Braintree vs Stripe step by step breakdown
Braintree and Stripe
When companies are setting up an online payment for e-commerce they usually look for the best option. While the competition is good, there are two payment option plans that stand out from the rest.
Clients can pay online in a variety of different ways with both Braintree and Stripe. For the most part, the companies are pretty even, but here’s how it breaks down:
- Stripe and Braintree both accept almost every type of credit and debit card including Visa, MasterCard, American Express, Diners Club, JCB, and Discover.
- Both companies offer recurring billing.
- Both companies refund fees if you refund payment to a customer.
- Payments are normally made into your account in two working days, although AMEX processing from Braintree can take four working days.
- Braintree allows you to accept PayPal, whereas Stripe doesn’t.
- Both companies let you take payments in over 130 currencies, but Braintree charges an additional 1% fee for international payments (accepting payments in a currency other than USD and then converting into USD and passing the money to you). Stripe doesn’t charge any additional fees for international payments.
- Braintree and Stripe both support subscriptions and discounts.
- Both providers automatically update credit and debit card details as they expire with new information, expiration dates, and security codes. This makes it much easier for customers and means you can continue to take payments if cards expire.
- Braintree has a phone number for support but Stripe doesn’t. All enquiries to Stripe need to be made through their web form or via email.
- Both providers are fully PCI compliant, and use strong encryption to protect payment and transaction details. They also have state-of-the-art security systems to keep customer and business information safe. Stripe and Braintree have advanced fraud protection technology to reduce problematic transactions.
Braintree Online Payment
When it comes to fees Braintree credit and debit is fairly feasible. Braintree processes the first fifty thousand dollars of payment for no fees and 2.9% transaction amount plus 30 cents per transaction. This fee can be shared with Stripe as well. Businesses are very concerned about the cost of the gateway payments. Brain tree, as well as Stripe, offer volume discounts on plans $85000 or more a month in sales to businesses. But unlike Stripe, Braintree will process your first $50000 in sales absolutely free. To the business, the profits can range up to $2000 saved. Truly an advantage over Stripe. When it comes to setting up, monthly fees and processing fees, neither provider charges. On Bitcoin transactions- Braintree is the option for accepting payment since Stripe discontinued accepting Bitcoin payments at the beginning of 2018. However Braintree process free for the first one million of Bitcoin payment. After which a 1% charge fee incurs. On chargebacks both payment options. Stripe has a better option here because the fee is refunded if the customer is the wrong party and the chargeback is not upheld. As for Braintree, they charge a standard fee of $15.
For payment - Braintree and/or Stripe
Accepts almost all Debit, and Credit card. (American Express, JCB. Discover, Visa, American Express MasterCard, and others. They are both Android and Apple compatible. With Braintree and Stripe offering a recurring bill, customers can breathe a sigh of relief because of both companies-refund payments. Stripe takes up to 2 days, whereas, Braintree processing time can take 2 days longer.
You be the Judge- Braintree or Stripe
Of course, there is some benefits either options offer, for example, Braintree allows its user to accept PayPal and Venmo but Stripe does not. However, only Stripe lets you pay through Alipay. Stripe and Braintree have its perks and many advantages. Braintree integrations are unlimited, but Stripe's integrations are not. Braintree also has easier payments with OneTouch making it easier. It also makes web payments and checking out easy. Braintree drop in Payment service makes it easy to integrate PayPal. However, Stripe is a bit different. You cannot connect Stripe to existing accounts, there are many limitations. Stripe integrates with the existing over 300 existing apps which Braintree
doesn't. Stripe also allows customers the freedom to make purchases from other mobile apps. If you are opting for Braintree you will be happy to know Stripe is not very customer service friendly. Customers complain about their poor customer services, hidden charges, and frozen funds. Braintree is very customer oriented and promptly responds to customers. Braintree also is easily reachable by customers since there is a phone number to contact. Stripe has none. Now, you be the judge as to which payment option is more feasible to you and the range of freedom you need. If this is an integration you believe could help your business contact Penngo Group today to ask how we can help you install it in your website.
To see how to use a payment portal with Shopify, see this video: https://apps.shopify.com/shopify-recurring-payments