Top 5 eCommerce payment systems and solutions in Singapore (2024)

Singaporeans are the biggest omnichannel shoppers in the region. Nearly 50% of shoppers visit brick-and-mortar stores before buying online, while 49% browse online and compare prices before buying in a physical store.¹ To grow your business, you need to reach omnichannel shoppers and accept payments online. This begins with finding the right eCommerce payment solution.  

In this article, we’ll explore everything you need to know about eCommerce payments and how to choose the right solution. We’ll also highlight the top eCommerce payments providers in Singapore and explain why Airwallex is an excellent choice for businesses of all sizes and industries.  

What is an eCommerce payment system?

An eCommerce payment system is a platform that allows businesses to accept online payments from customers via their website or mobile applications. With 75% of consumers in Southeast Asia using digital payments for online shopping, eCommerce payment services need to cater to various payment methods, such as credit cards or digital wallets.² They also have features that boost checkout conversions, minimise fraud risk, and automate recurring payments. In additional to eCommerce payment solutions, some fintech firms like Airwallex offer end-to-end payments, including features such as expense management, supplier payments and accounting integrations. 

How do eCommerce payment systems work?

eCommerce payment systems work by accepting, processing and validating payments from your customers online before making the funds available to your bank.

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.

The top 5 eCommerce payment systems and solutions in 2024

When exploring eCommerce payment solutions, it's useful to consider the most popular options and their strengths. This helps you quickly narrow down choices to find the best fit for your business. Here are some of the top eCommerce payment providers in the market:

Airwallex for end-to-end eCommerce payments 

Airwallex is an end-to-end payments platform that lets you enter new markets faster and avoid unnecessary conversion fees. Our payment gateway is engineered for global sales. We help you accept payments from customers in 180+ countries. With like-for-like settlement in 11 currencies, you can accept, hold, and payout in the same currency—eliminating conversion fees and maximizing your profits.

Adyen for omnichannel sales and established businesses

Adyen Singapore is a payments company from the Netherlands that provides eCommerce payment processing and point-of-sale (POS) systems. They allow businesses to create a seamless omnichannel shopping experience for customers. Adyen’s integrations require technical resources, which make them more suitable for large companies with eCommerce and retail locations.

PayPal for one-off sales

PayPal is one of the oldest and most-recognised digital payment platforms, widely known for its personal accounts. It provides digital wallets that allow consumers to accept international payments or send money using their balance.³ Meanwhile, eCommerce businesses use PayPal to process payments through credit cards, debit cards, and bank transfers. Over 300M people worldwide have a PayPal account⁴, and this brand recognition makes PayPal ideal for quick, one-off sales.  

Shopify payments for new Shopify sellers

Shopify is an eCommerce platform that enables businesses to easily create and manage online stores. With user-friendly tools for website design, inventory management, and logistics, Shopify helps businesses start selling online with minimal development effort. Shopify Payments is integrated with every Shopify account, making it ideal for new users who want to quickly set up and start selling in no time.

Stripe for recurring payments

Stripe is a widely used payment processing platform known for its powerful tools in managing recurring payments. It allows businesses to automate subscriptions, handle various payment methods and send invoices, offering a seamless solution for subscription-based services and products.​

Compare the top eCommerce payment systems and solutions in Singapore

Let's explore how these eCommerce payment providers compare across key features. This breakdown should give you a clearer understanding of which solution might meet your needs.

eCommerce integrations

Integrations are the different ways you can connect a payment system to your eCommerce store or mobile app. 

• Airwallex offers a wide range of integration options, from no-code eCommerce plugins to full customisation via APIs and mobile SDKs. You can power your Shopify checkout with an Airwallex plugin and eliminate costly conversion fees.

• Adyen offers similar integration options as Airwallex, plus APIs for POS terminals.

• PayPal offers a hosted payment page with limited customisation options, which can clash with the look and feel of your brand.

• Shopify Payments integrates with Shopify stores only, and is designed for businesses who want a quick and simple payment gateway.

• Stripe has no-code eCommerce plugins, custom integrations, and APIs for POS terminals.

Global coverage

Global coverage is the number of countries where a payment solution can accept local currency payments and work with local payment systems. 

• Airwallex can collect payments in 180+ currencies.

• Adyen accepts payments from customers in 100+ countries.  

• PayPal is available in 200+ countries and supports 25 currencies. 

• Shopify Payments supports payments for users in 20+ countries.

• Stripe supports payments in 46 countries.

Local payment methods

According to a global survey by Airwallex and Edgar, Dunn & Company, 77% of consumers will abandon their cart if their preferred payment method was not offered. On top of major card networks, your eCommerce payment solution should support local payment methods in the markets you sell to.

• Airwallex supports 160+ local payment methods in 180+ countries, such as Alipay in China and DuitNow in Malaysia.

• Adyen Singapore accepts payments from major card networks and 13 local payment methods like GrabPay and PayNow.

• PayPal supports PayPal wallet, major card networks, and 8 other alternative payment methods like WeChat Pay.

• Shopify Payments supports major card networks and only 6 local payment methods like Klarna and Multibanco.

• Stripe offers 100+ local payment methods, including BNPL and real-time payments.

Pricing

Most eCommerce payment gateways offer transparent fees and pricing models. Understanding the fees helps you avoid unexpected charges and ensures you're selecting a solution that fits your budget.

• Airwallex uses a pay-per-transaction model. We offer interchange++ pricing or blended pricing, depending on your needs. There are no additional setup or monthly fees. You can check our fee schedule for card payments and local payment methods.

• Adyen Singapore applies interchange++ pricing for card payments using Maestro, Mastercard and Visa, and blended pricing for BNPL or digital wallets.

• PayPal charges a percentage-based fee for online card payments, and a fixed fee for foreign currency payments. 

• Shopify Payments have blended pricing for card transactions and local payment methods, which get cheaper depending on the plan you choose

• Stripe has blended pricing for card transactions. Interchange+ pricing is also available for large transaction volumes.

Top features to look for in an eCommerce payment system

An eCommerce payment gateway should be easy to implement and create a seamless checkout experience for your customers. Here are the core features you should watch out for:

• Multiple payment methods. Increase your sales by accepting payments from your customers’ preferred digital wallets or card networks. Airwallex’s payment gateway supports payments from 160+ local payment methods in 180+ countries.

• Multi-currency support. This allows businesses to accept payments in various currencies.

• Global Reach: Your payment solution should have a strong presence in the countries where you sell. This enables you to accept local payments with better exchange rates and reduced conversion fees. Leveraging a local payment gateway can also lead to faster settlements and lower transaction costs, enhancing the overall payment experience.

• Customisable checkout. Many payment gateways offer different checkout experiences, from no-code eCommerce plugins to fully customisable user interfaces.

• Integration with eCommerce platforms. Payment gateways can integrate with popular eCommerce platforms like Shopify, WooCommerce, and Magento.

• Scalability. Your eCommerce solution should handle increasing transaction volumes as your business grows. This lets you keep up with demand and support your growth without service disruptions.

• Security and fraud prevention. Payment gateways should be PCI-DSS compliant and detect fraudulent transactions without impacting your conversion rates.

What questions should you ask when selecting an eCommerce processing system?

Choosing the right eCommerce payments system starts with understanding your business’s needs. This ensures you select a solution that can support your present-day needs and growth ambitions. 

Checking the basics like efficiency of managing customer payments is also important, but it’s also worth checking compliance, conversion fees, scalability, integration capability and much more.

Here’s a list of questions to ask your 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

Choose Airwallex if you want an end-to-end eCommerce payment solution that takes your business beyond Singapore. 

We’re the only payment gateway that lets you collect and settle payments in 11 leading currencies, including USD, EUR, and HKD. You can hold these funds in your Airwallex multi-currency account, and pay out to suppliers in the same currencies without unwanted conversions into SGD. This saves you unnecessary currency conversions and maximise the value of every dollar you earn.   

With our extensive global reach, backed by over 60 licenses worldwide, Airwallex enables you to expand into 180+ countries while supporting the local payment methods your customers trust. We offer 160+ payment options, including WeChat Pay and Alipay in China (APAC), giropay in Germany (Europe), Pay by Bank app (PbBa) in the UK, and ACH direct debit in the USA.

Airwallex’s payment gateway is part of our all-in-one Business Account, which has powerful features to help you simplify your cross-border operations. You can open 23+ Global Accounts, send low-cost international transfers, issue multi-currency debit cards, and more.

Singapore businesses like Wine Kin and Dreamcore unlocked eCommerce sales with Airwallex.

FAQs about eCommerce payment services 

1. What is eCommerce processing software?

An eCommerce processing software is a financial software 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.

2. What important factors to choose when selecting an eCommerce payment processing solution?

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.

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

Pricing varies between providers; some offer subscription plans, while others operate on a pay-per-transaction model. Airwallex’s payment gateway has transparent pay-per-transaction fees.  

4. 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). Airwallex safeguards you against fraud with a risk engine powered by machine learning. It can automatically detects fraudulent transactions from legitimate ones to boost your acceptance rates.

Sources

1. https://www.businesstimes.com.sg/startups-tech/singapore-shoppers-blur-lines-between-online-and-offline-retail-report

2. https://www.statista.com/statistics/1364788/sea-most-used-e-payment-services-by-country/

3. https://en.wikipedia.org/wiki/PayPal

4. https://www.statista.com/topics/2411/paypal/

5. https://www.airwallex.com/sg/pricing

6. https://docs.adyen.com/online-payments/

7. https://www.adyen.com/payment-methods?country=Singapore

8. https://www.paypal.com/sg/business

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

10. https://help.shopify.com/en/manual/payments/shopify-payments/supported-countries/singapore

11. https://help.shopify.com/en/manual/payments/shopify-payments/local-payment-methods

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

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

14. https://stripe.com/nz/payments/payment-methods#search

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.