By: Gigaom
October 01, 2012 at 10:00 AM EDT
Braintree adds instant approval to its payment platform
Braintree is enabling developers to start accepting payments in 30 minutes or less. The move helps it compete with PayPal and Stripe and pitch itself as a one-stop payment shop for growing merchants.

Braintree, the company powering payments for Uber, Airbnb, LivingSocial and AngryBirds, is now making it a lot faster for developers to sign-up with its service. Braintree is introducing Braintree Instant, which allows developers to start accepting payments within 30 minutes of registration.

Previously, it took only 30 minutes to integrate with Braintree but approval usually took a few days for a merchant account or underwriting approval. Now, Braintree can offer quick access like PayPal and Stripe. This helps Braintree appeal to developers as a complete payment tool that can scale with them as they grow. Braintree Instant is only available now for US-based developers but will be open to international developers in the coming months.

In the past, some developers have started with PayPal or another aggregator and then graduated to Authorize.net and later to Cybersource and Chase Paymentech. But Braintree believes it can be one-stop shop for developers who don’t want to keep switching payment processors. Braintree in August added support for 27 new countries including Canada and most of Europe and accepts payments in 130 currencies.

Braintree is also offering a new flat 2.9 percent fee plus $.30 per transaction and is also cutting the time it takes for merchants to get funds to two days. The company is now doing almost $5 billion in annual processing volume and has more than 2,000 merchants.

Image courtesy of Flickr user foforix

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