Payoneer vs Revolut Business: Comparison for the UK

In need of a new payment solution for your business? Whether you want to send international payments, add a checkout integration to your website or pay staff in multiple countries - there are a lot of options to choose from here in the UK.

In this guide, we’ll make it just a little easier to narrow down your options - by comparing two popular payment services side-by-side. Read on for a full Revolut vs. Payoneer review, looking at everything from fees and pricing to features and security.

We’ll even show you a way to make and receive global payments using a Wise Business account, which links seamlessly to payment service providers (PSPs) too.

💡 Learn more about Wise Business

Payoneer vs Revolut Business- Comparison overview

To begin with, let’s do a quick comparison of Payoneer and Revolut based on their pricing and key features:

Service	Revolut Business	Payoneer
Pricing	Plans from £0 to £79 per month (custom pricing available for larger businesses)¹	Varied fees per transaction type Up to 3% to send payments Up to 3.99% to receive credit card payments Free to receive payments into local receiving accounts²
Trustpilot rating	4.1³ ⭐	3.9⁴ ⭐
Invoice payments	✅	✅
Recurring payments	✅	✅
International payments	✅	✅
API integrations	✅ (not available on Basic plan)	✅
Checkout solution	✅	✅
Payment links	✅	✅
In-person payments	✅	❌

Payoneer review

Payoneer is a US-based platform that allows businesses to make and receive payments across international borders. It’s aimed at small-to-medium sized companies, particularly ecommerce businesses which sell online. However, it can also be used by freelancers and other types of entrepreneurs.

Payoneer’s services are split by customer type - Freelancer, Business and Marketplace, each offering a range of specially tailored services.

The main features of Payoneer include:

• International payments
• Local receiving accounts
• Client billing
• Purchasing
• Bank withdrawals
• Multi-currency conversions
• Connect to Marketplaces like Amazon and eBay
• Website payments with Payoneer Checkout
• Payment cards.

Payoneer has a ‘Great’ rating of 3.9 on TrustPilot, based on over 53,500 reviews.⁴

Is Payoneer a payment gateway?

Payoneer is a payment gateway, providing payment gateway, payment processing and online checkout services.

A payment gateway is an online platform which allows businesses to accept payments from their customers, usually via credit or debit card, as well as other forms of electronic payment (such as Apple Pay and Google Pay, for example).

Is Payoneer safe?

Yes, Payoneer is safe to use. The company is PCI DSS level 1 certified and works with large, trusted partner banks to safeguard customer funds. Its customers include huge companies like Google and Airbnb.⁵

It also uses advanced security measures, including:⁵

• 2-factor authentication and CAPTCHA requests to secure account access and verify transactions
• RSA adaptive authentication
• Account takeover prevention
• Risk model and behaviour profiling
• Fully monitored transactions to prevent fraud, identity theft and phishing.

Payoneer is regulated by the Financial Conduct Authority (FCA) in the UK.⁵

Read more about Payoneer safety

Payoneer fees

Payoneer doesn’t have subscription fees, as it uses a per-transaction pricing model.

Here are the kind of fees you can expect to pay to use the platform:²

Transaction type	Payoneer fee
Online payments	- Pay - up to 3% - Receive - Up to 3.99% to receive credit card payments - Free to send and receive money to/from other Payoneer customers - Fees vary to get paid directly from marketplaces and seller platforms
International	- Pay - up to 3% - Receive - Free to receive payments into local receiving accounts
Payoneer card fees	Annual fee of $29.95 USD (approx. £23.70 GBP)
Spending with Payoneer cards	- Free for transactions in the same currency as your card - Up to 3.5% for transactions where currency conversion is involved
ATM withdrawals with Payoneer cards	£1.95 GBP per withdrawal

Read more about Payoneer fees

Revolut Business review

Revolut is a UK-based fintech company with an extensive presence in the UK and Europe, where it offers both personal and business accounts.

For businesses, Revolut offers a full range of payment solutions. Although Revolut isn’t a bank, its account offers many similar features, so it can be used for day-to-day management of your company’s finances.

The platform allows businesses to send and receive payments in multiple currencies, as well as providing solutions for accepting in-person payments, managing expenses and paying staff and suppliers worldwide.

The main features offered by Revolut vary depending which monthly plan you sign up for. Here’s what you can expect:

• Local and international transfers
• Bulk and recurring payments
• Local and SWIFT account details
• Currency exchange
• Plastic and virtual company cards
• Unlimited team members
• Expense management, including approvals
• Accept payments via web, payment links and QR codes
• Revolut Pay in-store with card reader
• Business API (paid plans only)

Revolut Business account reviews from existing customers are pretty good. The company gets a ‘Great’ 4.1 rating on TrustPilot from over 154,000 reviews (includes reviews from personal account customers).³

Read more about how to open a Revolut Business account in the UK

Is Revolut safe?

Yes, Revolut is safe to use, although you should always take steps to protect yourself when sending or managing your money online.

Revolut is a trusted, established payment service in the UK. It uses a number of security protocols to protect your business funds, and your account. This includes the following:⁶

• Anti fraud systems, including extra verification on accounts and users, and flags for suspicious transactions
• Card protections, including 3D secure and contactless card limits
• Safeguarding funds with licensed banks
• Team permissions - including access management and spending limits, plus custom rules for payment approvals

Revolut is authorised by the Financial Conduct Authority (FCA), the UK’s main financial regulatory body.

Read more about Revolut Business security here

Revolut Business fees

Now we come to that crucial question - how much will it cost your business to use Revolut?

Unlike Payoneer, Revolut Business uses a monthly subscription model. This means you pay a fee each month for a plan, with certain features, services and limits included with each. Payment processing isn’t included in any plan, so you’ll pay a fee per transaction to accept payments from customers.⁷

The plans available with Revolut Business are:¹

• Basic - £0 a month
• Grow - from £19 a month
• Scale - from £79 a month
• Enterprise - custom pricing

And here are the fees for any services you use above the free limit included in your plan (based on the Basic free plan):⁷

Transaction type	Revolut fee
Online payments	- Pay - £0.20 per local transfer - Receive - 1% to 2.8% plus a flat fee (varies depending on currency) to receive card payments
International	Pay - £5 per additional transfer
Revolut card fees	No annual fee, additional cards cost £4.99
Spending with Revolut cards	No fee for spending Currency conversion fees may apply
ATM withdrawals with Revolut cards	2% fee on all cash withdrawals

Read more about Revolut Business fees in the UK

Revolut vs. Payoneer fees - Head to head comparison

To help you choose the most cost-effective payment processing solution for your needs, here’s a head-to-head comparison of fees for both Payoneer and Revolut:

Transaction type	Revolut fees (above free limits included in plan)⁷	Payoneer fees²
Online payments	- Pay - £0.20 per local transfer - Receive - 1% to 2.8% plus a flat fee (varies depending on currency) to receive card payments	- Pay - up to 3% - Receive - Up to 3.99% to receive credit card payments - Free to send and receive money to/from other Payoneer customers - Fees vary to get paid directly from marketplaces and seller platforms
International	Pay - £5 per additional transfer	Pay - up to 3% Receive - Free to receive payments into local receiving accounts
Ordering cards	No annual fee, additional cards cost £4.99	Annual fee of $29.95 USD (approx. £23.70 GBP)
Card spending	No fee for spending Currency conversion fees may apply	Free for transactions in the same currency as your card Up to 3.5% for transactions where currency conversion is involved
ATM withdrawals	2% fee on all cash withdrawals	£1.95 GBP per withdrawal

Manage your international business with Wise

While you’re researching payment gateways and processors, it could also be worth looking into how you’ll manage business funds across borders.

Open a Wise Business account and you can hold and exchange 40+ currencies at once. You can send payments to 160+ countries and get local account details to get paid in 8+ currencies like a local.

Use your Wise account to get paid in a selection of major foreign currencies by customers and clients, through marketplaces - and via PSPs too. Whenever you need to send, spend or exchange foreign currencies, you’ll always benefit from the mid-market exchange rate, with low, transparent fees.

You’ll also benefit from all of these features:

• No ongoing fees, minimum balance requirements or foreign transaction fees
• Debit and expense cards for you and your team, which you can use in 150+ countries
• Multi-user access for team members, with ways to control and manage permissions
• Pay up to 1,000 people at once with the Wise batch payments feature
• Integrate with your favourite cloud accounting solutions, and use the Wise API for automation and streamlining workflow
• Use the Wise Interest feature to make your money work harder when you’re not using it

With the help of a truly global account, your business can grow beyond international borders.

Get started with Wise Business 🚀

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And that’s about it - our full review of Payoneer vs. Revolut, comparing the two payment solution providers against each other on all the things that matter to your business.

After reading this handy guide, you should have all the info you need to choose the right one for your company’s needs.

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Sources used:

1. Revolut - Business Account Pricing
2. Payoneer - Pricing
3. TrustPilot - Revolut
4. TrustPilot - Payoneer
5. Payoneer - Security Center
6. Revolut Business - A-grade security
7. Revolut - Business fees (Basic)

Sources last checked on date: 27-Jun-2024