Compare the top 5 payment processing software and service providers in Australia 2025

Payment processing software is essential for businesses of all types, including SMEs, eCommerce retailers, SaaS companies, and marketplaces looking to handle a variety of payments securely.

As non-cash transactions globally reached 1.65 trillion in 2024 (and are projected to hit 2.838 trillion by 2028), it’s more important than ever before to have secure, reliable payment processing software in place to accept cashless and online payments.

This guide compares leading payment processing options, exploring pricing, security measures, and key features to support better business decision-making.

What is a payment processing software or service?

Payment processing software and services allow businesses to accept and process payments from their customers.

Payment processing services should help businesses accept payments in a variety of ways, including credit cards, debit cards, electronic checks, mobile payments and more.

As non-cash transactions globally reached 1.3 trillion in 2023 (and are expected to hit 2.3 trillion by 2027), it’s more important than ever before to have secure, reliable payment processing software in place to accept cashless and online payments. The best providers save companies time and money by making it easier for customers to pay, automating the payment process and reducing the risk of fraud. 

Top payment processing software in 2025

Here's a list of the top payment processing companies, selected based on market presence, integration capabilities, features, and pricing transparency:

• Airwallex: An end-to-end payment system with competitive FX rates and other financial operations tools.

• Adyen: A platform which offers global reach and accepts various payment methods.

• Square: A financial services and mobile payment company that equips businesses to accept payments, oversee sales, and optimise operations. 

• PayPal: A large payments company which offers many eCommerce integrations.

• Shopify: A large eCommerce payment business, which also offers POS for in-person sales. 

Top features to look for in payment processing software

Choosing the right payment processing software can be a business-critical decision. The best providers are easy to use, secure, and flexible. Here are the top features to look out for:

Ease of use: Look for a platform that's easy to navigate. The best providers centralise all the information into one simplified dashboard.

Integration capabilities: The provider should integrate easily (no code required) with existing business systems such as accounting software or eCommerce platforms.

Security: Secure payment acceptance will help protect funds and data. Look for a provider that has fraud prevention systems in place.

Cost: Fee structure and length of contract differ between providers, so read the fine print. Don’t forget about hidden fees when collecting money in multiple currencies; this can really affect the profit margins from international revenue.

Customer management: Some solutions support customer engagement, and retention. Look for tools with data storage, personalised communication options, and advanced reporting capabilities.

Compare the top payment processing companies in 2025

Adyen

Adyen is a global payment processing provider headquartered in Amsterdam, known for its comprehensive and flexible platform. Established in 2006, Adyen supports a wide range of payment methods, currencies, and is designed to meet the needs of businesses from various industries. Adyen offers solutions for online, in-app, and in-store payments in over 200 countries and 150 currencies.

Pros 

• Offers an extensive global reach 

• Includes real-time transaction monitoring and detailed analytics 

• Offers customisable pricing models for different business needs 

Cons

• With different pricing structures, it may be complex to understand which will provide the best rate

• No local Australian support 

• Limited focus on small businesses, generally more suitable /for medium to large-sized businesses

Airwallex

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. Uniquely, our investment product, Yield, allows businesses to earn competitive rates on their idle AUD and USD funds. Other features like virtual cards, accounts payable, and expense management, make it ideal for growing businesses. 

Pros

• Extensive global reach, accepting funds from 180+ countries and supports various payment methods 

• Flexible integration options, ranging from a simple plug-and-play solution to a fully customisable checkout

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

Cons

• No physical branches – digital only platform and service

• New updates and optimisations being released regularly, which may not suit the user habits of all consumers

• Physical POS system coming soon

Square 

Square is widely used by both physical and online businesses for its point-of-sale (POS) solutions and customisable payment links for online transactions. It's well-suited 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.

Pros

• Services in-person and online businesses 

• Social media management tools available as it integrates with Facebook and Instagram

• POS set up is generally considered easy 

Cons

• Higher fees for international transactions

• Separate software is required for multi-currency accounts and Square doesn't hold muli-currency funds 

• Limited customisation options in exchange for easy use

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. 

PayPal’s widespread acceptance is available for personal and business use. However, PayPal is likely to incur higher fees for business transactions, which in the long-term may affect a business’ bottom line. 

Pros 

• Wide-spread acceptance and various payment methods

• Generally suitable for physical and digital stores

• Offers buyer and seller protection

Cons

• Higher fees for international transactions

• Whilst it may be considered easy to use, there are limited customisations available 

• Doesn’t hold multi-currency funds

Shopify 

Designed for eCommerce businesses, this payment processing platform offers eCommerce integrations and tools to manage online stores. Shopify offers multi-currency support for over 100 currencies, although Shopify Payments is only available in certain regions, which may limit suitability for some international businesses and offers features for managing customer data and interactions. However, their eCommerce integrations aren't as flexible for businesses not using Shopify. 

Pros 

• Generally considered to offer a user-friendly platform 

• Includes extensive Shopify ecosystem to integrate with other applications

• Built-in sales and marketing tools

Cons

• Additional fees for many features despite transparent pricing plan 

• Shopify Payments have slower payout times (one to three days) compared to dedicated payment processors 

• Shopify charges additional fees for using external gateways which can be expensive for high-volume stores

How can you reduce payment processing fees? 

Reducing payment processing fees is essential for businesses looking to protect their operating profit.

The good news is there are several effective strategies businesses can use to reduce processing fees, from choosing the right pricing model to avoiding hidden international fees and using ACH direct debit for automated payments.

Even small reductions in fees can result in significant savings when processing a high volume of transactions. For example, a business processing 10,000 transactions per month at an average fee of 2% could save $2,000 per month simply by negotiating a 1% fee reduction. 

Here are some ways businesses can reduce costs:

• Assess business needs: Start by reviewing the volume and type of transactions being processed. Providers offer several pricing models, including fixed-rate, interchange-plus, and subscription-based. For smaller transactions, a fixed-rate model may be more cost-effective, while interchange-plus pricing might offer savings for larger international volumes.

• Reduce international fees: For global operations, consider providers like Airwallex that offer low or no foreign transaction fees and competitive currency conversion rates. Avoiding unnecessary conversion fees can result in substantial savings.

• Avoid long-term contracts: Some providers enforce long-term agreements that may become restrictive as business needs evolve. Choosing providers without binding commitments provides the flexibility to adapt processing solutions over time. This approach also ensures payment is only required for completed transactions.

• Use payment gateways strategically: For businesses not using an end-to-end processor, consider integrating with gateways that offer reduced fees for specific transaction types. Some gateways provide preferential rates for certain channels.

• Manage chargebacks effectively: Chargebacks can lead to lost revenue and additional fees when initiated by customers seeking refunds. Select a provider with strong chargeback management tools, and implement transparent refund policies, clear communication, and robust fraud protection to minimise risk.

• Review processing costs regularly: Processing fees and provider offerings can shift over time. Periodic reviews help businesses stay informed and ensure they're receiving competitive rates.

What questions should you ask when onboarding a payment processing company?

Understanding whether a payment processing system aligns with a business’s operational needs, budget, and growth plans is essential.

Asking the right questions will help build a clear picture of what to expect. Here are 10 common questions, which should provide the information to help you make an informed decision:

• What are the transaction fees? Ask the provider about all applicable charges, including transaction fees, monthly fees, setup fees, conversion costs, and any hidden expenses. A clear understanding of total costs per transaction and potential additional fees supports better budgeting. For example, at Airwallex, many businesses request forecasted cost estimates.

• Are there any long-term contracts or early termination fees? Some providers may require a commitment to a long-term contract, which could include fees for early termination if switching becomes necessary.

• What types of payments can be processed? Ensure the provider supports all relevant payment types, including international transactions. This is especially important for businesses operating globally or planning to expand.

• How long does it take for funds to be settled? Settlement timeframes can affect cash flow, so it’s important to ask how long it typically takes for funds from transactions to be deposited.

• What security measures and compliance standards do you have in place? When accepting credit card payments, sensitive financial data is handled. Ask about the provider’s security protocols, fraud prevention measures, authorisation processes, and compliance with relevant standards to ensure data protection. Poor payment experiences can damage a business’s reputation.

• Is your system compatible with our current business software? Seamless integrations with current platforms such as eCommerce systems, accounting software, or CRMs are essential for operational efficiency.

• What level of customer support is offered? Reliable customer support is critical for resolving payment issues. Ask about the support channels available (bots or agents, email or phone), the hours of availability, and typical response times.

• Can multi-currency transactions be handled? For businesses accepting payments from customers in different countries, it’s important to confirm if multi-currency support is available and to understand the associated currency conversion fees. Some providers charge unnecessary fees, including foreign transaction costs or high FX margins.

• What is the chargeback policy? Knowing how the provider manages chargebacks and whether any support or protection is included can help reduce potential losses.

• Are any value-added services available? Some providers include tools like analytics, reporting, or marketing insights. Understanding available extras can help a business maximise the value of its payment processing solution.

Why choose Airwallex as a payment processing software 

Airwallex stands out for combining global reach with cost-effective multi-currency solutions tailored to modern businesses. If you operate across borders or in multiple currencies and you’re looking for a reliable payments processing provider to help you save time and money, Airwallex is hard to beat.

We help businesses slash admin hours, offer seamless customer and supplier payments and save on foreign transaction fees.

• Easy to use: Users enjoy one centralised dashboard that’s easy to navigate. No third parties to deal with.

• Global reach, local experience: Process payments in 170+ currencies with local payment methods that cater to customers’ preferences. Set up multi-currency accounts with local bank details.

• eCommerce integration: Plugin seamlessly with platforms like Shopify, WooCommerce and Magento to accept customer payments from 180+ countries.

• Eliminate costly FX fees: Maximise revenue with like-for-like currency settlement and avoid forced auto-conversion.

• Human support: We have a dedicated service team ready to help resolve any issues quickly (without bots). 

Airwallex supports a range of organisations to process one-time and recurring payments, from eCommerce stores to subscription businesses and online marketplaces. Our payments processing platform is designed to help you grow and safeguard your global revenue.

Payment processing systems: Frequently asked questions

What is payment processing software?

Payment processing software refers to digital tools that help businesses accept and manage online transactions. These platforms securely transfer financial data between customers, banks, and merchants, streamlining how payments are authorised, processed, and reconciled. These tools are usually cloud-based and send financial information from your customer’s card to your bank and the customer’s bank. 

What important factors should be considered when selecting a payment processing solution?

When comparing payment processing companies, key considerations include security standards, transaction fees, system usability, and the ability to integrate with existing tools. Leading online payment processing companies also offer real-time reporting and scalability for growing businesses, including security credentials, cost, flexibility, which payment methods are supported, integration capabilities and how easy it is to use.

How much does it cost to onboard payment processing software?

Costs vary depending on the payment provider. Some payment processors charge per transaction, while others offer flat-rate or subscription pricing. It’s important to review terms for hidden charges like FX fees or early termination clauses when evaluating different payment processing companies and the type of transaction. Some offer subscription plans, while others operate on a flat-rate model. Don’t forget there are often hidden fees for international payments. 

How safe are payment processing services?

Reputable payment processors use PCI DSS-compliant systems, end-to-end data encryption, and fraud detection tools to safeguard sensitive customer data. Security remains a key differentiator among online payment providers.

Sources and References

¹ https://www.adyen.com/en_au/pricing

² https://squareup.com/au/en/pricing

³https://www.paypal.com/au/webapps/mpp/merchant-fees

⁴https://www.shopify.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.