Braintree is disrupting the online payments industry

What is the name of your business and URL?

Braintree. braintreepayments.com

A brief synopsis of the website /application?

Braintree helps online businesses process credit card payments by providing a merchant account, payment gateway, recurring billing and credit card storage. The company is disrupting the payments industry by providing elegant tools for developers coupled with white-glove support.

Why did you start Braintree?

Braintree is disrupting the online payments industry

Bryan Johnson

Just a few years ago, founder Bryan Johnson was selling credit card services to businesses door-to-door. He found that business owners were unhappy with the industry’s deceptive billing practices and lack of support. Recognizing an opportunity, Johnson quickly rose to be the company’s top salesperson by being honest, educating his customers and providing top-notch service. Eighteen months later, Johnson decided to start his own payments company to deliver the industry’s most innovative products and white-glove service. With that, Braintree was born.

 

 

Was your company started on a shoestring budget or funded?

We profitably bootstrapped the business for four years and then accepted a $34 million investment from Accel Partners in 2011.

Who is your competition, and what do you do better?

We compete with companies such as Paypal and Authorize.net. We are disrupting the payments industry by building elegant tools for developers that increase security and ease industry compliance requirements, providing exceptional support, and leading the industry towards more merchant friendly business practices (i.e. credit card data portability).

Why would a business use your product?

We provide critical, behind-the scenes payment services that appeal to discerning and leading companies, such as LivingSocial, 37signals, OpenTable, Github, Airbnb and HotelTonight. Leaders in industries across the board are choosing Braintree because they need a payments provider that is tech savvy, modern and capable.

How do you find your customers?

99% of our customers come to us through word-of-mouth. Since our beginning, we’ve focused on building exceptional products, providing fantastic customer support, and maintaining fair business practices. The recipe has worked as evidenced by our growth, the types of companies that choose to work with us, and what they have to say about us.

A short bio of your company:

Braintree helps online businesses process credit card payments by providing a merchant account, payment gateway, recurring billing and credit card storage. The company is disrupting the payments industry by providing elegant tools for developers coupled with white-glove support. Founded in 2007, Braintree works with the world’s most discerning online merchants, including LivingSocial, 37signals, OpenTable and GitHub. The company is on track to process more than $3 billion in credit card volume in 2011 from more than 2,000 merchants. Braintree was profitably bootstrapped for four years before accepting a $34 million investment from Accel Partners in 2011. Visit us at braintreepayments.com and on Twitter @braintree.

Do you offer free online or offline tools?

No.

Are there different pricing levels?

Yes. Pricing options can be found at www.braintreepayments.com/pricing.

Do you have a blog that keeps users updated?

We have three blogs (www.braintreepayments.com/blogs) to keep people updated on our company, our development work and the industry.

Facebook, Twitter or LinkedIn?

We can be reached on Twitter @Braintree.

Do you have a YouTube video URL that you can share with us?

We produced a tongue-in-cheek video:

httpv://www.youtube.com/watch?v=1lXaGCmp7mY

which illustrates one of the payment industry’s biggest issues: data portability. The majority of payment providers will not allow merchants to port the credit card data stored on a merchant’s behalf. We advocate against this practice and have created the Credit Card Data Portability initiative to invite industry cooperation. This is an opt-in community of payment providers that agree to allow a merchant to port credit card information if the merchant ever decides to move to another provider.

How long have you been in business?

We’ve been in business since 2007.

Number of current users? Estimated yearly growth?

Braintree has a $3 billion run rate in payment volume from more than 2,000 merchants. We recently were ranked as the nation’s 47th fastest-growing private company by Inc. Magazine, with a three-year growth rate of 4,1999.9 percent.

How do you see your company in the next 2-5 years?

We believe that there is a fundamental shift happening in payments. With new emerging technologies, payments will become part of a much more rich experience for both consumers and merchants. To that end, we have some great ideas and big plans that we’re working on. As we strengthen our core and work on what’s next in payments, our primary goals will remain the same: first, to become the number one recommended payments provider by software developers and second, to be recognized by our customers as the best payments provider in the industry.

How many employees do you currently have working with you?

We have more than 30 team members, without any managers. We believe in hiring talented doers and giving them the tools to be exceptional.

Are you looking to hire more people or contractors? If so, what positions and skills are you looking for?

We are always looking for really talented people and will happily pay $5,000 for a referred hire.

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