Braintree is an international payment system whose functionality includes accepting payments, reporting, currency conversion, and much more. In this article, we will talk about the main advantages and disadvantages of the service, as well as worthy alternatives. You can also use https://rates.fm/ to find out about current currency exchange rates when making payments.
What is Braintree
Braintree is an international payment system owned by PayPal. The service supports more than 130 currencies and is available in the USA, Canada, Australia, Europe, Singapore, Hong Kong, Malaysia, and New Zealand.
The system allows companies to accept international payments, generate reports, and set up regular payments in a subscription format. The standard commission is 2.59% + $0.49 per transaction.
Companies like Uber, Dropbox, GitHub, and others use Braintree to accept payments. The system processes transfers from PayPal, payments from Apple Pay, Google Pay, Venmo, and most bank cards.
This system is also used by clients of such financial and insurance giants as JPMorgan Chase, Allstate, Binance, Wells Fargo & Company, and others.
What Functionality Does Braintree Offer to Clients?
The functionality of this international payment system includes:
- Payments. Various payment and withdrawal methods are available, as well as integration into the company’s website, and convenient tracking of payment status. Payments are made in real-time without delays.
- Making a report. A convenient control panel allows an entrepreneur to manage payments, get a summary of completed transactions, create custom reports, and synchronize Braintree with other business platforms for more convenient control.
- International payments. Braintree gives you the opportunity to collaborate with clients around the world. The service is available in more than 45 countries and provides both international payments and processing of local transactions.
- Fraud protection. According to Braintree, improved anti-fraud protocols reduce business losses by 60%. In particular, the service provides protection against fraudulent refunds, as well as a minimum of false positives of the protection system.
- 3D Secure 2. A new customer authentication system provides secure payment processing and additional protection against fraud. The system is easily integrated, supported on any device, and convenient for both the client and the seller.
- Data security. The system complies with the PCI DSS standard, does not store passwords and PIN codes, and monitors the actions of clients and employees in order to detect fraudulent activity. Testing is carried out quarterly to identify vulnerabilities, and a full audit is carried out annually.
- PCI (Payment Card Industry Security Standard) compliance. This is a standard that any credit card business must meet.
- Support. The service offers 24/7 seller support, allowing entrepreneurs from any time zone to receive assistance at a convenient time. Employees will answer any questions, help with integration into the site, and tell you about the functions and tariffs of the service.
- Third-party integrations. Integrations are available with a number of platforms through plugins for a more convenient business experience. The service offers solutions for accounting, recurring invoicing, setting up an online store cart, and much more.
Braintree Advantages And Disadvantages
The advantages of this international payment system include:
- transparent pricing with a fixed tariff;
- no monthly payments;
- minimum commissions;
- no long-term contract and no fees for early termination of cooperation;
- clear interface;
- wide functionality;
- opportunity to work with Bitcoin cryptocurrency;
- support for various currencies and payment methods.
- the inconvenience of working with individuals;
- negative reviews related to customer service;
- complex account integration and setup process;
- lack of cooperation with high-risk projects.
The most popular services providing international payments include:
- PayPal is a system convenient for both individuals and legal entities. The commission for making a transaction depends on the currency, country, and size of the payment and varies from 2.29% to 3.49% + from $0.9 to $0.49 for each transaction. PayPal charges higher fees for refunds ($20 instead of $15) and for currency conversions (1-4% instead of 1%). The service is available in more than 200 countries.
- Stripe is a system that supports more than 135 currencies. Basic rate – 2.9% + $0.30. Unlike Braintree, it does not support PayPal integration. It is possible to issue invoices. Integration into the company’s website is easier than with Braintree.
- Stripe is a system that supports more than 135 currencies. Basic rate – 2.9% + $0.30.
- 2checkout is a popular e-commerce alternative to PayPal. The service operates in more than 180 countries. Users can choose from three rates: 3.5% + $0.30, 4.5% + $0.40, or 6.0% + $0.50. They all have a different set of features, right down to services for increasing conversions, account management, and the number of payment methods.
Braintree Tariffs And Payment Methods
The base rate for transactions through bank cards and digital wallets is 2.59% + $0.49 for each transaction. The exception is charitable organizations, for which the rate is 1.99% + $0.49. If you pay via Venmo, the fee is 3.49% + $0.49. When paying via ACH – 0.75%.
Additional fees apply for transactions made in currencies other than the US dollar and for payments made with cards issued outside the US. The amount of additional commission is 1%. There is a flat fee of $15 for each refund.
Payment can be made through digital wallets (PayPal, Venmo, Apple Pay, Google Pay, and others), credit/debit cards (Mastercard, Visa, UnionPay, and others), and directly via ACH.
Braintree is a payment system that helps increase conversions, improve the efficiency of business processes, and reduce risks when accepting payments. When conducting transactions with currency, we recommend converting. Pay attention to currency exchange rates. For example, you can use https://rates.fm/. This service for checking currency exchange rates in Ukrainian financial institutions is available around the clock anywhere in the world, including US financial centers – New York, and Chicago.