-touch checkout on any digital platform – mobile app, mobile browser and desktop.[16]

Integration

Braintree requires some development experience and coding knowledge to integrate.[18]

Braintree provides client libraries and integration examples in Ruby, Python, PHP, Java, .NET, and Node JS; mobile libraries for iOS and Android; and Braintree.js for in-browser card encryption.[19]

Braintree also works with most of the leading ecommerce and billing platforms—including Bigcommerce, Shopify, Magento and Wufoo.[20]

Braintree abstains from several major business categories such as auctions, tours, gaming, ticketed events and charities, citing the difficulty to underwrite such business models.[21][22]

Credit Card Data Portability

Braintree initiated the credit card data portability standard in 2010, which was accepted as an official action group of the DataPortability project.[23] Credit Card Data Portability is supported by an opt-in community of electronic payment processing providers that agree to provide credit card data and associated transaction information to an existing merchant upon request in a PCI Compliant manner.

See also

References

External links

This article is issued from Wikipedia - version of the 11/30/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.