Top 5 international payment gateways for your business 2024

If you're looking to grow your business globally, it is important to ensure that customers from everywhere can easily pay for your products or services. Using an international payment gateway that can handle different currencies and payment methods is key to avoid losing sales due to payment barriers.

In this article, we'll compare some of the best international payment gateways to help you pick the right one for your business. We'll introduce Airwallex's Payment Gateway, which enables businesses to accept customer payments from 180+ countries and avoid currency conversion fees when receiving payments from international customers.

What is an international payment gateway?

An international payment gateway enables businesses to accept online payments from customers all over the world, using various currencies and local payment methods like Alipay and WeChat Pay.

It acts as a middleman between the merchant's website and the payment processor, securely handling the transaction by encrypting sensitive data like credit card information.

Using an international payment gateway is important for any business that wants to expand its reach in today's global marketplace. According to a recent Airwallex report, 54 percent of global consumers are looking to increase their spending on international online shopping.

An international payment gateway allows customers from around the world to easily purchase from you, without worrying about currency conversions or payment methods not being accepted. This is crucial as 77 per cent of shoppers also said they would abandon their cart if their preferred payment method is not available.

Top 5 international payment gateway for businesses

Airwallex

Airwallex is a global fintech company that offers all-in-one international payment solutions for businesses of all sizes. Our payment gateway allows merchants to accept payments from 180+ countries and settle in 11 currencies. This unique capability of like-for-like settlement helps businesses expand globally without worrying about unwanted foreign exchange fees.

Key features

• Multi-currency support. Sell globally and receive funds in 180+ currencies across 180+ countries.

• Like-for-like settlement in 11 currencies. Collect and hold funds in the same currency your customer uses to pay you, eliminating forced currency conversion for currencies such as AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, THB, SGD and USD.

• Payment acceptance in 160+ local payment methods. Accept payments from global customers with their preferred payment methods such as Alipay, WeChat Pay, and more.

• No-code eCommerce plugins: Seamlessly integrate with your existing eCommerce systems using our no-code plugins, which are compatible with most major platforms such as Shopify, WooCommerce, and Magento.

• Payment links. Create and send Airwallex Payment Links to customers via email, messaging apps, or social media for secure and instant payments.

• Local customer support: Get dedicated on-the-ground customer support from our local teams. Airwallex has 14 offices around the world to help you navigate the complexities of operating in different markets.

Pros

• Global coverage. Using Airwallex, businesses can expand their global reach and accept payments from customers in 180+ currencies across 180+ countries.

• Eliminates FX fees. With like-for-like settlement, businesses can save on expensive foreign exchange fees by collecting and holding funds in the same currency your customers pay you in.

• Avoid double conversion fees. By collecting and holding customer payments in your multi-currency account, you can later spend those funds in the same currency when paying your international suppliers, avoiding the need for currency exchange. 

• Convenient payment methods. Airwallex's payment gateway supports 160+ local payment methods, making it easier for global customers to pay in their preferred ways.

• No hidden costs. Airwallex has a transparent pricing model with no set-up or monthly fees. Businesses only pay for the transactions the platform processed.

• Flexible integration options. Airwallex provides a range of integration options, including no-code plugins, hosted payment pages, and fully customisable APIs and SDKs. This allows businesses to choose the integration method that best suits their needs.

• Decreases chargebacks and frauds. Airwallex offers built-in fraud detection and prevention tools to protect your business from fraudulent transactions. This can help prevent chargebacks and potential financial losses.

• End-to-end payments solution. With Airwallex, businesses can consolidate their various financial operations – including multi-currency accounts, currency exchange, and cross-border transfers – into one single platform, eliminating the need to juggle multiple providers.

Cons

POS terminals are not yet available. Currently, Airwallex's payment solutions are mainly focused on online transactions. We are working on developing point-of-sale (POS) terminals for in-store purchases.

Stripe

Stripe is a global payments platform that allows businesses to accept payments in 195+ countries. It offers multiple ways for accepting payments, including hosted payment pages and payment links for online purchases; as well as point-of-sale terminals for purchases made in brick-and-mortar stores. This comprehensive payments solution makes Stripe a great choice for businesses that operate both online and in-person retail channels.

Key features

• Support for in-person payments. Stripe offers a range of point-of-sale (POS) terminals, including card readers and contactless devices, for businesses to accept payments in-store.

• Ease of integration. Like Airwallex, Stripe provides pre-built payment forms that can be embedded directly onto your website without additional coding. It also offers customisable UI components for more complex integrations.

• One-click checkout. Businesses can set up one-click checkout options that autofills their customer's payment information, making the payment process faster and more convenient.

• Accepts 100+ payment methods, including major credit and debit cards, digital wallets, and buy now, pay later methods. In comparison, Airwallex supports 160+ payment methods, including local payment methods like Alipay and WeChat Pay 

• A/B testing tools. Stripe allows businesses to run A/B tests on different payment methods to optimise their conversion rates.

• Fraud protection. Stripe protects businesses against fraudulent transactions with 3D Secure authentication and machine-learning optimised tools.

Pros

• Unified payments solution. Stripe offers a wide range of payment options for both online and in-person transactions, making it a one-stop-shop for businesses looking to streamline all customer checkout processes on a single platform.

• Optimised checkout experiences. Stripe's one-click checkout and customisable UI components help businesses create a seamless payment experience for their customers, increasing conversion rates.

• Powerful developer tools. Stripe offers robust APIs and developer-friendly documentation, making it easy for businesses to integrate the platform into their existing systems.

Cons

• Limited like-for-like settlement capabilities. Stripe only allows businesses to settle payments in SGD and USD. If a business needs to accept customer payments in a different currency, they will have to use Stripe's foreign exchange service, which will incur an additional 2% fee.

PayPal

PayPal is a well-established online payment company that has been operating since 1998. It has over 400 million active users in more than 200 markets worldwide. PayPal offers a range of services for both individuals and businesses, including digital wallets, online money transfers, and payment gateway services. This means that customers using PayPal can pay merchants directly using their PayPal balance.

Key features

• Accepts payments in 25+ currencies, making it a great option for businesses with a global customer base.

• eCommerce integration. PayPal offers no-code integration with major eCommerce platforms such as Shopify and WooCommerce.

• Payment links. PayPal allows businesses to create and send payment links, buttons, and QR codes to customers to accept payments online or in-person.

• Recurring payments. Businesses can set up automatic recurring payments for subscription-based services or memberships.

• Easy invoicing. Using PayPal, businesses can easily send professional invoices to their customers, offering different payment options such as PayPal Credit or Debit cards.

Pros

• Global reach. With a presence in over 200 markets worldwide, PayPal offers businesses the opportunity to expand their customer base globally.

• Customer trust. With over 400 million active global users, PayPal is a well-recognised payment method, making it easier to gain customer trust and increase conversions.

Cons

• Hosted gateways only. PayPal's payment gateway services are only available through their hosted pages, meaning customers are redirected to the PayPal website to complete the transaction. This can be a potential inconvenience for some customers and may lead to cart abandonment.

• High fees. Among the gateways we compared, PayPal services are the most expensive, especially its card transaction and foreign exchange fees.

• No support for POS terminals in the Singapore market.

Adyen

Adyen is a global payments company that offers omnichannel payment solutions for businesses. Its platform allows businesses to accept payments from various channels, including online, mobile, and point-of-sale systems, all through a single platform. By providing cross-channel payment solutions, Adyen helps businesses unify their customer payments, providing valuable insights into customer behaviour.

Features

• Support for 100+ local payment methods, including major credit and debit cards, and digital wallets such as Alipay and WeChat Pay.

• Multiple integration options. Adyen offers pre-built drop-ins, UI components, and APIs for businesses to seamlessly integrate payments into their website.

• Support for POS terminals. Adyen offers a range of POS devices, including tap-to-pay, mobile, and countertop terminals, that can all be easily managed from the same dashboard.

• Real-time customer data, allowing businesses to cross-analyse the performance of their different sales channels and uncover trends like high-spending and frequent customers.

Pros

• Unified platform for all payment channels. Adyen allows businesses to connect their online and offline payment in one system, providing a holistic view of customer behaviour.

• Seamless integration. Adyen offers multiple integration options and add-ons including revenue optimization and risk management via a single API.

Cons

• Complex fee structure. Adyen uses an Interchange++ (ICC++) pricing model. For each transaction, the platform charges an interchange fee that varies by payment method, in addition to a processing fee of €0.11. This variability in interchange fee may lead to difficulties in accurately predicting transaction costs, which can make it less suitable for startups that may have unstable transaction volumes.

• Limited like-for-like settlement capabilities. Adyen only offers like-for-like settlement for SGD, HKD, and USD. For businesses accepting payments in other currencies, this will result in additional currency conversion costs.

Shopify Payments

Shopify Payments is a payment gateway solution that comes with Shopify's eCommerce platform. It allows Shopify merchants to accept payments in multiple currencies without the need for a third-party payment gateway.

Features

• Easy setup. Shopify Payments, which is integrated directly into the Shopify platform, allows for effortless setup without the hassle of configuring a third-party payment gateway.

• Omnichannel POS system allows merchants to accept payments both online and in-store.

• Accept payments in local currencies, however, the funds will be paid out in SGD with a currency conversion fee.

• Integrated order management system. Through Shopify Payments, businesses can easily track their order status and payments in one place. This makes it easier to manage inventory and customer orders.

• Reporting and analytics. Shopify offers 60+ pre-built reports that provide  insight into your visitors, inventory, and sales, allowing you to effectively analyse your store's performance.

• Chargeback protection. If you receive a fraud-based chargeback, Shopify will step in to cover both the cost of the order and the chargeback fee. Additionally, Shopify will handle the entire dispute process for the chargeback, with no extra fees required.

Pros

• Seamless integration with Shopify Stores. As Shopify Payments is directly integrated into the eCommerce platform, it eliminates the need for third-party payment gateways and offers a hassle-free setup process.

• No third-party transaction fees. Merchants using Shopify Payments do not have to pay any additional third-party transaction fees on top of the standard card processing and currency conversion fees. On the other hand, Shopify charges additional costs for merchants that use third-party payment gateways that may offer more local payment methods.

Cons

• Lack of global reach. Shopify Payments is currently only available in select countries, which may restrict the merchant's ability to reach a global audience.

• Limited availability for local payment methods. Shopify Singapore only offers access to Bancontact in Belgium and iDEAL in the Netherlands. These limited payment choices may make it difficult for you to meet your international customers' payment preferences and boost your cart conversion rates.

• No like-for-like settlement. This means that all international payments will be converted back to SGD, which will result in additional conversion fees for the merchant.

Why does your business need an international payment gateway?

Using an international payment gateway is essential for businesses that want to expand globally and cater to a diverse customer base. Here are some benefits of using one:

• Multi-currency support:  An international payment gateway allows businesses to accept online payments in multiple currencies and countries, helping you to tap into new markets and reach a wider global customer base.

• Convenience for customers: Your customers can easily make purchases in their preferred currency and payment method, leading to a smoother payment process and lower likelihood of cart abandonment..

• Save on FX fees: By choosing a service provider that offers like-for-like settlement, you can receive funds from customers and hold them in the same currency, eliminating the need to convert them back to SGD. This saves you on unnecessary currency conversion costs.

What is the difference between an international payment gateway and a payment processor?

The main difference between an international payment gateway provider and a payment processing company or is that a payment gateway collects and verifies the customer's credit card or bank information, while a payment processor facilitates the transfer of customer's credit card information between the customer's bank and the merchant's bank.

Payment gateways and payment processors work together seamlessly: once the payment gateway authenticates the transaction data, it encrypts the data and forwards it to the payment processor. A payment processor is then responsible for communicating between the customer, merchant, credit card companies, and banks to ensure the business receives payment for its sales.

How do international payment gateways work?

International payment gateways work by securely collecting and validating a customer's payment information during a transaction. Here’s a step-by-step overview of the process:

1. A customer initiates a purchase on a merchant's website using their credit card or through other accepted payment methods.

2. The payment gateway encrypts the transaction data (e.g., credit card number, CVV, etc.) and sends it to the payment processor.

3. The payment processor forwards the encrypted data to the acquiring bank (i.e., the bank that processes payments for the merchant).

4. The acquiring bank then sends this information to the issuing bank associated with the customer's credit card to verify if the funds are available and if the transaction is legitimate.

5. The issuing bank sends an authorization code back to the acquiring bank, indicating whether or not the transaction can be approved. If approved, the acquiring bank sends this information back to the payment processor.

6. The payment processor then relays this authorization code to the payment gateway and the merchant's website, completing the transaction.

7. Once all parties have confirmed the transaction, funds are transferred from the customer's account to the merchant's account, usually within a few business days.

How to choose the right international payment gateway for your business? 

Choosing the right international online payment systems is crucial for successfully scaling your business in the global market. Your customers expect a smooth and secure payment process, and the payment methods you offer have a direct impact on their purchasing decision. Here are a few factors to consider when selecting a payment gateway:

Accepted payment methods

If you plan to sell internationally, make sure the payment gateway you choose accepts all major credit cards and other popular payment methods in the countries you plan to do business in. This will ensure a seamless checkout process for your customers, increasing the chances of successful transactions.

Payment gateway fees and transaction costs

Different payment gateways have varying payment gateway fee structures, including their set-up fees, transaction fees, currency conversion fees, and maintenance costs. Some may offer lower transaction fees but have higher monthly fees, which could be beneficial for larger enterprises with a high volume of transactions. Others may have lower monthly fees but charge higher transaction fees. It's essential to consider your business needs and choose a payment gateway with a fee structure that aligns with them.

Security and fraud prevention

Using a secure payment gateway not only protects your business against fraud but also enhances consumer trust. Evaluate the security features of the payment gateway, including its support for SSL encryption and 3D Secure authentication, and ensure that the gateway adheres to industry security standards, such as PCI DSS.

Integration and ease of use

Choose a payment gateway that is easy to integrate with your current eCommerce platform. If you're launching a new business, opt for one that provides support for well-known platforms such as Shopify, WooCommerce, Braintree, and Magento.

Use Airwallex’s international payment gateway to accept multi-currency payments from customers in 180+ countries

Airwallex is an end-to-end financial operations platform designed to help businesses manage their cross-border payments and expand globally. Unlike traditional payment gateways that might only handle payment acceptance, Airwallex provides a suite of services, including multi-currency accounts, competitive currency exchange rates, and seamless cross-border transfers. This comprehensive approach ensures that businesses have all the tools they need to efficiently manage their international financial operations within a single platform.This unique feature sets us apart from other payment gateway providers who often lack the end-to-end functionality that we offer. As a result, businesses may find themselves relying on multiple platforms to meet various payment needs, such as multi-currency accounts, currency exchange, and cross-border transfers. Using Airwallex, businesses can consolidate all these financial operations into one single platform, streamlining their payment processes.

Our international payment gateway can be seamlessly integrated with popular eCommerce platforms, enabling businesses to easily accept payments in over 180+ currencies from customers in 180+ countries. Furthermore, Airwallex offers like-for-like settlement to help businesses save on unnecessary currency conversion costs while selling internationally.

Save on unnecessary conversion fees

Airwallex enables businesses to receive and hold payments in 11 currencies including AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, THB, SGD and USD. Using our payment gateway, businesses can choose to have their funds settled in the same currency as their customer's payment, eliminating unnecessary currency conversions and saving on FX fees. You can hold these funds in your multi-currency account and use them to pay your international suppliers or partners in the future, saving on double conversion fees.

Accepts 160+ local payment options

In addition to major card networks like Visa and Mastercard, Airwallex's payment gateway also supports over 160 local payment options, like Atome and PayNow in Singapore, GrabPay and ShopeePay in Malaysia, and Alipay and WeChat Pay in China , making it easier for customers to pay using their preferred method. By offering a variety of payment options, businesses can reach a wider customer base and improve their conversion rates.

Conclusion

International payment gateways enable businesses to accept payments from customers all over the world, making it easier for them to expand their reach and grow their business. Airwallex offers an end-to-end financial management solution that enables businesses to offer a seamless payment experience to their global customers while also saving on unnecessary fees. With our international payment gateway, businesses can easily accept payments in over 180+ currencies from customers across 180+ countries, while also saving on unnecessary currency conversion costs through our like-for-like settlement feature.

Sign up for an Airwallex business account today to take your business to the next level in the international marketplace.

Frequently asked questions

1. How safe are international payment gateways?

The security of international payment gateways depends on the specific gateway you choose. It's important to research and choose a secure payment gateway that adheres to industry standards like PCI DSS and offers features such as SSL encryption and 3D Secure authentication to protect your business against fraud.

2. How do I integrate an international payment gateway into my business store?

To integrate an international payment gateway into your online store, choose a provider that is compatible with the eCommerce platform you're using. For example, Airwallex can be seamlessly integrated with popular platforms like Shopify, WooCommerce, Braintree, and Magento via no-code plug-ins or hosted payment pages. For businesses with developers on staff, you'll be able to customise the customer checkout experience using our API or mobile SDK. Most payment gateways also offer detailed integration guides and customer support to assist with the integration process.

3. How do I switch between payment gateways without disrupting my business?

Start by researching and selecting a provider that meets your business needs and can be integrated with your existing eCommerce platform. For example, you can immediately switch over to Airwallex with our no-code plug-ins if you're using Shopify, WooCommerce, Braintree, Magento, or other eCommerce platforms that we support. Thanks to our end-to-end global payments capabilities, you can collect customer payments in 180+ currencies in 180+ countries after your integration. Be sure to communicate the switch with your customers and update any relevant payment information on your website to ensure a smooth transition.

4. How do international payment gateways handle currency conversion?

International payment gateways typically have built-in currency conversion capabilities. This means that when a customer makes a purchase using a different currency than your business's base currency, the gateway will automatically convert the amount into your preferred currency.

However, it's important to note that most payment gateways charge a fee for this service. The currency conversion fee can vary depending on the gateway and the currencies involved in the transaction.

Using Airwallex, you can avoid these fees by accepting and holding funds in your multiple currency accounts when a customer pays you. This gives you the flexibility to manage and settle transactions in different currencies as needed, helping you save on unnecessary currency conversion fees.

Sources & references

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

•  https://stripe.com/en-sg/payments 

•  https://developer.paypal.com/beta/apm-beta/ 

•  https://www.adyen.com/accept-payments 

•  https://help.shopify.com/en/manual/international/payments 

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

• https://www.statista.com/statistics/218493/paypals-total-active-registered-accounts-from-2010/ 

• https://www.paypal.com/sg/webapps/mpp/country-worldwide