Compare the top 7 payment processing software and service providers in Australia 2024

Payment processing software is essential for businesses looking to handle all sorts of payments securely. With non-cash transactions on the rise worldwide, picking the right system is critical. 

To help you choose, we've compared the best options. We'll give you the details on their prices, security, and special features to help you choose the best one for your business. Let's go!

What is a payment processing software or service?

Payment processing software and services allow businesses to accept and process payments from their customers.

Payment processing services should help businesses accept payments in a variety of ways, including credit cards, debit cards, electronic checks, mobile payments and more.

As non-cash transactions globally reached 1.3 trillion in 2023 (and are expected to hit 2.3 trillion by 2027), it’s more important than ever before to have secure, reliable payment processing software in place to accept cashless and online payments. The best providers save companies time and money by making it easier for customers to pay, automating the payment process and reducing the risk of fraud. 

Top payment processing softwares in 2024

Here's a list of the top expense management companies, in no particular order:

• Adyen

• Airwallex

• Square

• PayPal

• Revolut Business

• Shopify 

Top features to look for in payment processing software

Choosing the right payment processing software can be a business-critical decision. The best providers are easy to use, secure and flexible. Here are the top features to look out for:

Ease of use: Look for a platform that's easy to navigate for you and your customers. The best providers centralise all the information you need into one simplified dashboard.

Integration capabilities: Your provider should integrate easily (no code required) with other business systems like your accounting software or eCommerce platform.

Security: Secure payment acceptance will help protect funds and data. Look for a provider that has fraud prevention systems in place.

Cost: Fee structure and length of contract differ between providers, so read the fine print. Don’t forget about hidden fees when collecting money in multiple currencies; this can really affect the profit margins from international revenue.

Customer management: Some solutions can help you understand, engage and retain your customers. Look for tools with information storage, personalised communication options and advanced reporting capabilities.

Compare the top payment processing companies in 2024

How can you reduce payment processing fees? 

Reducing payment processing fees is essential for businesses looking to protect their operating profit.

The good news is there are lots of ways you can reduce your processing fees, from choosing the right pricing model to avoiding hidden international fees and using ACH direct debit for automated payments.

Even small reductions in fees can result in significant savings when processing a high volume of transactions. Here are some ways you can keep costs down:

• Understand your needs: begin by assessing the volume and type of transactions your business processes. Providers offer several pricing models, including fixed-rate, interchange-plus and subscription-based models. For smaller transactions, a fixed-rate provider might be more cost-effective, while for larger international volumes, a provider with interchange-plus pricing could offer savings.

• Minimise international fees: if you're operating internationally, look for providers like Airwallex that offer low or no foreign transaction fees and competitive currency conversion rates. Avoiding unnecessary conversion fees can lead to significant savings.

• Be wary of long-term contracts: some providers lock you into long-term contracts that may not always be favourable as your business evolves. Opting for providers that don't require long-term commitments ensures you have the flexibility to adapt your payment processing solutions as your needs change. This approach also means you pay only for the transactions you process.

• Use payment gateways wisely: if you aren’t using an end-to-end payment processor, try integrating your payment processing with gateways that offer lower fees for certain types of transactions. Some gateways have special arrangements or lower fees for transactions processed through specific channels.

• Get clear on chargebacks: chargebacks can be tricky to manage because customers can initiate them whenever they feel they are entitled to a refund. They not only result in lost revenue but also incur additional fees. Find a partner with a good chargeback facilitation process, and implement clear communication with customers, transparent refund policies and robust fraud detection measures to minimise the risk of chargebacks.

• Regularly review your payment processing costs: payment processing fees can change and new offers or providers may emerge. Regularly review your options and stay informed about industry rates to ensure you're always getting the best deal.

What questions should you ask when onboarding a payment processing company?

It’s important you understand the payment processing system you’re considering, and whether it’s right for your business’ operational needs, budget and growth plans.

Asking the right questions will help you build a clear picture of what to expect. Here are 10 common questions, which should provide the information to help you make an informed decision:

• What are your transaction fees? Ask your potential new provider about all possible fees, including transaction fees, monthly fees, setup fees, conversion fees and any hidden charges. Knowing exactly what you’ll be paying for each transaction and any additional costs can help you budget more effectively. For example, at Airwallex, businesses often ask us to forecast costs.

• Are there any long-term contracts or early termination fees? Some providers may require you to commit to a long-term contract, which could include early termination fees if you decide to switch providers.

• What types of payments can you process? Ensure the provider can process all the payment types your business requires, including international payments. This is particularly important if you operate globally or plan to expand.

• How long does it take for funds to be settled? The settlement period can impact your cash flow, so ask how long it typically takes for funds from transactions to be deposited into your account.

• What security measures and compliance standards do you have in place? Every time you take a credit card payment, you’re handling sensitive financial information. Ask about the provider’s security policies, protocols, fraud prevention measures, authorisation rates and compliance with standards to protect your customers' data. After all, a poor payment experience may damage your brand's reputation.

• Is your system compatible with our current business software? Seamless integrations with your existing business software, such as your eCommerce platform, accounting software or CRM system, is essential for efficient payment and streamlined operations.

• What level of customer support do you offer? Good customer support can make all the difference when dealing with payment issues. Ask what type of support is available (bots or agents, email or phone), about the availability of support and the response times.

• Can you handle multi-currency transactions? If you accept payments from customers in different countries, you’ll need to know if the provider supports multi-currency transactions and what the fees are for currency conversion. Lots of providers charge unnecessary fees, whether it’s foreign transaction fees on cards, forced conversion fees or high FX rates.

• What is your policy on chargebacks? Understanding the provider’s process for dealing with chargebacks and whether they offer any support or protection can save you money in the future.

• Do you offer any value-added services? Some providers offer additional services like analytics, reporting tools or marketing insights. Knowing what’s available can help you get the most out of your payment processing solution.

Why choose Airwallex as a payment processing software 

Airwallex is best known for its global reach. If you operate across borders or in multiple currencies and you’re looking for a reliable payments processing provider to help you save time and money, Airwallex is hard to beat.

We help businesses slash admin hours, offer seamless customer and supplier payments and save on foreign transaction fees.

Here’s why Airwallex stands out: 

• Easy to use: Users enjoy one centralised dashboard that’s easy to navigate. No third parties to deal with.

• Global reach, local experience: Process payments in 170+ currencies with local payment methods that cater to customers’ preferences. Set up multi-currency accounts with local bank details.

• eCommerce integration: Plugin seamlessly with platforms like Shopify, WooCommerce and Magento to accept customer payments from 180+ countries.

• Eliminate costly FX fees: Maximise revenue with like-for-like currency settlement and avoid forced auto-conversion.

• Human support: We have a dedicated service team ready to help resolve any issues quickly (without bots). 

Airwallex supports a range of organisations to process one-time and recurring payments, from eCommerce stores to subscription businesses and online marketplaces. Our payments processing platform is designed to help you grow and safeguard your global revenue.

FAQs about payment processing systems

What is payment processing software?

Any programme that helps businesses accept online payments. These tools are usually cloud-based and send financial information from your customer’s card to your bank and the customer’s bank. 

What important factors to choose when selecting a payment processing solution?

There are lots of factors worth considering, including security credentials, cost, flexibility, which payment methods are supported, integration capabilities and how easy it is to use.

How much does it cost to onboard a payment processing software?

Pricing varies between providers and the type of transaction. Some offer subscription plans, while others operate on a flat-rate model. Don’t forget there are often hidden fees for international payments. 

How safe are payment processing services?

Secure payment processing software should include fraud prevention systems, end-to-end data encryption and be compliant with PCI DSS (the global security standard for organisations that store and process sensitive data).

Sources & References

¹ https://www.adyen.com/en_au/pricing

² https://squareup.com/au/en/pricing

³https://www.paypal.com/au/webapps/mpp/merchant-fees

⁴ https://www.revolut.com/business/business-account-plans/

⁵https://www.shopify.com/au/pricing

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. If you would like to request an update, feel free to contact us at [email protected].