Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Now every business using Magento's eCommerce Solution Can Easily Access the Web's Fastest Growing Payment Gateway.
CHICAGO, Mar 30, 2012 -- Braintree (www.braintreepayments.com), the Web’s fastest growing payment gateway, announced today that it launched a plugin for Magento eCommerce Solutions to make Braintree’s easy to implement payment solution accessible to 110,000 Magento merchants.
Braintree has created a simple plugin that allows Magento Enterprise and Magento Community users to quickly and easily process credit card payments through the flexible and scalable Braintree payment gateway.
Magento users will be able to store customers’ sensitive credit card information in the Braintree Vault. Unlike other out-of-the-box payment gateways that integrate with Magento, Braintree offers credit card vault storage, a feature which enables merchants to reduce their PCI compliance burden by over 90 percent and helps merchants drive higher recurring sales.
Braintree integrations are available for many other online shopping carts, including Shopify, LemonStand, Ubercart and OpenCart, as well as with the Magento Go eCommerce platform.
“This offering will give thousands of ecommerce businesses new and better options when it comes to payment processing,” said Bill Ready, CEO of Braintree. “By keeping all credit card data secure in our Vault, we make PCI compliance much simpler and easier for merchants to achieve. The Braintree Vault also allows merchants to implement a card-on-file feature which helps merchants increase their conversion rate at checkout.”
Braintree’s explosive growth earned it a spot on last year’s Inc. 500 list as the nation’s 47th fastest-growing private company -- and first in the payments processing industry. Braintree currently processes more than $4 billion in credit card volume annually.
Braintree’s client list reads like a Who’s Who of influential technology companies, including LivingSocial, 37signals, OpenTable, Fab.com, GitHub, Airbnb, Heroku, Engine Yard, Animoto, Shopify and HotelTonight. Braintree attracted a $34 million Series A investment from Accel Partners in June 2011 after founder Bryan Johnson profitably bootstrapped the company for four years. Accel is one of the most respected venture firms in the world and has invested in such well-known companies as Facebook, Groupon, Dropbox and Rovio, the creator of Angry Birds.
Braintree helps online and mobile 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 processing more than $4 billion in annual credit card volume from more than 2,000 merchants. Approximately 15 percent of Braintree’s volume is international as Braintree supports 130 different currencies. Braintree was profitably bootstrapped for four years before accepting a $34 million investment from Accel Partners in 2011. Braintree ranked 47th in the 2011 Inc. 500. Visit us at www.braintreepayments.com and on Twitter @braintree.