PayPal unit Braintree will be letting European merchants sign up using only an E-mail address, URL and short company description, TechCrunch reported, adding that the company is also promising to waive any commissions for the first $50,000 worth of transactions in Europe.
“The ability to use so little information is a big change from how merchants have set up payments systems in the past, particularly in Europe, where many banks require paper-based documentation to approve accounts,” the story said. “Here, (Braintree CEO Bill) Ready says that Braintree uses a combination of algorithms and a human smarts to research a company based on those three pieces of information to determine whether a company is a legit merchant to add to its platform.”
The story quoted Ready saying that this offering, if it’s successful, will find its way to the U.S. “We’re launching it first in Europe, but it was always our premise that we would do this globally. Often you see this pattern of companies building something in the U.S. and then taking it international. We want to make sure that we can build products that can start internationally and eventually we will also take it to the U.S.”