Top 5 GoCardless alternatives: Which platform is best for your business?

Key takeaways

• GoCardless focuses on Direct Debit payments, but offers limited payment methods compared to alternatives like Airwallex that support 160+ payment methods across 180+ countries.

• Modern fintech platforms like Airwallex provide multi-currency Global Accounts, international transfers, and spend management – features GoCardless doesn't offer.

• If you're running international operations, you'll want to compare alternatives based on payment methods, multi-currency capabilities, FX rates, and other financial tools beyond just payment collection.

If you run a growing business, you’ll need a payment platform where you can open Global Accounts with local bank details in multiple currencies, accept international payments seamlessly, and send money across borders without excessive fees. While GoCardless is one option, exploring alternatives helps you find the best fit for your specific needs.

How does GoCardless work?

GoCardless is a fintech company that focuses on Direct Debit and instant bank payments for recurring billing. Founded in 2011 and headquartered in London, GoCardless processes over £30 billion in payments annually for businesses including Sage, TripAdvisor, and Les Mills. The platform handles secure domestic and international Direct Debit payments across 30+ countries.

GoCardless uses a tiered subscription model for Australian customers with no monthly fees, and transaction fees starting at 1% +40c. But if you have payment needs that extend beyond recurring payments, you'll likely need a financial platform that offers card payments, multi-currency accounts, and other financial tools beyond the basics.

The top alternatives to GoCardless

Here are the top alternatives to GoCardless:

• Airwallex is a global financial technology company that is an all-in-one financial platform for businesses offering FX, multi-currency accounts, Corporate Cards, Payments, a Yield account to grow your funds, and more. As an Australian-founded business that operates globally, Airwallex helps businesses of all sizes grow beyond local borders with straightforward but powerful payment tools.

• Payoneer is a global fintech company that helps you send and receive money across borders. It primarily serves freelancers but can be used by any business that needs to send and receive funds, including getting paid by marketplaces such as eBay. With Payoneer, you can handle cross-border payments and get paid from anywhere.

• PayPal has been a trusted payment gateway for over 20 years, used by people and businesses worldwide. It helps eCommerce brands securely process payments from credit cards, debit cards, and bank transfers.

• Stripe is a technology company that gives businesses payment processing tools and APIs to handle payment acceptance, payouts, and financial management online. You can see a detailed Stripe vs GoCardless breakdown here to compare how both platforms stack up.

• Square is a financial services and mobile payment company that helps businesses accept payments, oversee sales, and optimise operations. Square is known for its portable card readers and innovative POS systems.

Compare the top 5 alternatives to GoCardless

Key features to compare when evaluating alternatives

Before diving into the details of each provider, here's what to look for. Here are the key features to consider when comparing alternatives to GoCardless:

• Payment methods: GoCardless focuses on Direct Debit. Check if alternatives offer broader options such as credit and debit cards, digital wallets (Apple Pay, Google Pay), and other local payment methods your customers prefer.

• Geographic coverage: Do you need to accept payments only within Australia, or from customers globally? Look for providers that make it easy to accept international payments.

• Multi-currency support: A key limitation of many providers is the inability to hold funds in foreign currencies, forcing costly conversions. A platform with multi-currency accounts means you collect, hold, and pay out in the same currency, saving you from unnecessary FX fees.

• Pricing structure: Look beyond the headline transaction fee. Consider monthly account fees, currency conversion mark-ups, and any charges for international payments. A transparent fee structure is essential.

• Additional capabilities: Does the platform only collect payments, or does it offer a complete financial operating system? Look for integrated features like international payouts, corporate cards, and expense management to streamline your operations.

The top GoCardless alternatives: key features and fees

Airwallex, Payoneer, PayPal, Stripe, and Square are alternatives to GoCardless, but each has their own strengths. Our platform, Airwallex, stands out from the rest with our end-to-end financial operations and global reach. It's a strong option if you're looking to scale your financial operations domestically or internationally.

Below, we summarise the key features and fees of each. 

Airwallex

Airwallex is a global financial platform where you accept payments through 160+ payment methods across 180+ countries. You settle payments in the same currency your customers pay in, which means you can avoid costly exchange rates through like-for-like settlement into multi-currency accounts. Integration options range from no-code plugins to fully customisable APIs for quick implementation.

Opening Global Accounts with local banking details is straightforward – no bank visits or complex paperwork required. The platform offers competitive interbank FX rates for currency conversion, and Yield lets you earn competitive returns on idle AUD and USD funds. Additional features include corporate cards, accounts payable, and expense management for comprehensive financial operations.

Airwallex fees

Subscription fees: The 'Explore' bundle starts from A$29 per month, waived by holding a minimum of A$10,000 or depositing A$5,000 per month.

Domestic transactions: Free

International transactions: Free to 120+ countries

Pros

• An all-in-one platform for business financial operations, combining accounts, payments, corporate cards, and more

• Low-cost international transfers

• Extensive global reach to convert, send, and hold funds

Cons

• No physical branches: digital-only platform and service

• New updates and optimisations are released regularly, which may not suit all users' habits

• Physical POS system coming soon

Payoneer

Freelancers often use Payoneer because it connects to over 2,000 marketplaces, allowing them to receive payments from clients easily. The platform offers an intuitive interface, supporting multiple payment methods such as bank transfers and debit/credit cards. Payoneer also offers a prepaid Mastercard at A$29.95 annually, which works for online and in-store purchases. While it offers payment processing services for marketplaces and platforms, fees are higher for international transfers, which may become costly.

Payoneer fees

Subscription fees: A$0

Card fees: The Payoneer card costs US$29.95 per year.

Domestic transactions: Free for transactions between Payoneer accounts. To receive transactions to your account, it's up to 3.99% depending on the payment method.

International transactions: A fixed fee of up to 1% to receive international transactions to your local receiving accounts. A currency conversion fee of 3.5% applies for transactions with your Payoneer card.

Pros

• Facilitates payments by marketplaces and clients globally

• Serves both individuals and businesses

• Free transactions between Payoneer accounts

Cons

• Transfer limits of US$15,000 per credit card transaction, which may be limiting for larger businesses

• While Payoneer offers multi-currency accounts and cards, you may need additional platforms for comprehensive expense management and other financial operations

• You'll likely need another platform to manage other financial operations

PayPal

PayPal supports a variety of payment methods, including credit and debit cards, bank transfers, and PayPal balances. The platform also offers invoicing, subscription payments, and mobile payments.

You can use PayPal for both personal and business payments. But PayPal tends to charge higher fees for business transactions, which in the long term may affect your bottom line.

PayPal fees

Subscription fees: A$0

Domestic transactions: 2.9% plus fixed fee

International transactions: 3.9% plus fixed fee

Pros

• Supports various payment methods for both physical and digital stores

• Buyer and seller protection with built-in security features for both parties

• Offers a simple set-up with familiar interface

Cons

• 3.9% plus fixed fees for cross-border transactions

• Fewer options for tailoring the payment experience

• You cannot hold funds in multiple currencies

Stripe

Stripe is a financial technology company that gives you a way to process online and physical customer payments. It offers payment processing APIs, so you can accept, manage, and reconcile online transactions. For brick-and-mortar stores, it offers a POS system to accept in-person payments. Stripe's tools and services support various payment methods and currencies. Stripe does offer multi-currency settlement for Connect accounts (up to 18 currencies), but this multi-currency account functionality differs from dedicated multi-currency business accounts. It also doesn't offer expense management tools to help with your full financial operations.

Stripe fees

Subscription fees: No account fees

Domestic transactions: 1.7% + A$0.30 per transaction

International transactions: 3.5% + A$0.30 per transaction. An additional 1–2% is charged if currency conversion is required.

Pros

• Extensive analytics and reporting tools.

• POS system for physical stores.

• Minimal subscription fees may make Stripe an accessible option.

Cons

• Primarily a payments product, with no multi-currency accounts or corporate cards.

• You may need another platform to manage other financial operations.

• Costly for international transactions, especially where currency conversion is involved.

Square

Square is used by both physical and online businesses for its point-of-sale (POS) solutions and customisable payment links for online transactions. It's an option for physical businesses, offering a range of hardware tools, inventory management, and employee management features. However, the higher fees for online transactions and the inconsistency in customer support can make it a less favourable option for eCommerce and international businesses.

Square fees

Subscription fees: Pricing tiers start at A$0 per month, then Plus for A$40/month, with custom pricing for businesses transacting over A$250,000 per year.

Domestic transactions: Physical card transactions incur a 1.6% charge for sellers who signed up on or after 30 May 2024 (1.9% for earlier sign-ups using Square Reader, Square Stand, or Tap to Pay), whereas online or card-not-present transactions cost 2.2%

International transactions: Cross-border payments not supported. International cards can be processed at standard rates when the cardholder is in Australia.

Pros

• Services in-person and online businesses

• Fraud prevention and free POS apps

• Easy set-up with POS

Cons

• Cross-border payment capabilities are limited compared to other platforms

• Separate software is required for multi-currency accounts and Square does not hold multi-currency funds

• Limited customisation options in exchange for easy use

Why choose Airwallex over GoCardless?

*These are Account-to-Account payments and not card payments.

Frequently asked questions

Can I use multiple payment solutions at once, or do I need to replace GoCardless entirely?

You can use multiple solutions simultaneously. Many businesses add an alternative for card payments or international transactions while keeping GoCardless for existing Direct Debit mandates. This means you can transition gradually while giving customers diverse payment options.

Do these alternatives support Direct Debit like GoCardless does?

Yes, alternatives including Airwallex and Stripe support BECS Direct Debit in Australia. The key difference is they also support a wide array of other payment methods, providing more flexibility than Direct Debit-only solutions.

Are these alternatives secure and properly licensed in Australia?

Yes, all providers mentioned comply with Australian regulations and hold appropriate licences. For example, Airwallex holds an Australian Financial Services Licence (AFSL) and is regulated by relevant authorities, so your funds and data are handled securely.

Sources

1. https://gocardless.com/en-au/pricing/

2. https://gocardless.com/international-payments/

3. https://www.payoneer.com/about/pricing/#pay-your-supplier

4. https://www.paypal.com/au/enterprise/payment-methods

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

6. https://stripe.com/au/pricing

7. https://stripe.com/au/pricing/local-payment-methods

8. https://squareup.com/au/en/payments

9. https://squareup.com/au/en/pricing

Disclaimer: The information in this article is based on our own online research. Airwallex was 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. This research is reviewed annually. If you would like to request an update, feel free to contact us at [[email protected]].

The Airwallex Yield Liquidity Fund (Yield) is issued by K2 Asset Management Limited (K2) (ABN 95 085 445 094, AFSL No 244393), a wholly owned subsidiary of K2 Asset Management Holdings Limited. This information doesn’t take into account your objectives, financial situation, or needs. Read the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for Yield, available at www.airwallex.com.au/terms from Airwallex Capital Pty Ltd (ABN 37 609 653 312, AFSL No. 549026). All investments carry risk.