In an increasingly digital economy, businesses are faced with a wide array of choices when it comes to payment processing solutions. Two of the leading platforms in this space are Worldpay vs Authorize.net. This article will delve into a comprehensive comparison of these platforms, detailing their features, fees, reliability, customer support, and overall suitability for various business needs.
Worldpay vs Authorize.net
| Worldpay | Authorize.net | |
|---|---|---|
| Key Features | POS systems, online and mobile payments, recurring billing, currency conversion, fraud screening, reporting | Payment gateway, online and mobile payments, recurring billing, customer information management, advanced fraud detection, reporting |
| Local Payment Methods | 300+ | Card payments, e-checks, PayPal, Apple Pay, Visa SRC |
| Currency Handling | 126 currencies | Depends on merchant account provider |
| Pricing Model | Quote-based, pay-as-you-go option available | Two-pronged pricing model: payment gateway only or all-in-one option |
| Fees for Small Businesses | Pay-as-you-go: 2.75% + 20p for face-to-face transactions and 2.75% for online and phone transactions | Gateway only: £20 monthly + 10p per transaction + 10p batch fee; All-in-one: £20 monthly + 2.9% + 30p per transaction |
| Security | PCI DSS compliant, encryption, tokenisation, fraud screening | PCI DSS compliant, advanced fraud detection, 3D Secure protocol |
| Customer Support | 24/7 phone and email, mixed reviews | 24/7 phone and live chat, extensive online support centre and community forums |
Overview of payment processing platforms
Before we dive into the comparison, it’s important to understand what these platforms are designed to do. Essentially, payment processors facilitate the transactions between customers and businesses, enabling payments to be made swiftly and securely. Both Worldpay and Authorize.net operate in this domain, offering services that enable businesses to accept various forms of payment, both online and offline.
An introduction to Worldpay
Worldpay, a UK-based company founded in 1989, has grown into one of the world’s leading payment processing firms. Following a merger with Vantiv in 2017, it has an impressive footprint in both the US and the UK. It offers a range of payment solutions including card processing, online payments, mobile payments, and merchant accounts.
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Worldpay’s key selling points include its ability to handle payments from all major credit cards and debit cards, 300+ local payment methods, and the ability to handle 126 currencies. This global reach makes it an ideal solution for businesses with international operations or aspirations.
An introduction to Authorize.net
Authorize.net, owned by Visa and founded in 1996, is an American company providing payment gateway services. Despite its US origins, it has a strong presence in the UK and internationally.
Authorize.net primarily acts as a gateway, providing the infrastructure to authorise and manage card transactions. However, it also offers services such as fraud protection, information management, and simple checkout options. It can handle payments via credit and debit cards, e-checks, PayPal, Apple Pay, and Visa SRC (Click to Pay).
Now, with introductions out of the way, let’s dive deeper into the comparison.
Feature comparison
Both Worldpay and Authorize.net offer a host of features designed to streamline payment processing for businesses.
Worldpay’s extensive suite of tools includes POS systems, online and mobile payment processing, recurring billing for subscription services, dynamic currency conversion for international transactions, fraud screening, and detailed reporting.
Authorize.net, on the other hand, provides a comprehensive payment gateway service, handling transactions from multiple channels including online, mobile, and telephone or mail orders. It also offers advanced fraud detection, recurring billing, customer information management, simple checkout, and business insights.
Pricing and fees
Pricing structures are a critical factor to consider. Both Worldpay and Authorize.net have different pricing models that may suit different types of businesses.
Worldpay operates on a quote-based system, meaning the cost will depend on the individual business’s needs and volume. However, for small businesses, it offers a pay-as-you-go option, charging 2.75% + 20p for face-to-face transactions and 2.75% for online and phone transactions.
Authorize.net has a two-pronged pricing model. The payment gateway is available for a £20 monthly gateway fee, with a per-transaction charge of 10p, and a batch fee of 10p. However, if you require a merchant account, there’s an all-in-one option that includes both the gateway and merchant account for £20 per month and a 2.9% + 30p per transaction fee.
Reliability and security
The payment processing landscape is fraught with security concerns, and the reliability of the platforms you choose is critical.
Worldpay adheres to strict Payment Card Industry Data Security Standard (PCI DSS) regulations, and offers robust security features including encryption, tokenisation, and fraud screening.
Similarly, Authorize.net is also PCI DSS compliant, and has advanced fraud detection systems in place. It also uses the 3D Secure protocol for online payments, providing an extra layer of security for customers.
Customer support
Effective customer support is essential for any payment processing service.
Worldpay offers 24/7 phone and email support, with a dedicated support team. However, it has received mixed reviews for its customer service, with some users citing long waiting times.
Authorize.net also provides 24/7 support via phone and live chat. The company has an extensive online support centre and community forums where users can seek assistance and share knowledge.
Which is right for your business?
When choosing between Worldpay vs Authorize.net, you’ll need to carefully consider your business’s needs.
If your business operates globally or has plans to expand internationally, Worldpay’s capability to handle a vast array of currencies and payment methods might make it the preferable option. However, its quote-based pricing model can be less predictable and potentially more expensive for smaller businesses.
On the other hand, if your needs are more aligned with a straightforward, well-defined pricing structure and comprehensive gateway services, Authorize.net could be the better fit. Its strong customer support reputation could also be a deciding factor for businesses that value readily available assistance.
Both Worldpay and Authorize.net offer robust, secure payment processing solutions. Your choice between the two will ultimately depend on your specific business requirements, budget, and growth plans. Always ensure you do thorough research and consider all factors before making your decision.
FAQ – Worldpay vs Authorize.net
Worldpay offers features like POS systems, online and mobile payments, recurring billing, currency conversion, fraud screening, and reporting. On the other hand, Authorize.net provides a comprehensive payment gateway service, handling transactions from multiple channels, and offers advanced fraud detection, recurring billing, customer information management, and business insights.
Worldpay operates on a quote-based system, with a pay-as-you-go option for small businesses. Authorize.net uses a two-pronged pricing model, one for using only the payment gateway and the other for an all-in-one option that includes both the gateway and merchant account.
Worldpay is capable of handling transactions in 126 different currencies. The number of currencies Authorize.net can handle depends on the merchant account provider.
Yes, both Worldpay and Authorize.net provide solutions for mobile payments.
Worldpay, with its support for over 300 local payment methods and 126 currencies, is more tailored for businesses with global operations.
Yes, both Worldpay and Authorize.net offer recurring billing services, which is especially useful for businesses with subscription-based models.
Both Worldpay and Authorize.net adhere to PCI DSS regulations and offer robust security features. However, Authorize.net also uses the 3D Secure protocol for an added layer of security.
Worldpay offers 24/7 customer support via phone and email, while Authorize.net provides 24/7 support through phone and live chat along with an extensive online support centre and community forums.
Worldpay can process payments from all major credit and debit cards, and more than 300 local payment methods. Authorize.net can handle payments via credit and debit cards, e-checks, PayPal, Apple Pay, and Visa SRC.
Yes, both Worldpay and Authorize.net cater to businesses of all sizes. Worldpay has a pay-as-you-go option for small businesses, while Authorize.net offers a simple gateway service or an all-in-one option.
Both Worldpay and Authorize.net offer comprehensive reporting tools. The choice between the two would depend on the specific needs and preferences of your business.
The key difference lies in their offerings. Worldpay is a complete payment service provider that offers merchant accounts, while Authorize.net primarily provides a payment gateway service.
Worldpay offers fraud screening services, while Authorize.net has an advanced fraud detection system in place.
Both Worldpay and Authorize.net are highly reliable platforms with robust security features. They are both PCI DSS compliant, a standard in the industry for secure transactions.
Worldpay provides POS systems as part of its service offering. However, Authorize.net does not; it is primarily a payment gateway provider.
Both Worldpay and Authorize.net are designed to be user-friendly and can be seamlessly integrated into most existing business systems.
The transaction speed for both Worldpay and Authorize.net is generally instantaneous, though this can depend on various factors including the type of payment method and the merchant bank.
Worldpay can accept payments from all major cards but does not specifically list PayPal. Authorize.net, on the other hand, explicitly supports PayPal transactions.
Worldpay may require a contractual agreement depending on the pricing plan chosen. With Authorize.net, there are no long-term contracts and you can cancel your account at any time without penalty.