As businesses and individuals navigate the evolving landscape of digital payments, many are reconsidering their options between Amazon Pay and Wise. This article aims to provide a comprehensive overview of both services, comparing their prices and features to help you determine which solution best meets your needs.
A quick overview on Amazon Pay and Wise
What is Amazon Pay?
Amazon Pay is a digital payment service developed by Amazon, designed to provide a seamless and secure payment experience for both consumers and businesses. It functions as an online payment gateway, enabling merchants to accept payments from customers who utilize their Amazon account credentials.
Amazon Pay is commonly used for e-commerce transactions and voice-activated purchases through Alexa-enabled devices. Unique features include fraud protection and seamless integration with various e-commerce platforms, enhancing the overall shopping experience.
What is Wise?
Wise is a financial technology company that offers international money transfer services and multi-currency accounts. It allows users to send, receive, and hold multiple currencies at real exchange rates with low, transparent fees.
Wise is used by individuals for international money transfers and managing funds in different currencies. Businesses utilize Wise to pay international suppliers, receive payments from global clients, and manage payroll for employees in different countries.
Pricing of Amazon Pay and Wise
Amazon Pay charges a processing fee of 2.9% plus $0.30 per transaction for domestic payments, and 3.9% plus $0.30 for cross-border transactions. There are no monthly or setup fees, and merchants can cancel anytime without penalty. These fees apply when a purchase is successfully authorized and processed, making it straightforward for businesses to understand their costs.
Wise operates on a transparent fee structure with no fee to open a personal account and a one-time setup fee of £45 for business accounts. Sending money incurs a fee starting from 0.33%, and holding money in your account is free. Receiving USD wire and Swift payments incurs a fixed fee of $6.11 per payment. ATM withdrawals over £200 per month are subject to a 1.75% fee plus £0.50 per withdrawal.
Wise generally offers better pricing due to its lower transaction fees and transparent cost structure.
Features of Amazon Pay and Wise
Amazon Pay features
Amazon Pay offers several unique features that cater to both consumers and businesses, enhancing the overall payment experience:
- Seamless Checkout: Allows customers to use their Amazon account information for quick and easy payments on third-party websites.
- Voice-Activated Purchases: Enables hands-free shopping through Alexa-enabled devices.
- Fraud Protection: Incorporates robust fraud detection and prevention measures to safeguard transactions.
- Integration with E-commerce Platforms: Compatible with various platforms like Shopify, Stripe, and BigCommerce, ensuring a smooth integration process.
- Buy Now Pay Later: Offers flexible payment options, allowing customers to pay in installments, which can increase conversion rates.
Wise features
Wise offers several unique features that cater to both individuals and businesses, enhancing the overall financial experience:
- High-speed transfers: Over half of the transfers are completed in under 20 seconds.
- Low fees: Competitive pricing for international money transfers.
- 24/7 customer support: Access to help via email, phone, and chat at any time.
- Global account details: Receive money in multiple currencies with local account details.
- Interest-earning feature: Earn up to 3.92% APY on USD balances with FDIC insurance.
Comparing Amazon Pay, Wise and OneSafe
Why choose one over the other?
- Why Choose Amazon Pay Over Wise: If you're primarily focused on e-commerce transactions, Amazon Pay offers a seamless checkout experience by leveraging your existing Amazon account credentials. This integration can reduce cart abandonment rates and enhance customer trust due to Amazon's robust fraud protection measures.
- Why Choose Wise Over Amazon Pay: For international money transfers and managing multiple currencies, Wise is the superior choice. It offers low, transparent fees and real exchange rates, making it cost-effective for both individuals and businesses needing to send or receive money globally.
Considering OneSafe vs Amazon Pay and Wise
- Why Choose OneSafe Over Amazon Pay and Wise: OneSafe is uniquely designed for businesses in the Web3 and crypto sectors, offering seamless USD to USDC conversion on Polygon for instant, borderless transactions. This feature, combined with end-to-end expense and payroll management, makes it an optimal choice for companies needing reliable, adaptive banking solutions.
What are the customers saying?
Amazon Pay reviews
Customer reviews of Amazon Pay present a mixed sentiment. Users frequently mention difficulties in contacting customer service and describe the support as unhelpful and inadequate. Concerns about unauthorized account suspensions and the lack of clear communication are also common. Multiple reviews highlight issues with resolving disputes, including unresponsive customer support and ineffective dispute resolution processes. Numerous reviews mention transaction disputes, including unauthorized charges, delayed payments, and issues with refunds. Check out more Amazon Pay reviews here.
Wise reviews
Wise, formerly known as TransferWise, is a British financial technology company founded in 2011 by Taavet Hinrikus and Kristo Käärmann. The company specializes in international money transfers and offers services to both individuals and businesses. Wise's unique benefits include transparent and low-cost currency conversions, multi-currency accounts, and the ability to hold and manage over 40 currencies. The platform provides local bank account details in multiple countries, enabling users to receive payments like a local without the need for a physical presence. Additionally, Wise offers a debit card that allows users to spend globally with minimal fees, making it a convenient solution for frequent travelers and international businesses.
Wise operates as an international money transfer service and multi-currency account provider. It facilitates cross-border payments by allowing users to send, receive, and hold multiple currencies at real exchange rates with low, transparent fees. The platform is designed to serve both personal and business needs, offering features like batch payments for businesses and integration with accounting software.
Use Cases:
- Individuals: Wise is ideal for individuals who need to send money internationally, manage funds in different currencies, or spend abroad without incurring high fees.
- Businesses: Companies can use Wise to pay international suppliers, receive payments from global clients, and manage payroll for employees in different countries.
Key Strengths:
- Cost-Effective Transfers: Wise offers low, transparent fees and uses the real mid-market exchange rate, which can result in significant savings compared to traditional banks.
- Multi-Currency Accounts: Users can hold and manage over 40 currencies, making it easier to operate internationally.
- Speed: Transfers are often completed quickly, with many transactions processed within seconds.
Limitations:
- Cash Transactions: Wise does not support cash payments or cash pickups, which may be a drawback for users who prefer or require cash transactions.
- Country Availability: While Wise supports over 70 countries, some regions are not covered, limiting access for potential users in those areas.
- Account Freezing: There have been instances where accounts were frozen for compliance checks, which can be inconvenient for users needing immediate access to their funds.
Customer reviews of Wise highlight issues with account access, document verification, and occasional delays in transfers. Concerns about customer support and increasing fees are also mentioned. Check out more Wise reviews here.
OneSafe reviews
Customer reviews of OneSafe highlight the platform's exceptional customer support, ease of payroll processing, and ability to simplify complex banking tasks for Web3 companies. Users consistently praise the seamless USD to USDC conversion on Polygon, which facilitates instant, borderless transactions, and the end-to-end expense and payroll management features.
Notable feedback includes:
- “OneSafe has the best customer support I've ever experienced from a bank.” - Amit Chu, Investments @ Celo Foundation
- “OneSafe is a game-changer. They solve so many headaches for our company. Finally a banking solution that gets it.” - Marco, CEO of Ensuro
Want to learn more? Check us out here.
Amazon Pay, Wise, or OneSafe: Which is the best platform for you?
In conclusion, whether you choose Amazon Pay, Wise, or OneSafe, each platform offers unique benefits tailored to different needs. However, for businesses in the Web3 and crypto sectors, OneSafe stands out with its seamless USD to USDC conversion and comprehensive financial management features. We recommend OneSafe for its innovative approach and exceptional customer support, making it a reliable choice for modern businesses.
