Braintree Payment Solutions Review
Braintree uses Wells Fargo Bank, N.A., of Concord, California, as its acquiring bank.
Braintree was founded in 2007 and has headquarters in Chicago, Illinois. The current CEO of the company is Bill Ready.
|Swipe Rate||2.90% + $0.30|
|Keyed-in Rate||2.90% + $0.30|
|Early Termination Fee||None|
Braintree Payment Solutions Overview
Bill Ready, as Braintree’s current CEO, has numerous payment service offerings. The company is a reseller of merchant account solutions for businesses for Fiserv. Braintree was founded in 2007 with its current headquarters in Chicago, Illinois.
In 2008, Braintree was acquired by Paypal for a transaction cost of $800 million. Today, the company’s payment gateways are integrated into the billing platforms of some of the largest eCommerce sites and marketplaces in the world, such as Uber, Airbnb, Dropbox, and Yelp.
The company caters its offerings to merchants’ needs based on their size and industry. Braintree also offers interchange-plus pricing and straightforward terms with no monthly minimums, early termination fees, PCI compliance fees, and no annual fees.
Braintree isn’t accredited with the Better Business Bureau (BBB). The company’s profile page on Braintree merges the company’s complaint volume with that of the parent company, Paypal, rendering the B rating against Braintree practically useless.
Braintree Payment Solutions Pros & Cons
Predictable flat-rate pricing
Excellent developer tools
Extensive integrations available
Comprehensive payment type support
Overpriced gateway-only option
Not open to high-risk industries
Long setup times for accounts
Reports of closed accounts and held funds
Braintree Payment Solutions Products & Services
Payment Processing: The company’s solutions let merchants accept EMV-enabled credit and debit cards, digital wallets such as Apple Pay, Google Pay, and Samsung Pay, as well as local, regional payment options. Braintree resells merchant account services for Fiserv.
Braintree Auth: a platform that lets 3rd-party payment providers sync with Braintree merchants’ accounts to their platforms for authorized actions on the account.
Braintree Extend: platform to connect with 3rd-party service providers or partners for data sharing, channel partnerships, or product bundling.
Braintree Gateway: seamlessly offers a one-stop solution offering your payment gateway and a virtual terminal. The payment gateway has a built-in PCI compliance functionality as it systematically stores customer payment details on an encrypted cloud-based platform. This functionality eliminates the need to reenter clients’ payment details and set up for recurring transaction billing, i.e., subscriptions.
Braintree Payout: The company builds on its global payment transfers and partnerships with regional leaders of payment platforms. The company is renowned for its global payment network, letting U.S. merchants set up multi-currency payment processing with payments accepted in 134 currencies.
Braintree Payment Solutions Advertising & Sales
There haven been many complaints about the company’s customer service but none for its advertising and sales tactics.. The company hires inside sales teams only, which are generally better trained, have better internal controls that are enforced and are less aggressive in sales tactics as goals are better aligned. Also, internal sales teams are usually more transparent because they’re more mindful of reputational risks to the company.
Truth in Marketing
|Advertises Deceptive Rates||No|
|Discloses All Important Terms||Yes|
|Public Pricing Available||Yes|
Braintree Payment Solutions Pricing, Rates & Fees
Below are the details we found about Braintree’s pricing;
Keyed rate: 2.9% + $0.30/transaction
American Express Rate: 3.25% + $0.30/transaction
Rate for Non-profit organizations: 2.2% + $0.30/transaction
ACH rate: 0.75%
Braintree Gateway: $49/month + $0.10/transaction, $10/each additional merchant processor
Chargebacks – $10
PCI Compliance Fee: None
Annual Fee: None
Early Termination Fee: None
Monthly Minimum: None
Pricing At A Glance
|Pricing Model||Interchange Plus, Flat Rate|
|Swiped Rate||2.90% + $0.30|
|Keyed-in Rate||2.90% + $0.30|
|Mobile Payment Rate|
|Virtual Terminal Rate||2.90% + $0.30|
|Payment Gateway Fee||$49 Per Month + $0.10 Per Transaction|
|Early Termination Fee||None|
|PCI Compliance Fee||None|
|Equipment Lease Terms||Not Applicable|
|Address Verification Service (AVS)|
|Account Setup Fee||$0|
|Gateway Setup Fee||None|
Braintree Payment Solutions Contract & Terms
Braintree is very clear regarding contract terms; there is no unambiguous language and a minimal chance of hidden charges to catch merchants off-guard. The company offers a flat-rate fee across all card types with higher rates for Amex. For enterprise clients, the company provides interchange-plus pricing and offers custom rates.
Braintree does not lease equipment as the company does not cater to businesses with POS equipment needs.
Braintree Payment Solutions Setup & Support
Braintree has a dedicated client support phone number, and the company also offers email support. However, it is essential to note that a common complaint against Braintree is the company’s customer service.
We did not see a live chat option on the company’s website. However, there is an extensive section for FAQs and resources devoted to merchant education.
Braintree Payment Solutions Complaints, Ratings & Reviews
Braintree has had a profile with the Better Business Bureau (BBB) since 2008, but it is not accredited with the bureau. The company currently has a B rating from the BBB. Also, it is hard to rely on the Braintree profile page of BBB as it depicts a higher number of complaints. There were 14,683 complaints filed against the company with the BBB in the past three years and 7,215 complaints filed in the previous twelve months. BBB has combined general complaints against Braintree’s parent company Paypal onto the company’s profile page.
Based on various other online forums that assess Braintree, we see that a common complaint among merchants is for the company’s customer service and against fund holds, a common industry practice to mitigate against risky and fraudulent transactions.
There are no class-action lawsuits filed against Braintree, nor are there any FTC complaints against the company.
|No Reviews yet|
|Yelp||2 Stars / 8 Reviews|
|Total Online Reviews||150+|
|Total Online Complaints||50+|