They wanted so much personal information including my full social security # (not just the last 4), copy of my driver's license and a copy of a recent utility bill.
Then on top of that I got questioned because I don't have any credit (I purposely made a life choice not to use credit cards), so they demanded 3 months of my most recent bank statements.
It took days of this, combined with struggling with their documentation until I just gave up and went with Stripe. Never looked back since.
Stripe's registration process was painless and automated. They also requested the bare minimum to accept payments directly to my bank account. It was a flawless experience.
That's not Braintree's fault. In fact, that's them being sensible. The problem is that having no credit records makes you harder to tell apart from a fraudulent user.
There was no background check and having to send over copies of various bills, statements, license, etc..
I felt like Stripe requested the least amount of info to legally accept payments where as Braintree requested a million things to build up some type of profile that they'll benefit from later.
You know, it's like the guy who sends you to a form where you need to fill out 4 pages of crap when in reality all he needs is your name to perform the service you're requesting.
If they ask for bank statements and other pieces of info, that's fine. The user experience is just better with Stripe because they know 99.999999% of people won't be doing 10k+/day.
I ultimately went with Stripe because I couldn't stand Braintree's API. So even with getting $50,000 at 0% revenue sharing and having PayPal support I still went with Stripe.
My condition was a bit different than yours tho. Most of my market had credit cards and it was an expensive item ($200). Part of PayPal's value is it's great for impulse purchases, so for an e-commerce site I recommend you integrate with them just because it will provide you more revenue in the end.