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Top 5 payment mistakes made by startups


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Major mistakes made by startups before integrating with a payment processor

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Top 5 payment mistakes made by startups

  1. 1. Top 5 payment mistakes made by startups By Sneha Menon Startup Advocate @braintree_dev @braintree_dev @snehamenon
  2. 2. A Startup Integrates With a Payment Processor and You’ll Never Guess what Happened Next… @braintree_dev @snehamenon
  3. 3. Your business model is denied @braintree_dev @snehamenon #1
  4. 4. @braintree_dev @snehamenon Risky Business
  5. 5. @braintree_dev @snehamenon Selling Diamonds
  6. 6. @braintree_dev @snehamenon Money Lending
  7. 7. @braintree_dev @snehamenon CRM Systems
  8. 8. @braintree_dev @snehamenon SaaS for Cat Gif’s
  9. 9. Your business model is too risky Execute a document: Alcohol Addendum
  10. 10. Talk to your payment processor to figure out the documentations and processes you need to follow - specially if you’re in a high risk category  @braintree_dev @snehamenon
  11. 11. Not accepting multiple payment types @braintree_dev @snehamenon #2
  12. 12. @braintree_dev @snehamenon Adding PayPal as a payment option leads to conversion of 15-20%
  13. 13.  @braintree_dev @snehamenon
  14. 14. Not Reading the fine print of your fee structure @braintree_dev @snehamenon #3
  15. 15. @braintree_dev @snehamenon Extra Fees* Bank Withdrawal Fees PCI Compliace Fees Batch Processing Fees
  16. 16. Pro-tip: Choose flat rate pricing  @braintree_dev @snehamenon
  17. 17. Limited Fraud Protection and Security @braintree_dev @snehamenon #4
  18. 18. @braintree_dev @snehamenon Fraud #1 A stolen card being used to purchase goods #2 Carding attacks where a fraudster runs multiple stolen cards to determine their validity
  19. 19.  @braintree_dev @snehamenon Basic Advanced Customizable set of AVS, CVV, and risk threshold rules Fixed set of rules including geolocation and device information
  20. 20. No Support @braintree_dev @snehamenon #5
  21. 21. @braintree_dev @snehamenon Startup “X” did not get support at the right time and you’ll be gobsmacked by what happens next…
  22. 22. @braintree_dev @snehamenon #1 X’s account was placed under limitation #2 X couldn’t receive any payments #3 X’s customers got angry #4 A social media storm was created #5 X lost credibility
  23. 23. Go with a payment processor that has phone support  @braintree_dev @snehamenon
  24. 24. #1 Business model acceptance #2 Multiple payment options #3 Extra Fees #4 Fraud protection and security #5 Customer support
  25. 25.  Sneha Menon Startup Advocate @braintree_dev @snehamenon