Braintree (company)

Last updated
Braintree
Company type Division
Industry Payment service provider
FoundedOctober 22, 2007;16 years ago (2007-10-22)
Founder Bryan 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)
Number of employees
500+ (2016)
Parent eBay (2013–2014)
PayPal (2014–present)
Website braintreepayments.com

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

Contents

History

Braintree was founded by Bryan Johnson in 2007. [2] 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. [3] Johnson remained chairman.

In 2012, Braintree acquired Venmo for $26.2 million. [4] A year later, PayPal, then part of eBay, acquired Braintree for $800 million. [5] 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 2016, Braintree announced that it would enable its European merchants to begin accepting purchases via UnionPay, China's state-run card network. [11]

As of 2022, Braintree processes payments in 45 countries and regions. [12]

Products and services

Braintree provides businesses with the ability to accept online and in-app payments. [13] On October 1, 2012, they launched instant signup, streamlining the signup process for US merchants to a few minutes. [14]

Braintree announced the v.zero SDK in July 2014. [15] It allows the automatic integration of the shopping cart with PayPal, among other payment types. GitHub and ParkWhiz are among the companies that launched with the v.zero SDK, which supports 'One Touch Payments'. [ citation needed ] 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. [16]

In September 2014, the company announced a partnership with Coinbase to accept Bitcoin. [17]

Integration

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 e-commerce 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 payment card industry (PCI) compliant manner.

See also

Related Research Articles

<span class="mw-page-title-main">PayPal</span> American multinational financial technology company

PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that support online money transfers; it serves as an electronic alternative to traditional paper methods such as checks and money orders. The company operates as a payment processor for online vendors, auction sites and many other commercial users, for which it charges a fee.

<span class="mw-page-title-main">Verifone</span> Multinational Point-of-Sale equipment manufacturer

Verifone is an American multinational corporation headquartered in Coral Springs, Florida. Verifone provides technology for electronic payment transactions and value-added services at the point-of-sale. Verifone sells merchant-operated, consumer-facing and self-service payment systems to the financial, retail, hospitality, petroleum, government and healthcare industries. The company's products consist of POS electronic payment devices that run its own operating systems, security and encryption software, and certified payment software, and that are designed for both consumer-facing and unattended environments.

First Data Corporation is a financial services company headquartered in Atlanta, Georgia, United States. The company's STAR Network provides nationwide domestic debit acceptance at more than 2 million retail POS, ATM, and at online outlets for nearly a third of all U.S. debit cards.

<span class="mw-page-title-main">Google Pay Send</span> Mobile payment system developed by Google

Google Pay Send, previously known as Google Wallet, was a peer-to-peer payments service developed by Google before its merger into Google Pay. It allowed people to send and receive money from a mobile device or desktop computer.

<span class="mw-page-title-main">Authorize.Net</span> US payment gateway service provider

Authorize.Net, A Visa Solution is a United States-based payment gateway service provider, allowing merchants to accept credit card and electronic check payments through their website and over an Internet Protocol (IP) connection. Founded in 1996 as Authorize.Net, Inc., the company is now a subsidiary of Visa Inc. Its service permits customers to enter credit card and shipping information directly onto a web page, in contrast to some alternatives that require the customer to sign up for a payment service before performing a transaction.

Amazon Pay is an online payments processing service owned by Amazon. Launched in 2007, Amazon Pay uses the consumer base of Amazon.com and focuses on giving users the option to pay with their Amazon accounts on external merchant websites. As of March 2021, the service became available in Austria, Belgium, Cyprus, Denmark, France, Germany, Hungary, India, Republic of Ireland, Italy, Japan, Luxembourg, Malaysia, Netherlands, Portugal, Spain, Sweden, Switzerland, United Kingdom, and the United States.

Zong was a mobile payment company that allowed users to make micropayments on the Internet if they have a postpaid mobile phone. The payments were charged to their mobile phone bills by the mobile operator. The company was acquired by eBay in 2011 and disappeared in 2015.

<span class="mw-page-title-main">Fortumo</span> Company based in Estonia

Fortumo was an Estonian company which developed a platform for digital service providers for user growth and monetization.

<span class="mw-page-title-main">Block, Inc.</span> American financial services company

Block, Inc. is a U.S. public company founded by Jack Dorsey and Jim McKelvey in 2009. It is a financial technology conglomerate, reportedly serving 56 million users and 4 million businesses, with an annual payment processing volume of US$228 billion as of 2023.

Worldpay, Inc. is an American payment processing company and technology provider. In February 2024, it was separated from Fidelity National Information Services (FIS) to become an independent company once again. It is majority owned by private equity firm GTCR. It is headquartered in the greater Cincinnati, Ohio area. Worldpay, Inc., is the largest U.S. merchant acquirer ranked by general-purpose transaction volume.

<span class="mw-page-title-main">David A. Marcus</span> American entrepreneur (born 1973)

David Marcus is an American entrepreneur. He was the co-creator of Diem, a cryptocurrency project initiated by Facebook. He is the former president of PayPal and Vice President of Messaging Products at Facebook where he ran the Facebook Messenger unit from 2014 until 2018. In December 2017, Marcus was appointed to the Coinbase Board of Directors, from which he stepped down in 2018. In 2021, he stepped down from Facebook. As of May 2022 he is the co-founder and CEO of Lightspark, a cryptocurrency startup which works on bitcoin and the Lightning Network.

<span class="mw-page-title-main">Zettle</span> Swedish financial technology company

Zettle by PayPal is a Swedish financial technology company founded by Jacob de Geer and Magnus Nilsson in April 2010. Launching its first app and service in 2011, the company offers a range of financial products including payments, point of sales, funding and partners applications. The company was acquired by PayPal in 2018.

<span class="mw-page-title-main">Bryan Johnson</span> American entrepreneur (born 1977)

Bryan Johnson is an American entrepreneur, venture capitalist, writer and author. He is the founder and CEO of Kernel, a company creating devices that monitor and record brain activity, and OS Fund, a venture capital firm that invests in early-stage science and technology companies.

<span class="mw-page-title-main">BitPay</span> Bitcoin payment service provider

BitPay is a bitcoin payment service provider headquartered in Atlanta, Georgia, United States. It was founded in May 2011 by Tony Gallippi and Stephen Pair. BitPay provides Bitcoin and Bitcoin Cash payment processing services for merchants.

This is a timeline of online money transfer and e-commerce service PayPal, owned by eBay from 2002 to 2015 and an independent company before and after that.

Venmo is an American mobile payment service founded in 2009 and owned by PayPal since 2013. Venmo is aimed at users who wish to split their bills. Account holders can transfer funds to others via a mobile phone app; both the sender and receiver must live in the United States. Venmo also operates as a small social network, as users can observe other users’ public transactions with posts and emoticons. In 2021, the company handled $230 billion in transactions and generated $850 million in revenue. Users can view transactions on the Venmo website but users cannot complete transactions on the website and you will need to complete transactions on a mobile phone using iOS or Android.

Peer-to-peer transactions are electronic money transfers made from one person to another through an intermediary, typically referred to as a P2P payment application. P2P payments can be sent and received via mobile device or any home computer with access to the Internet, offering a convenient alternative to traditional payment methods.

<span class="mw-page-title-main">SumUp</span> Financial technology company

SumUp is a global financial technology company headquartered in London, United Kingdom. SumUp supports more than 3.5 million merchants in over 30 markets worldwide, and operates a product suite of tailor-made business tools created specifically for the micro and nano segment.

<span class="mw-page-title-main">Cash App</span> Mobile payment service developed by Block, Inc.

Cash App is a mobile payment service available in the United States and the United Kingdom that allows users to transfer money to one another using a mobile phone app. In February 2023, the service reported 51 million monthly transacting users and US$10.6 billion in annual revenues.

Square is a financial services platform by Block, Inc. for small and medium-sized businesses. It enables accepting credit card payments using smartphones as POS registers, and facilitates various business operations. As of 2023, Square reports 4 million merchant clients and an annual payment value of US$210 billion.

References

  1. Barr, Alistair. "PayPal agrees to acquire Braintree for $800 million". USA TODAY. Retrieved 2022-09-08.
  2. "ChicagoInno".
  3. "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.
  4. "The New York Times". 16 August 2012.
  5. "Tech Crunch". 26 September 2013.
  6. "PayPal acquires Harper Reed's mobile-commerce startup, Modest". Chicago Tribune .
  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". 4 March 2015.
  10. "Braintree's $50 Billion Milestone". 17 September 2015.
  11. Intelligence, Insider. "UnionPay comes to Braintree merchants". Business Insider. Retrieved 2022-09-08.
  12. "What Are Braintree's Supported Countries - And Are You Located In One?". Rapyd. 2022-01-18. Retrieved 2022-09-08.
  13. "Accept Payments Online - Mobile Payments Made Easy - Braintree".
  14. "Braintree Streamlines Sign-Ups, Cuts Fees For Developers To Bring Payments To Their Apps". TechCrunch. AOL. 1 October 2012.
  15. Perez, Sarah (9 July 2014). "PayPal Makes Good On Its Braintree Acquisition With Launch Of New Developer Tools, The Braintree v.zero SDK". TechCrunch. Retrieved 2016-04-11.
  16. "PayPal Wants You to Never Pull Out Your Credit Card Again". 19 August 2014.
  17. "Braintree now lets all U.S. merchants accept Bitcoin - VentureBeat - Business - by Ruth Reader". VentureBeat. 22 January 2015.
  18. "Braintree Developer Docs".
  19. "Braintree Marketing Site - Third Party Integrations".
  20. "Data portability in the Credit Card industry" . Retrieved May 15, 2011.