Compare the top 7 online payment systems and services in Australia 2025

Online payment systems are everywhere in Australia, from the small café using Square to accept tap-and-go card payments, to an online retailer using Airwallex or Stripe to process international transactions. 

According to the RBA, over 95% of point-of-sale payments in Australia are now electronic, showing just how widespread and essential these systems have become.

What is an online payment system?

An online payment system is a digital platform that enables businesses and consumers to transfer funds electronically.

If you’re a business owner, this technology helps you accept electronic payments by acting as a bridge between customers buying your product or service and the funds being safely transferred to your bank.

Online payment providers are a huge part of the digital economy – a whopping two thirds of adults worldwide use digital payments to send and receive money.¹

It doesn’t matter if you’re selling software on a website or eco-friendly houseware in store, it’s important you have a strong online payment system on your side. This software not only makes sure you get paid, but it can also enhance customers’ experience, help you move into new regions and streamline your end-to-end financial operations.

Who uses online payment systems?

Online payment systems are used by a wide range of businesses that want to accept payments digitally. This includes:

• eCommerce brands that need to securely accept credit card or wallet payments at checkout

• SaaS businesses that require recurring billing and flexible invoicing features

• Retailers and hospitality venues offering both online and in-person payments with synced inventory

• Service providers like consultants, fitness instructors, and tradies wanting easy, cashless payments

Whether you're a startup, a scaling tech company, or a bricks-and-mortar store expanding online, the best online payment system can help you improve efficiency, offer customers more flexibility, and scale your business faster.

How do online payment systems work? 

Online payment systems work by providing a digital platform for users to make payments over the internet. Here's a simple breakdown of how a typical online payment transaction flows:

1. Customer initiates the payment via a checkout page, app, or payment terminal.

2. Payment details are securely encrypted and routed through a payment gateway.

3. The customer's bank or card issuer authorises or declines the transaction based on available funds and fraud detection.

4. The merchant receives the payment into their account, often within minutes to a few business days depending on the provider.

Most online payment systems also offer features like recurring billing, saved payment details, and integrations with platforms like Shopify, Xero, and WooCommerce. These capabilities simplify operations and improve the experience for both businesses and customers.

The top 7 online payment systems in 2025

• Airwallex: An End-to-end payment system with competitive FX rates that allows businesses to grow beyond borders seamlessly with their accounting software

• SecurePay: Built by Australia Post, SecurePay offers an online payment system which accepts various payment methods and allows for simple reporting

• GoCardless: Simplifies recurring payments through a billing system which suits businesses that make or receive regular payments

• PayPal: PayPal is a well-established online payment provider that’s been operating globally for over 20 years. eCommerce brands use it to process payments from credit cards, debit cards, and bank transfers. 

• Revolut: Simple interface with basic multi-currency functions, Revolut is competitive for early stage small businesses or solopreneurs

• Square: Designed for small to medium businesses, Square offers an online and physical point-of-sale system

• Stripe: Stripe is a popular online payment provider focused on mobile eCommerce, SaaS, non-profits and platform-based payments.

Top features to look for in an online payment system

Choosing the right online payment system can be a business critical decision. The best payment providers are secure, quick and help you grow. Here’s a what to look out for:

• Type of solution: find out if your provider is a payment facilitator, Independent Sales Organisation (ISO) or merchant acquirer – each plays a different role in the payment ecosystem and the level of support between them can vary.

• Security: look for software that protects your customers’ funds and data by using advanced encryption, fraud prevention systems and being PCI DSS compliant.

• Integration capabilities: your online payment software should integrate easily (no code required) with other business systems like your accounting software, CRM and eCommerce platform.

• Payment methods: offering your customers a variety of payment methods can help boost your market share, especially if you’re operating internationally.

• Scalability: look for a solution that can grow with you. It should be able to handle increased transaction volumes and multiple overseas markets without significant disruptions. 

Compare the top online payment systems providers in 2025 

How to reduce online payment processing fees

Using the right online payment system can make a big difference to your bottom line. Fees for online payment processing can stack up quickly if you’re not careful. Between transaction fees, foreign transaction fees, chargebacks and monthly subscriptions, there are a lot of costs to consider when choosing a new provider.

Thankfully, you can make smart choices to keep within your operating budget. For enterprises with a high volume of transactions every month, choosing a supplier with a subscription model may suit. If you’re operating across multiple regions, finding an online payments solution with no foreign transaction fees and low FX rates would likely be a priority.

Here are 6 ways you can keep costs down using your online payment system:

• Get clear on what you need (and what you don’t): assess the volume and type of transactions your business predominately processes. Providers offer several pricing models, including fixed rate and subscription-based models. For fewer transactions, a fixed rate provider might be more cost-effective, while for larger international volumes, a provider with interchange-plus pricing could offer savings.

• Find a low-cost payment gateway: if you aren’t ready to use an end-to-end online payments solution, try integrating your payment processing with payment gateways that offer lower fees for certain types of transactions. Some gateways have special arrangements or lower fees for transactions processed through specific channels.

• Find a global solution: if you have customers around the world, you can reduce hidden and unnecessarily high costs by choosing a provider that offers low or no foreign transaction fees and market-leading currency conversion rates.

• Be wary of chargebacks: customers can often initiate chargebacks when they feel they are entitled to a refund. This can be subjective and result in lost revenue as well as additional fees. By having clear customer communication with customers, transparent refund policies and robust fraud detection measures you can minimise sneaky charges.

• Avoid long-term contracts: opting for a flexible online payments supplier means you’ll be able to adapt your payment processing solutions as your needs change and you’ll only pay for the transactions you process.

• Review your payment provider: pricing can change with the economic environment and new suppliers come into the market every year. Make sure you review your options regularly to ensure you’re getting the best deal.

What questions to ask when onboarding an online payment provider?

There are lots of online payment providers to choose from, so it’s important you ask the right questions to find a partner that suits your business needs. Ending up in a lengthy contract with a solution that isn’t right can be costly, frustrating and could damage your customer relationships.

Questions for new businesses:

• What are your security protocols? Safe and secure payments are the core function of an online payments solution. Find out how the provider conducts KYC/AML checks, how advanced their encryption process is and what their fraud detection capabilities are. At minimum they should comply with industry standards PCI DSS.

• What payment methods are available? Offering your customers local payment methods is important and can boost your market share. Ask what payment methods they support – just well-known credit and debit cards or local options like PayPal and alternatives such as Buy Now, Pay Later and cryptocurrency?

• What are the costs involved? Hidden fees can quickly add up, especially if you’re moving money across borders. Ask about all the potential costs associated with the service, including transaction fees, monthly fees, setup costs and conversion fees.

• Do you support global payments? Beyond understanding the cost of accepting international payments, it’s also important to understand if your provider allows you to collect and hold multiple currencies, or if you’ll be forced to convert all payments.

Questions for growing and scaling businesses:

• What integrations do you offer? Most popular online payments suppliers offer integrations with major accounting, CRM and eCommerce platforms to help streamline your operations. Pick a provider that seamlessly fits with your existing software.

• When is customer support available? It’s important you feel supported if there is an issue. Ask about response times and what kind of customer service is available when, from emails to phone lines and chatbots.

• How do you support businesses that scale quickly? It costs time and money to switch services every couple of years. Check your new provider can help you as you scale with increased transaction volumes and the ability to operate in multiple overseas markets without significant disruptions.

• What is your policy for refunds and chargebacks? While you may not think customers will want regular refunds, your supplier could protect your funds in the future with a robust chargeback policy.

• Do you offer reporting tools? Find out what kind of analytics are available with your platform and how detailed they are. These can help streamline reconciliation and accounting processes and give you valuable insights into your financial performance.

Why choose Airwallex as an online payment processing provider?

Over 100,000 companies around the world use Airwallex to securely accept customer payments, simplify their financial operations and unlock new opportunities. Our platform is tailored for ambitious businesses looking to thrive in the global digital economy.

Airwallex is a smart choice if you’re looking to benefit from:

• Global reach: accept payments from 180+ countries and open bank accounts with local details in 22+ currencies.

• Competitive fees: maximise revenue with like-for-like currency settlement, market-leading FX rates and competitive transaction fees.

• Seamless integration: plugin seamlessly (no coding required) with platforms like Shopify, WooCommerce, Xero and NetSuite to slash finance team admin hours.

• Flexible payment options: offer your customers 160+ payment methods, with local options that cater to their preferences.

• Gold standard security: safeguard funds with best-in-class payment acceptance and fraud protection that’s PCI DSS compliant.

• Efficient funds management: get real-time visibility over cash flow, expenses and multi-entity accounts.

 With Airwallex, you’ll enjoy managing every aspect of your global payments and finances through one centralised platform, including customer and supplier payments, expense management, multi-currency corporate cards, FX transfers and data insights.

Whether you’re looking for a business account, powerful APIs to meet your unique requirements or infrastructure to build your own financial products, our technology can get you there.

Online payment systems: Frequently asked questions 

What is online payment software?

Online payment software is a type of financial tool that supports online payment systems by processing secure, fast, and reliable transactions between customers and merchants. These systems are integral to eCommerce and digital businesses of all sizes.

What important factors to choose when selecting an online payment service provider?

When choosing an online payment system or service provider, it’s important to consider transaction fees, supported payment methods, security features like PCI DSS compliance, ease of integration with your existing systems, multi-currency support, customer service availability, and scalability for future growth.

How much does it cost to onboard an online payment solution?

The cost of onboarding an online payment system can include setup fees, monthly charges, transaction fees, and conversion costs. Some of the best online payment systems offer low setup costs or free plans, but may charge higher fees per transaction.

How safe are online payment processing services?

The most trusted online payment systems use advanced encryption technologies and follow strict security standards, such as PCI DSS, to protect sensitive information and prevent unauthorised access or fraud. In addition to PCI compliance, many leading providers offer further security tools, including:

• Tokenisation: Replaces sensitive data (like card details) with a unique identifier, reducing the risk of data exposure.

• 3D Secure (3DS): Adds an extra layer of authentication for card-not-present transactions, helping prevent fraudulent charges.

• Real-time fraud monitoring: Detects suspicious behaviour and flags potentially unauthorised transactions instantly.

• End-to-end encryption: Ensures that data is encrypted throughout the entire transaction process.

When evaluating online payment systems, it's important to ask about these protocols and how they’re implemented to protect your business and customers. and follow strict security standards, such as PCI DSS, to protect sensitive information and prevent unauthorised access or fraud.

Sources and References

1. https://www.rba.gov.au/publications/annual-reports/psb/2023/the-evolving-retail-payments-landscape.html

2. https://meetanshi.com/blog/digital-payments-statistics/

3. https://www.securepay.com.au/pricing/ 

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

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

6. https://www.revolut.com/en-AU/business/business-account-plans/

7. https://squareup.com/au/en/campaign/run-your-business-au 

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

9. https://stripe.com/au/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]].

This information doesn’t take into account your objectives, financial situation, or needs. If you are a customer of Airwallex Pty Ltd (AFSL No. 487221) read the Product Disclosure Statement (PDS) for the Direct Services available here.