Chase Paymentech vs. Braintree: Who's the Payment Star of the Show?
When it comes to processing payments online or offline, you want a payment processing solution that can handle your transactions quickly and securely. While there are many payment processors available in the market, Chase Paymenten and Braintree are often compared against each other. Both provide businesses with easy-to-use APIs, hosted payment pages, and other features. However, despite the similarities, there are some differences between the two.
So, let's break down the differences between Chase Paymentech and Braintree and see which payment processor is the right fit for your business.
Overview
Chase Paymentech is one of the largest payment processors in the world. In 2020, it handled $1.3 trillion in payment volume. Braintree, on the other hand, was founded in 2007 and is now a subsidiary of PayPal. Braintree currently handles over $500 billion in payment volume per year.
Features
Both Chase Paymentech and Braintree have a variety of features that businesses need to accept and process payments. Here's a breakdown of some of the features of each platform:
Chase Paymentech
- Supports all major credit cards and ACH (Automated Clearing House) payments.
- Customizable payment gateway pages and web-based online reporting.
- Advanced fraud protection and chargeback management.
- Supports multiple currencies and languages.
- Remote deposit capture (RDC), which allows businesses to deposit checks electronically.
Braintree
- Supports all major credit cards and debit cards, PayPal, Venmo, and Apple Pay.
- Customizable payment gateway pages and web-based online reporting.
- Advanced fraud protection and chargeback management.
- Supports multiple currencies and languages.
- Easy integration with popular e-commerce platforms like Shopify or WooCommerce.
Fees
One of the most critical factors to consider when choosing a payment processor is the fees. Here's a quick rundown of the fees associated with Chase Paymentech and Braintree.
Chase Paymentech
- Set-up fees: $150 for retail merchants or $200 for internet merchants.
- Transaction fees: Ranges from 2.4% + $0.25 to 3.5% + $0.15 based on the transaction volume and type.
- Monthly Gateway fees: $10 - $20 per month.
Braintree
- No set-up fees.
- Transaction fees: 2.9% + $0.30 per transaction
- Monthly Gateway fees: Free
Integration
Both Chase Paymentech and Braintree provide simple integration options. Chase Paymentech provides an API toolkit, hosted payment page, and certified shopping carts for e-commerce websites. Braintree provides an API toolkit, developer tools, and SDKs for Android, iOS, Ruby, Python, and .NET.
Customer Support
Both Chase Paymentech and Braintree offer customer support through various channels, including a 24/7 phone line, email, and live chat.
Conclusion
Both Chase Paymentech and Braintree have their strengths and weaknesses. For businesses that require a higher level of customization and want to support multiple payment methods, Braintree may be the better choice. On the other hand, Chase Paymentech is an excellent choice for businesses that require support for multiple currencies or ACH payments.
In summary, the best way to determine which platform is right for your business is to evaluate your business's specific needs and compare them to the features and fees of each platform.
Happy processing!
References
- "Chase Paymentech." Chase Paymentech. Accessed November 14, 2021. https://merchantservices.chase.com/.
- "Braintree: Online Payment Solutions for eCommerce Businesses." Braintree. Accessed November 14, 2021. https://www.braintreepayments.com/.