Stripe vs Airwallex: Compare on fees, features and benefits

If you run an eCommerce business, you'll need an online payment gateway in order to accept credit and debit card payments from customers. Both Stripe and Airwallex offer payment gateways that plug into your eCommerce store, but which solution is right for your business? Read on to find out how Airwallex compares against Stripe on price, features and benefits.

What is Stripe?

Stripe is a payments-technology company that provides businesses with a platform to accept payments from customers. Stripe offers a point-of-sale (POS) system for bricks-and-mortar retailers to accept in-person payments, and an online payment gateway for eCommerce businesses to accept credit and debit card payments. Mobile wallet payments and “buy now, pay later” services are also accepted through Stripe.

What is Airwallex? 

Airwallex is a one-stop solution for business financial operations. The Airwallex online payment gateway integrates seamlessly with eCommerce platforms, offering hyper-competitive processing fees, and the ability to eliminate unnecessary FX conversion fees.

Airwallex empowers users to accept payments from customers in 180+ countries and regions through a variety of payment methods, including popular local options like WeChat Pay and AliPay. eCommerce businesses can also connect with existing eCommerce platforms through smart integrations, and configure intelligent Payment Links.

Compare Stripe with Airwallex 

Stripe fees, explained

• Transaction Fees: Stripe charges a per-transaction fee for each successful credit or debit card payment your customers make. Stripe fees vary based on whether the card used is domestic or international.³

• International Fees: Stripe charges 3.5% plus an additional AUD 0.30 for each successful international transaction. Stripe international fees also increase by 2% if currency conversion is involved.¹

💰 Money-saving tip: Reduce unnecessary conversions and fees on transactions with the option to collect and settle in the same currency using Airwallex. Plus, pay only a 0.5% or 1% FX margin above the interbank exchange rate, depending on the currency.

• GST: A final fee to be aware of is the Goods and Services Tax (GST). GST is included in Stripe’s payment, foreign exchange, and dispute fees for users in Australia (as well as any other country that collects GST). The current GST rate is 10%.

Airwallex fees, explained 

Airwallex charges a per-transaction fee for successful credit and debit card payments which vary depending on domestic or international payments.

International fees: Airwallex international transaction fees are similar to Stripe’s. However, our FX fees are lower, at just 0.5 - 1%.

Global Accounts: Airwallex multi-currency business account allow you to settle in multiple currencies without converting funds to AUD. You can transfer funds from your account to 150+ countries, or pay out using Borderless Cards.

Cost-efficient global payment acceptance: The Airwallex online payment gateway makes accepting domestic and international payments easier and more affordable whilst seamlessly integrating with popular ecommerce platforms. Airwallex multi-currency settlement allows you to accept foreign currency payments without auto-converting to AUD, saving you 2% on each international transaction vs Stripe. If you do wish to convert your funds, you can take advantage of Airwallex’s low FX rates.

Compare additional features between Stripe and Airwallex

International payments: Airwallex accepts payments from 180+ countries and regions via 160+ payment methods whereas Stripe accepts in 135+ currencies and dozens of payment methods. Airwallex allows you to avoid double conversions through settling in multiple currencies directly, with lower FX rates of 0.5-1% above the interbank exchange rate. 

Security: Both have a robust security system to protect against fraud using extensive data. Airwallex also reduces chargebacks and improves payment acceptance rates with their pre-chargeback program and smart retry logic. 

Full product suite: Stripe’s full stack of products and services includes online payments, billing, invoicing, point of sale and embedded finance. While Airwallex has these capabilities, it also boasts flexible integration options, ranging from a simple plug-and-play solution to a fully customisable checkout. Airwallex’s full product suite includes Global Accounts, virtual cards, end-to-end expense management, faster global transfers and embedded finance.

Final thoughts: Stripe vs Airwallex

Both Stripe and Airwallex offer online payment gateways for businesses to make and local and international card payments. While Stripe offers a POS system, Airwallex instead focuses on its digital platform. Airwallex has the edge on more competitive fees, borderless cards and built-in expense management tools, which Stripe does not.

Australian eCommerce companies can save money while growing their businesses at home and abroad by signing up for an Airwallex business account. Get faster, more cost-effective financial operations with Airwallex.

Sources

1. https://stripe.com/au/pricing

2. https://docs.stripe.com/currencies/conversions

3. https://stripe.com/au/pricing/local-payment-methods

Disclaimer: We wrote this article in Q3 2024. The information was based on our own online research and we were not able to manually test each tool or provider. The information is provided for educational purposes only and a reader should consider the specific requirements of their business when evaluating providers. This research is reviewed every six months. If you would like to request an update, feel free to contact us at [email protected].

This information doesn’t take into account your objectives, financial situation, or needs. If you are a customer of Airwallex Pty Ltd (AFSL No. 487221) it is important for you to read the Product Disclosure Statement (PDS) for the Direct Services, which is available here.