When it comes to online payment processing, there are several options available in the market. Two of the most popular ones are Payoneer and Authorize.net. In this article, we’ll compare Payoneer and Authorize.net, and help you decide which one is better suited for your business needs.
Introduction to Payoneer and Authorize.net
Payoneer is an online payment processing platform that allows businesses to send and receive payments from anywhere in the world. The platform offers a range of services, including international wire transfers, online payments, and prepaid debit cards.
On the other hand, Authorize.net is a payment gateway that provides secure and reliable payment processing solutions to merchants. Authorize.net enables merchants to accept credit card and electronic check payments through their websites and mobile devices.
Features of Payoneer and Authorize.net
Payoneer
- Multi-currency account: Payoneer allows businesses to receive and hold multiple currencies in a single account, making it easier to manage global transactions.
- Prepaid Mastercard: Payoneer offers a prepaid Mastercard that can be used to withdraw funds from ATMs and make purchases online.
- Global Payment Services: Payoneer enables businesses to receive international wire transfers and online payments from clients located in over 200 countries.
- Mass Payouts: Payoneer’s mass payout feature enables businesses to pay multiple recipients at once, saving time and reducing manual labor.
Authorize.net
- Advanced Fraud Detection: Authorize.net’s advanced fraud detection suite helps merchants to detect and prevent fraudulent transactions.
- Recurring Billing: Authorize.net’s recurring billing feature enables merchants to automatically charge customers on a recurring basis, making it easier to manage subscription-based businesses.
- Mobile Payments: Authorize.net’s mobile payment solution allows merchants to accept payments through mobile devices, making it easier to conduct business on-the-go.
- Virtual Terminal: Authorize.net’s virtual terminal enables merchants to manually enter and process card-not-present transactions.
Pricing of Payoneer and Authorize.net
Payoneer
Payoneer charges a flat fee of $3.99 for receiving international wire transfers. There are no setup, monthly, or annual fees for Payoneer’s services.
The Payoneer Mastercard costs $29.95 per year and has a monthly maintenance fee of $1.50. However, cardholders can avoid the monthly maintenance fee by making at least one transaction per month.
Authorize.net
Authorize.net charges a monthly fee of $25, in addition to a per-transaction fee of $0.30 and a 2.9% + $0.30 fee on all credit card transactions. There is no annual fee for Authorize.net’s services.
Pros and Cons of Payoneer and Authorize.net
Payoneer
Pros:
- Easy to use and set up.
- No setup, monthly, or annual fees.
- Multi-currency account and prepaid Mastercard make it easier to manage global transactions.
Cons:
- Higher per-transaction fees compared to Authorize.net.
- Limited number of countries supported for mass payouts.
Authorize.net
Pros:
- Advanced fraud detection suite helps to prevent fraudulent transactions.
- Recurring billing and mobile payments make it easier for merchants to manage their businesses.
Cons:
- Monthly fee of $25 may be too high for some small businesses.
- Higher per-transaction fees compared to other payment processors.
Conclusion
In conclusion, both Payoneer and Authorize.net offer a range of features that make it easier for businesses to manage their finances and process payments. Whether you choose Payoneer or Authorize.net will depend on the specific needs of your business.
If you’re looking for a platform that offers multi-currency support and a prepaid Mastercard, Payoneer might be the better choice for you. On the other hand, if you’re looking for a platform with advanced fraud detection and recurring billing capabilities, Authorize.net might be a better fit.
FAQs
- What is Payoneer? Payoneer is an online payment processing platform that enables businesses to send and receive payments from anywhere in the world.
- What is Authorize.net? Authorize.net is a payment gateway that provides secure and reliable payment processing solutions to merchants.
- Does Payoneer charge a monthly fee? No, Payoneer does not charge a monthly fee. However, there is a flat fee of $3.99 for receiving international wire transfers and a $1.50 monthly maintenance fee for the Payoneer Mastercard.
- Does Authorize.net charge a per-transaction fee? Yes, Authorize.net charges a per-transaction fee of $0.30 and a 2.9% + $0.30 fee on all credit card transactions.
- Which platform offers a multi-currency account? Payoneer offers a multi-currency account that allows businesses to receive and hold multiple currencies in a single account. Authorize.net does not offer a multi-currency account.
