Top 5 Stripe alternatives: compare fees, features & benefits

If you run an omnichannel business, you'll need a way to accept payments from customers in Singapore and overseas. Stripe offers solutions for accepting eCommerce and in-store payments, but is it the best choice for your business?

Read on to learn more about Stripe, the best Stripe alternatives in Singapore, and why Airwallex’s end-to-end payments platform might be a better choice for your business, especially if you sell to multiple countries. 

What is Stripe? 

Stripe is a payment technology company that provides businesses with a way to accept payments online and in-person. 

For brick-and-mortar stores, Stripe offers a point-of-sale (POS) system called Stripe Terminal. This includes software and POS devices that let businesses accept in-person card payments. 

For eCommerce stores, Stripe has a payment gateway that allows businesses to accept payments from cards, mobile wallets, and “buy now, pay later” (BNPL) schemes. Businesses can also use Stripe to collect recurring payments or subscriptions.

The top 5 alternatives to Stripe

While Stripe is a popular payment gateway, it’s not for everyone. Your businesses may have unique needs that require specialised features like multi-currency payouts. So if you’re searching for alternatives to Stripe in Singapore, you’ve come to the right place. 

Airwallex

Airwallex is an end-to-end payments platform that allows businesses of all sizes to accept online payments and save on unnecessary foreign exchange fees. 

Our payment gateway is engineered for global sales. Businesses can accept payments from customers in 180+ countries and 160+ local payment methods, such as Alipay in China.  Unlike other Stripe alternatives, we offer like-for-like settlement in 11 currencies. This key feature allows you to accept and hold foreign currencies like USD, and payout to suppliers in that same currency, without unwanted conversion to SGD.

With Airwallex, businesses can enter new markets faster and avoid unnecessary conversion fees.  

Adyen

Like Stripe, Adyen Singapore is a payments company that aims to simplify online payments and in-store payments for both businesses and customers. They do this by offering card processing services and POS systems within a single platform. Their Unified Commerce feature allows businesses to create a seamless omnichannel shopping experience for customers. Adyen’s integrations require technical resources¹, which makes them more suitable for large companies with eCommerce and retail locations.

Paypal

PayPal is one of the oldest digital payment platforms and is widely used for their digital wallet, which individuals use to accept international payments or send money. Meanwhile, eCommerce businesses use PayPal’s payment gateway to process card payments, bank transfers, and PayPal wallet transfers. 

Shopify Payments

Shopify Payments is the built-in payment gateway for Shopify, an eCommerce platform that lets businesses create and manage online stores with minimal development. Every Shopify account uses Shopify payments by default, making it ideal for new users who want to quickly set up and start selling in no time. 

Hitpay

Hitpay is a payment platform for SMEs in Singapore and Southeast Asia. They use Stripe’s payment platforms to process eCommerce payments. Their POS system is also powered by Stripe Terminal.² SMEs might prefer to use Hitpay due to their localised customer support in countries such as Malaysia, Thailand, and Indonesia, as well as additional services like invoicing and online store creation.  

Compare the top 5 alternatives to Stripe

We’ve researched the best Stripe alternatives and compared the different features that Singapore businesses care about. These include global coverage, payment methods, and pricing.

Airwallex

Best known as: a global, end-to-end financial operations platform

Airwallex is a global payment solution that lets you accept payments in more than 160 payment methods across 180 countries. No-code to fully-customisable integration options make it easy to get started quickly, and you can save your business a tonne of fees with like-for-like settlement into multi-currency accounts. In other words, you can settle payments in the same currency that your customers pay in, saving you on costly exchange rates. It’s easy to open an account with local bank details in Airwallex, without having to go to a bank or complete any complicated paperwork. The platform also offers FX and transfer solutions, with competitive interbank fees. Other features like virtual cards, accounts payable, and expense management, make it ideal for growing businesses.

Airwallex payment acceptance fees¹²:

• Domestic: 3.30% + S$0.50 per transaction

• International: 3.60% + S$0.50 per transaction

Adyen

Best known as: a platform for large enterprises

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 makes them more suitable for large companies with eCommerce and retail locations.

Adyen payment acceptance fees¹³:

• Card payments: £0.11 + interchange+ + 0.6% per transaction

• Local payment methods: £0.11 + local payment method fee per transaction

PayPal

Best known as: a widely recognised and trusted payment platform

PayPal is a global leader in online payments, offering a variety of solutions for individuals as a digital wallet and for businesses for solutions such as payment gateways, invoicing, and mobile payments. Its extensive user base and strong brand trust make it a popular choice for both buyers and sellers. PayPal supports 26+ currencies and 20+ payment methods.

PayPal online payment acceptance fees⁸:

• Domestic (card payments): 3.5% - 3.9% + S$0.50 per transaction

• International: additional 0.5% -0.7% fee for international transactions

HitPay

Best known as: user-friendly payments for SMEs in Southeast Asia

HitPay is a Singapore-based payment platform that provides businesses with payment processing, point-of-sale (POS) solutions, and e-commerce integrations. It enables small and medium-sized enterprises (SMEs) to accept various payment methods without requiring coding or complex setups.

HitPay online payment acceptance fees⁶:

• Domestic (card payments): 2.8% + S$0.50 per transaction

• International (card payments): 3.65% + S$0.50 for international transactions

• Additional 2% charged on foreign currency transactions

Shopify Payments

Best known as: an integrated payment solution for Shopify merchants

Shopify is an eCommerce platform that enables businesses to easily create and manage online stores. Shopify Payments is designed to work seamlessly with the Shopify platform, providing a smooth payment experience for both merchants and customers. It supports multiple payment methods and allows you accept payments in 132 currencies, and its low transaction fees make it cost-effective for small to medium-sized businesses. Shopify Payments also offers advanced fraud protection and easy integration with other Shopify features.

Shopify Payments payment acceptance fees¹⁰:

• The fees depend on the Shopify plan you're on and the type of credit card used and the location where the credit card is registered.

• Conversion fees apply based on your store’s primary country: 1.5% for the US and 2% for all other Shopify Payments regions.

• Additional fees are charged for integrations with third-party payment providers: 0.6% – 2%

Stripe

Best known as: a developer-friendly payment gateway with robust APIs

Stripe is a leading payment gateway that offers a wide range of features, including customisable payment forms, subscription billing, and advanced fraud detection. Its powerful API and developer-friendly documentation suit businesses looking to build custom payment solutions. Stripe allows businesses to automate subscriptions, handle various payment methods, and send invoices, offering a seamless solution for subscription-based services and products.​

Stripe payment acceptance fees:

• Domestic: 3.4% + S$0.50 per transaction

• International: 3.8% + S$0.50 per transaction

• Additional 2% if currency conversion is needed

Why choose Airwallex over Stripe?

Airwallex is an end-to-end payment platform that simplifies your financial operations. On top of having a payment gateway, we help businesses avoid unnecessary currency conversion through multi-currency accounts and FX risk management. We also have low-cost international transfers, corporate cards, and accounting integrations. With Airwallex, you only have one dashboard to view and monitor your business’ financial performance.  

Here’s a quick overview of the differences between the two:

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

When researching Stripe 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.

• What are the transaction 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.

• What local payment methods can you support for ‌customers in these countries? Offering local payment methods is essential for winning trust and boosting rates for your international customers.

• What transaction volume can you handle? It's essential to know if the gateway can handle your current and projected transaction volume to avoid scalability issues as your business grows.

• 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.

• How easy is it to integrate with my existing software? To avoid unnecessary complexity, the payment gateway should offer seamless integration with your eCommerce platform and accounting software.

• What is your payout schedule? Understand how often you'll receive funds from transactions to ensure that the cash flow matches your business needs

• Do you offer custom pricing? If your business has high transaction volumes or specific needs, ask if the provider can offer tailored pricing to give you better value.

• What else can your software do to support my global business? Ask about additional features like multi-currency support, recurring billing, or expense management that can help streamline operations across multiple markets.

• What security features do you offer? Ask about compliance with standards like PCI DSS. Find out if they offer smart fraud detection without impacting acceptance rates from legitimate customers.

• Do you have a support team based in Singapore? Having a local support team can ensure quicker response times and better understanding of regional challenges and regulations.

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

Whether you’re focused on local growth or planning to expand into new markets, Airwallex’s end-to-end payment platform does more than payment acceptance – it’s designed to support your growth in new markets while protecting your revenue from unnecessary foreign exchange costs.  With extensive global coverage and support for a wide range of local payment methods, Airwallex helps you accept payments from customers in their preferred currencies.

Unlike Stripe, Airwallex’s multi-currency settlement lets you accept payments in 14 foreign currencies without auto-converting to SGD, which can save your business 1% on each international transaction. That translates directly to better profit margins and significant savings over time.

Our platform also integrates seamlessly with popular eCommerce platforms like Shopify and WooCommerce, enabling you to set up a frictionless, multi-currency global checkout quickly and easily. Once configured, payments in multiple currencies go directly into your Global Account, giving you full control over currency management and reducing costly conversion fees.

Singapore businesses like Wine Kin, Little Blossom, and Igloohome use Airwallex to unlock eCommerce sales and expand beyond Singapore. Create a free Airwallex account today and see how far your business can grow.

Sources

1. https://help.adyen.com/knowledge/ecommerce-integrations/integrations-basics/where-can-i-find-the-required-information-to-connect-my-integration-to-adyen

2. https://stripe.com/en-sg/customers/hitpay

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

4. https://www.adyen.com/

5. https://www.hitpayapp.com/

6. https://www.hitpayapp.com/sg/pricing

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

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

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

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

11. https://docs.stripe.com/payouts/multicurrency-settlement?account-country=SG#enable-multi-currency-settlement

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

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

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

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.