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Braintree is giving $50k in processing to every startup

braintreepayments.com

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Re: Braintree is giving $50k in processing to every startup

#61

Post by juanrossi »

tomasien wrote: post #6
jtchang wrote: post #2

Pretty cool. I love the competition in the payments space right now. My bet is that Braintree is seeing some serious competition from Stripe and others. One thing to keep in mind is that 2.9% + 30cents is relatively high. If you go to Authorize and negotiate they will lower the price if your volume is high enough. Stripe will also negotiate once you hit a certain volume. One thing I really want to do is take on the m…

That last paragraph is spectacularly spot on - that's why I started knoxpayments.com - connecting people directly into their banks. No fees on micro, $0.18 on everything else - flat. Just won Best Enterprise at Launch 2014, and we're moving fast toward solving this problem for folks!

Hey, why don't you use HTTPS by default and your signup is in another domain (paidez.com)?

Re: Braintree is giving $50k in processing to every startup

#63

Post by tomasien »

vamega wrote: post #30
tomasien wrote: post #16

Earlier quoted context omitted.

Is that intentional - heck no! It's a massive and glaring omission in our offering! No but seriously, I'm banging away at documentation right now - the problem is it wasn't clear what exactly we needed to document until we launched and got the deluge of customer feedback that we've now gotten. It's now become clear that we're missing some critical features (for a lot of people) and that's it's not clear how to integr…

Hey, I just tried signing up and the site says I need to enter a referrer. Any chance you could let me see what this is like?

Use the code "LAUNCH"

Re: Braintree is giving $50k in processing to every startup

#64

Post by tomasien »

RobPfeifer wrote: post #54
tomasien wrote: post #16

Earlier quoted context omitted.

Is that intentional - heck no! It's a massive and glaring omission in our offering! No but seriously, I'm banging away at documentation right now - the problem is it wasn't clear what exactly we needed to document until we launched and got the deluge of customer feedback that we've now gotten. It's now become clear that we're missing some critical features (for a lot of people) and that's it's not clear how to integr…

What am I using to login with my bank? Yodlee?

Nope - our own custom API that is way faster and (in our opinion) way safer. NOT to say Yodlee isn't safe, we just think we're safer.

Re: Braintree is giving $50k in processing to every startup

#65

Post by tomasien »

juanrossi wrote: post #61
tomasien wrote: post #6

Earlier quoted context omitted.

That last paragraph is spectacularly spot on - that's why I started knoxpayments.com - connecting people directly into their banks. No fees on micro, $0.18 on everything else - flat. Just won Best Enterprise at Launch 2014, and we're moving fast toward solving this problem for folks!

Hey, why don't you use HTTPS by default and your signup is in another domain (paidez.com)?

The Paidez thing is embarassing - we re-branded really fast and couldn't move all the services over before we launched. We're working on it now, but it sucks.

What do you mean about the HTTPS? We load ALL our content via SSL, do you mean knoxpayments.com isn't automatically loaded with SSL? There's nothing secure on it I guess, but even that should be for consistency.

Our payment process requires SSL end to end encryption, but are you suggesting that having Knox Payments not load with SSL by default it looks bad?

If I've missed something more important please tell me - if there's something (other than the atrocious switching of URLs) that is making you nervous, I NEED to fix it!

Re: Braintree is giving $50k in processing to every startup

#66

Post by tomasien »

thematt wrote: post #42
tomasien wrote: post #6

Earlier quoted context omitted.

That last paragraph is spectacularly spot on - that's why I started knoxpayments.com - connecting people directly into their banks. No fees on micro, $0.18 on everything else - flat. Just won Best Enterprise at Launch 2014, and we're moving fast toward solving this problem for folks!

Do you have any data on conversion rates? I imagine they would tank through the floor if you're asking a customer to turn over their online banking credentials.

Nope! Conversions are pretty good, same abandonment as CC's right now, and it's rising as we get our UX better. People hate inputting their CC information, and when they've heard of Knox at least 1 time before, they're way more likely to convert than using a CC. However, first time users are about the same conversion as CC's in our betas.

Re: Braintree is giving $50k in processing to every startup

#67

Post by tomasien »

genwin wrote: post #55
tomasien wrote: post #6

Earlier quoted context omitted.

That last paragraph is spectacularly spot on - that's why I started knoxpayments.com - connecting people directly into their banks. No fees on micro, $0.18 on everything else - flat. Just won Best Enterprise at Launch 2014, and we're moving fast toward solving this problem for folks!

Nice! How can end users be confident their username/password for their banking site will be kept between them and their bank? (I'd be reluctant to enter those anywhere other than the bank's own site.)

As you should be! We're working really hard on educating our users at the point of purchase, but we do a meh job right now. However, users who are able to understand that we don't store any of your information convert at a very high rate.

Re: Braintree is giving $50k in processing to every startup

#69

Post by jaunkst »

Braintree isn't a bad choice, not the best but better than most. Their documentation and needs for more complex stratiges for domain logic is lacking. Stripe has one of the best documentations I've seen as far as payment gateways go and how it can fulfill most business needs. As far as MVP products go I grade each api on documentation and flexibility. 1. Stripe, 2. Braintree, 3. Custom gatwate solutions such as shopifies gem. Im sure there are many more solutions but as a developer without a huge background in payment processing solutions this is my assessment.

Re: Braintree is giving $50k in processing to every startup

#70

Post by tomasien »

mcintyre1994 wrote: post #23
tomasien wrote: post #21

Earlier quoted context omitted.

It's actually probably WAY more than that - you're forgetting the $.30. If your average cart size is $20 - that's an additional $750. $10 (Lots of Saas) it's $1,500. Average cart size for online shopping is $110, so that's more like $150 which isn't so bad.

Have you got a source/more detail on that average figure out of interest, that's way higher than I expected. Is it mean or median?

The 110 number is a truism in payments (in which I work) but I don't actually have a citation! Interesting question I'm going to find where that comes from.
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