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by bryanjohnson
5890 days ago
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Sachin - the online payments industry is indeed very complex. I'm impressed that you both took the time to write this up and did such a nice job. I would add a few things. (Disclosure: I'm with Braintree) 1) There is much more than meets the eye when choosing a merchant account provider, and not all are created equal (it's very true that few understand online payments). We will be first to say that providing merchant account services to online merchants is very challenging for a host of reasons. Because it's so complex and because there are so many moving parts, no one is immune to mistakes, misunderstandings, complex situations and difficult situations. With that said, the importance of choosing the right provider cannot be overstated. Merchants need to find a company they can trust because when stuff happens (i.e. account closure, reserves) you need someone in your corner that can help navigate. In our experience, merchants are most likely to make mistakes when solely focused on price. 2) I'm very pleased to see you call out data portability. We were the first in the industry to start raising the alarm bells about providers holding stored credit card data hostage. It's a huge issue with very serious implications. To address this problem, we created the Credit Card Data Portability Standard and invited all providers to participate (http://bit.ly/a0i86v). We've been blogging about the industry for years now trying to help educate merchants. Here is are two resources to contribute to yours: a) New to Payments - http://bit.ly/cIY58t b) Don't get duped. Use this checklist - http://bit.ly/dliMpH |
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[1] http://www.braintreepaymentsolutions.com/blog/data-portabili...
[2] http://www.braintreepaymentsolutions.com/services/new-to-pay...
[3] http://www.braintreepaymentsolutions.com/blog/dont-get-duped...