Compare the top 6 eCommerce Payment Systems & Solutions in Australia 2024

If you're an eCommerce business seeking to enhance your checkout experience and boost sales, exploring the right payment solutions providers is crucial. With numerous options available, it's important to understand which features and services best suit your business needs.

What is an eCommerce payment system?

eCommerce payment systems help online businesses accept payments. eCommerce payment providers sell a type of financial software that acts as a secure bridge between a customer buying a product or service and the funds being safely transferred to your bank (the merchant bank).

A whopping 2.14 billion shoppers are now buying online – it doesn’t matter if you’re a growing global eCommerce brand or an online marketplace, you need reliable, efficient eCommerce payment software to stay in business. eCommerce payment service providers act like a payment gateway; but most modern suppliers offer much more. Additional features like funds management, supplier payments and detailed analytics are now commonplace.

How does an eCommerce payment processing system work?

Let’s say you’re an online business owner selling software; when a customer purchases a subscription, your eCommerce payment software will encrypt their financial data and send it to the relevant payment processor to be authenticated and approved. If successful, the customer’s funds will then be transferred to your business account.

If you’re selling online, eCommerce payment processing systems are an essential part of your payment process. They make sure your customers’ money gets safely from their credit or debit card, or digital wallet, to your bank.

But they’re also a useful tool for wider financial management and operational streamlining. eCommerce payment systems integrate several other functionalities that can help you slash admin hours, save on transaction and currency fees and manage your funds efficiently.

The top 6 eCommerce payment systems and solutions in 2024

• Shopify: An online eCommerce platform which allows entrepreneurs to build businesses fully online with their unified systems of payments, website builders and other tools.

• Airwallex: End-to-end payment systems with competitive FX rates that allows businesses to grow beyond borders seamlessly with their accounting software.

• GoCardless: Simplifies recurring payments through a billing system which suits businesses that make or receive regular payments.

• PayPal: A well-established digital payment system that’s been operating globally for over 20 years.eCommerce brands use it to process payments from credit cards, debit cards, and bank transfers.

• Stripe: Offers a built-in POS and integrates with popular business tools like Shopify.

• WorldPay: As the oldest payment gateway, Worldpay integrates with various software; for small to medium businesses.

Top features to look for in an eCommerce payment system

It can feel overwhelming when you start comparing eCommerce payment systems and solutions. To help, we’ve compiled a list of the most important features to look out for: 

Security: at the minimum, your payment system should be PCI DSS compliant and have fraud prevention systems in place. For best-in-class, look for advanced encryption, SOC1, SOC2 and PSD2 compliance.

Cost: find a platform that’s right for you by asking about fee structure and the length of contract. Don’t forget about monthly subscription fees, foreign transaction fees and currency conversion costs.

Integration capabilities: it’ll make reconciliation, checkouts and forecasting easier and faster if your eCommerce payment system integrates easily with your existing accounting and eCommerce platforms.

Global reach: look for a payment system that helps you accept global payments without paying unnecessarily high FX or conversion fees, and offers local payment methods to your customers.

Scalability: look for a solution that can handle increased transaction volumes and multiple overseas markets without significant disruptions. This reduces the likelihood of you having to switch systems as you grow.

Compare the top eCommerce providers in 2024

What questions to ask when selecting an eCommerce processing system?

The safety and efficiency of managing customer payments is the most important question, but it’s also worth checking compliance, conversion fees, scalability, integration capability and much more.

Here’s a list of questions to ask your potential provider that will help you make an informed decision: 

1. What payment methods do you support? Understand the range of payment methods the provider supports, including credit/debit cards, digital wallets, bank transfers and any global region-specific options. Offering your customers local payment methods can boost checkout conversions.

2. What are your security measures and compliance standards? Ask about your potential new provider’s security protocols, such as how they conduct KYC/AML checks, their encryption and fraud detection capabilities, and ensure they comply with industry standards like PCI DSS.

3. Do you offer global payment support? If you have customers around the world, or you’re planning to launch in new markets soon, ask about multi-currency support and international payment capabilities. Avoid hidden fees by understanding exactly how the provider handles currency conversions and cross-border fees.

4. What are the fees and pricing structure? Find out all the potential costs associated with the service, including transaction fees, monthly fees, setup costs, conversion fees and any hidden charges. This will help your financial planning.

5. How easy is the integration process? Most eCommerce payment services integrate with major accounting, CRM and eCommerce platforms. Make sure you choose a provider that works with your existing software and assess the ease of integrating (no or low code plugin options are the most popular).

6. What level of customer support do you offer? Find out what kind of support is available to you if something goes wrong – ask about support hours, the type of support (email, phone, chatbot) and response times.

7. How do you handle refunds and chargebacks? Understanding the provider’s process for dealing with chargebacks and whether they offer any support or protection against could save you money in the future.

8. How do you support business growth? It’s worth discussing scalability options with your new provider because you don’t want to waste time switching services every couple of years. Your chosen solution should be able to handle increased transaction volumes and multiple overseas markets without significant disruptions.

9. What analytics and reporting tools are available? Detailed transaction data and analytics can streamline reconciliation and accounting processes and give you valuable insights into your financial performance. Ask what reports are available and how easy they are to generate.

Airwallex takes care of your online business’ end-to-end financial operations

Hundreds of thousands of online companies partner with Airwallex to simplify their payments and financial operations, from fast-growing eCommerce startups to global online marketplaces.

We’re best known for our global reach. If you’re looking for an eCommerce payments service provider that makes selling across borders easy, safe and cost-effective, Airwallex is a smart choice. We can help you:

• Go global: tap into new markets and collect payments in 170+ currencies with local payment methods that cater to your customers’ preferences.

• Save money: protect your bottom line with low transaction and currency conversions fees, plus market-leading FX rates.

• Collect directly with eComm platforms: get local accounts for overseas customers with quick, simple integration with platforms like Klarna, PayPal, Shopify, Stripe, eBay and more.

• Simplify supplier payments: pay your suppliers on time with less hassle. Automated payments can help you save hours and strengthen relationships.

• Gain visibility over your finances: get a clear, real-time overview of your cash flow, manage multiple currencies effortlessly and move money between entities with just a few clicks.

• Scale quickly: no need to switch providers – Airwallex grows with you. It’s built to support global businesses of all sizes. 

Airwallex supports ambitious and multi-entity eCommerce businesses of all shapes and sizes automate payment collection, slash financial admin hours and move money across borders efficiently.

FAQs about eCommerce payment systems 

What is an eCommerce processing system?

An eCommerce processing system is a kind of financial system that connects an online store to payment processor systems. It helps online businesses accept payments by securely transferring customers’ funds to the merchant’s bank.

What important factors to choose when selecting an eCommerce payment processing system?

The key factors to consider are security and compliance, fees and costs, integration capabilities, scalability, international payments support, customer service and which payment methods are supported.

How much does it cost to onboard an eCommerce payment service?

Pricing varies between providers; some offer subscription plans, while others operate on a per-transaction model. Don’t forget there are often hidden fees for international payments.

How safe are eCommerce payment processing services?

Most major suppliers are considered safe. Look for fraud prevention systems, end-to-end data encryption and compliance with PCI DSS (the global security standard for organisations that store sensitive data).

Sources & references

¹https://www.shopify.com/au/payment-gateways

²https://gocardless.com/en-au/guides/posts/payment-processing-fees/ 

³https://gocardless.com/blog/how-much-do-international-payments-really-cost/

⁴ https://www.paypal.com/au/enterprise/payment-methods

⁵ https://www.paypal.com/au/webapps/mpp/merchant-fees

⁶ https://stripe.com/payments/payment-methods

⁷ https://www.worldpay.com/en-au/payments/online

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) read the Product Disclosure Statement (PDS) for the Direct Services available here.