Top 5 Adyen alternatives in Singapore: compare fees, features & benefits

If you run an eCommerce business, you need more than a way to accept payments - you should offer popular payment methods at checkout. A survey by Airwallex and Edgar, Dunn & Company found that 77% of eCommerce shoppers will abandon their cart if their preferred payment method isn’t available.¹

Using Adyen is one way to offer alternative payment methods, but it may not be the best fit for your business. Read on to learn more about Adyen and why Adyen alternatives like Airwallex can be better for businesses who want an all-in-one payments platform.

What is Adyen? 

Adyen Singapore is a Dutch financial technology company that helps businesses accept payments from customers. The platform facilitates online, mobile, and point-of-sale (POS) transactions.

Since it was established in 2006, Adyen has evolved into an omnichannel financial platform that offers payments, analytics, and embedded finance.

Pricing for payment processing varies according to payment method. For most payment methods, Adyen uses blended pricing - a fixed processing fee plus a payment method fee per transaction. For card payments, Adyen uses a variable interchange+ fee - a combination of fees that consist of the type of card the customer uses and the country of card issuance.² 

Other Adyen services like Unified Commerce and Financial Products are priced separately.

The top 5 alternatives to Adyen

Whilst Adyen may be one of your options, you may like to consider its alternatives to see which one suits your needs best. Here are the top alternatives:

• Airwallex: An end-to-end financial platform that helps businesses operate globally. Airwallex’s payment gateway facilitates payment acceptance globally and supports local payment methods, such as AliPay in China. Airwallex also has like-for-like settlement, which allows you to accept, hold, and payout in the same currency, eliminating conversion fees, and maximising your profits. On top of this, Airwallex offers multi-currency accounts, fast international transfers, corporate cards, and Expense Management. Having all these services in one platform can minimise cost and reduce the need to manage multiple platforms. 

• Payoneer: A global fintech company that helps businesses and freelancers send and receive international payments. With Payoneer Checkout, small-to-medium businesses can accept eCommerce payments through a variety of payment methods. They also promise an easy setup, a localised shopping experience, and a fast settlement. 

• PayPal: A payment platform that's been serving businesses and individuals worldwide for 20 years. With PayPal Checkout, businesses can accept payments through credit cards, debit cards, and bank transfers. Individuals can also use their PayPal digital wallet to pay for eCommerce purchases wherever PayPal is accepted.  

• Shopify Payments: The default payment service for Shopify stores. It allows businesses to accept card payments and a few local payment methods. While activating it's a straightforward and simple process, Shopify Payments may not support the most popular payment methods in the countries you sell to. You may need to use a third-party payment gateway to offer a wider range of payment methods 

• Stripe Singapore: A payment processing service that enables eCommerce and in-store payments. It equips businesses with a comprehensive suite of payment processing tools, POS terminals, and APIs to facilitate payment acceptance.

Compare the top 5 alternatives to Adyen

Let’s take a look at how these Adyen alternatives measure up against each other in terms of global coverage, fees, integration options, and additional payment services.

Why choose Airwallex over Adyen?

If you want a single platform for all your global payment needs, look no further than Airwallex. We’re an end-to-end solution that simplifies financial operations for businesses of all sizes. With the Airwallex Business Account, you can enter new markets faster through features like multi-currency accounts, fast international transfers, and corporate cards.

Here’s a quick look at what makes Airwallex different. 

For more details, check out our deep-dive comparison into Adyen vs Airwallex. 

What questions should I ask when choosing alternative providers to Adyen?

When researching Adyen alternatives, it helps to get in touch with the sales team and ask the right questions. Doing so ensures that the solution meets your business’s needs and works seamlessly with your existing platforms. To find out if Adyen is right for your business, use these 10 questions to guide your research.

1. What are your payment gateway fees? It's important to understand the costs involved, including per-transaction fees and any hidden charges, to ensure the platform fits within your budget.

2. How many countries do you support? If you plan to expand or already have a global customer base, you'll need a payment provider that can process transactions in multiple countries, currencies, and payment methods. This ensures seamless international transactions, reduces friction for customers, and helps you avoid limitations that could hinder growth in new markets.

3. What local payment methods can you support for my customers in these countries? Offering local payment methods is essential for boosting conversion rates from international customers.

4. Do you offer like-for-like settlement when accepting payments globally? What currencies? Like-for-like settlement lets you accept and hold foreign currencies like USD, without automatic conversion to S$. Understanding which currencies are supported ensures that you can minimise unwanted currency conversion and currency exchange risks.

5. Do I need developers to set up the payment gateway? Understand if the setup process requires technical expertise or if it has no-code tools that don’t require a developer.

6. What is your payout schedule? Knowing the payout schedule ensures you can plan for expenses, payroll, and other financial obligations without delays. It also helps you evaluate whether the timing aligns with your business needs and financial strategy.

7. How scalable is your payment solution as my business grows? A scalable solution will help you enter new markets easily or support high-volume transactions with minimal disruptions.

8. Is your payment gateway compatible with my existing eCommerce platform? The payment gateway should offer seamless integration with your eCommerce platform and accounting software to avoid unnecessary complexity.

9. How do you protect sensitive financial information? Inquire about their compliance with standards such as PCI DSS, and determine whether they provide advanced fraud detection without affecting acceptance rates for legitimate customers.

10. Do you have a customer support team based in Singapore? A local support team can provide faster response times and a deeper understanding of regional challenges and regulations.

Consider Airwallex for your business’ end-to-end financial operations 

Enterprise-level payment solutions can be overkill for most businesses, especially those who handle smaller transaction volumes or operate primarily online. In this article, we explored 5 Adyen alternatives, from a straightforward eCommerce checkout to a simpler omnichannel payment gateway. It’s worth taking time to compare your options and trialing these platforms for free before making a final decision.

If you’re after a streamlined solution for global payments, look no further than Airwallex. Airwallex offers a flexible, transparent, and affordable cross-border financial solution.

We’re more than a powerful payment gateway; we offer a complete solution for all your global payment needs. Over 150,000 businesses around the world use the Airwallex Business Account for these benefits:

• Multi-currency accounts. Instantly open 23+ multi-currency accounts in 60+ countries.

• Low-cost international transfers. Pay zero or close to zero fees for international transfers to 120+ countries when you use local payment rails. 90% of transfers arrive on the same day

• Competitive exchange rates. Minimise currency risk with our interbank exchange rates. 

• Automated bill payments. Streamline both domestic and international bill payments automatically.

• Borderless Cards with cashback. Issue free Borderless Cards to your employees and enjoy 1% unlimited cashback on all local and international spend. (Terms and conditions apply) 

• Built-in Expense Management. Gain end-to-end control and visibility on your employees’ card expenditures.

• Simplified accounting. Easily sync Airwallex with accounting software like Xero and Netsuite for efficient bookkeeping and reconciliation.

Our payment gateway is available in more countries and supports more local payment methods compared to Adyen. Plus, you save even more with Airwallex’s multi-currency settlement which lets you accept payments in 11 foreign currencies without auto-converting to Singapore dollars.

Singapore businesses like Wine Kin, Little Blossom, and Igloohome use Airwallex to simplify their global payments. Create a free Airwallex account today and see how far your business can grow.

Sources

1. https://www.airwallex.com/newsroom/cross-border-ecommerce-2024-report

2. https://www.adyen.com/knowledge-hub/interchange-fees-explained

3. https://www.adyen.com/

4. https://www.adyen.com/en_SG/payment-methods?country=Singapore&channel=Online

5. https://www.payoneer.com/checkout/

6. https://checkoutdocs.payoneer.com/docs/about-payment-methods

7. https://checkoutdocs.payoneer.com/docs/fees-in-checkout

8. https://www.paypal.com/sg/webapps/mpp/overview

9. https://www.paypal.com/sg/webapps/mpp/merchant-fees

10. https://www.shopify.com/sg/payments

11. https://www.shopify.com/sg/pricing

12. https://stripe.com/en-sg

13. https://docs.adyen.com/account/supported-currencies/#:~:text=Adyen%20is%20able%20to%20pay,and%20to%20a%20local%20account

This publication does not constitute legal, tax, or professional advice from Airwallex nor substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Singapore) Pte. Ltd. (201626561Z) is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore.