Mycotoxins are one of the great global challenges to agri-food and feed safety. Industry requires fast, reliable, and economical testing methods for the most important regulated mycotoxins to manage this problem. Climate change and changes in agricultural practice are complicating this situation, triggering the movement of some mycotoxins into new regions, which are unprepared for their management. Modern LC-tandem MS (LC-MS/MS) instruments have addressed this analytical challenge, but such instruments are expensive and require highly qualified personnel and dedicated facilities. As a result of these limitations, traditional LC-MS/MS is not amenable for use on farms or at small to midsized processing facilities, such as a grain elevator. To address the need for on-site rapid testing, the mycotoxin community has focused on antibody-based and spectrophotometric approaches. The development of innovative technologies such as miniaturized MS would allow for the acquisition of more information on mixtures of toxins present in a sample at costs comparable to those of the existing rapid methods such as ELISA. The capital costs are higher, but it would reduce per-sample testing costs and time requirements and provide better value for money while maintaining the accuracy and selectivity achieved in a laboratory setting. In this article, we review the available techniques and contrast them in the context of three main criteria: method performance, speed of analysis, and cost. We define the integration of these three parameters as the "mycotoxin testing paradigm."