Braintree (company)

Braintree, a division of PayPal, is a company based in Chicago that specializes in mobile and web payment systems for e-commerce companies. The company was acquired by PayPal on September 26, 2013.[1]

Braintree
IndustryPayment service provider
Founded2007 (2007)
FounderBryan Johnson
Headquarters
Chicago, Illinois, United States
Areas served
US, Europe, Canada, Hong Kong, Singapore, Malaysia, Australia, New Zealand
Key people
Dan Schulman (President and CEO, PayPal), Archie Puri (GM)
Number of employees
500+ (2016)
ParenteBay (2013–2014)
PayPal (2014–present)
Websitebraintreepayments.com

Braintree provides clients with a merchant account and a payment gateway.[2]

History

Braintree was founded by Bryan Johnson in 2007.[3] By 2011, the company ranked 47th on Inc. magazine's annual list of the 500 fastest-growing companies.

In that year, Bill Ready joined the company as CEO.[4] Johnson remained as chairman. In 2012, Braintree acquired Venmo for $26.2 million.[5] A year later, PayPal, then part of eBay, acquired Braintree for $800 million.[2] In August 2015, PayPal acquired Chicago-based mobile commerce company Modest and rolled Modest's products into Braintree's offerings.[6]

Braintree first expanded internationally in 2012, when it announced it would begin providing services in Australia.[7] The company began serving Europe and Canada in August 2013, and announced support in Hong Kong, Singapore, and Malaysia in 2015.[8][9]

By late 2015, Braintree was processing nearly $50 billion in Authorized Payment Volume, up from $12 billion at the time it was acquired by PayPal, and had 154 million cards on file, up from 56.5 million.[10]

In 2020, Braintree processes payments in 45 countries and regions.[11]

Products and services

Braintree provides businesses with the ability to accept payments online or within their mobile application.[12]

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

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

GitHub and ParkWhiz are among the companies that launched with the v.zero SDK, which supports "One Touch Payments". PayPal's mobile also allows One Touch Payments. 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. The concept of One Touch is based on a prior product called Venmo Touch, which was developed in conjunction with Venmo, the payment service Braintree bought in August 2012. Venmo Touch was the first one-touch mobile buying experience to hit the market.[16]

Integration

Braintree requires some development experience and coding knowledge to integrate.[17]

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.[18]

Braintree also works with most of the leading ecommerce and billing platforms, including BigCommerce, WooCommerce, and Magento.[19]

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.[20] 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 customer information to an existing merchant upon request in a PCI compliant manner.

See also

References
  1. "Braintree marketing site".
  2. "Tech Crunch".
  3. "ChicagoInno".
  4. "Bill Ready, Executive in Residence at Accel Partners and Former President of iPay Technologies, Joins Braintree as CEO". Market Wired (Press release). October 19, 2011.
  5. "The New York Times".
  6. "PayPal acquires Harper Reed's mobile-commerce startup, Modest".
  7. "Braintree Expands to Australia, Providing Sophisticated Payment Tools for Australian Merchants". Businesswire (Press release).
  8. "Braintree Expands Online Payment Gateway to Europe and Canada".
  9. "Braintree is expanding its Asia-Pac operations into Hong Kong, Singapore, and Malaysia".
  10. "Braintree's $50 Billion Milestone".
  11. "Take your payments global".
  12. "Accept Payments Online - Mobile Payments Made Easy - Braintree".
  13. "Braintree Streamlines Sign-Ups, Cuts Fees For Developers To Bring Payments To Their Apps". TechCrunch. AOL. 1 October 2012.
  14. Perez, Sarah. "PayPal Makes Good On Its Braintree Acquisition With Launch Of New Developer Tools, The Braintree v.zero SDK". TechCrunch. Retrieved 2016-04-11.
  15. "Braintree now lets all U.S. merchants accept Bitcoin - VentureBeat - Business - by Ruth Reader". VentureBeat.
  16. http://readwrite.com/2014/08/19/paypal-braintree-one-touch-payments
  17. "Braintree Marketing Site". Archived from the original on 2016-08-10. Retrieved 2016-05-09.
  18. "Braintree Developer Docs".
  19. "Braintree Marketing Site - Third Party Integrations".
  20. "Data portability in the Credit Card industry". Retrieved May 15, 2011.
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