Top 5 Stripe alternatives: compare fees, features & benefits

Key takeaways:

• Choosing the right payment provider can significantly reduce fees and improve cash flow for Australian businesses.

• Stripe isn’t always the best fit – alternatives such as Airwallex, Braintree, PayPal, Shopify, and Square may suit different business models and channels.

• Airwallex offers a compelling Stripe alternative for global, digital-first businesses with competitive pricing, multi-currency accounts and built-in financial tools.

Stripe is one of the most popular payment processors worldwide, but it may not be the best fit for every business. If you're looking for lower transaction fees, better international payment support, or an all-in-one financial platform, several alternatives offer compelling advantages.

For Australian businesses, the choice of payment processor directly impacts your bottom line. A business processing $100,000 annually can save hundreds of dollars by choosing a provider with rates just 0.5% lower. The difference becomes even more significant when you factor in currency conversion fees, international transaction costs, and monthly subscription charges.

This guide compares the five leading Stripe alternatives: Airwallex, Braintree, PayPal, Shopify, and Square. You'll find current pricing for each platform, key features that set them apart, and guidance on which solution works best for different business models.

What is Stripe? 

Stripe is a technology company that sells financial software to help businesses accept and process payments from customers.

Stripe is used by businesses of all sizes, from big businesses like Amazon and Lyft, to growing eCommerce stores and single bricks-and-mortar retailers who need point-of-sale (POS) systems.

Companies use Stripe to reach customers and accept payment methods such as credit and debit cards, mobile payments, and ‘buy now, pay later’ (BNPL) options.

For businesses in Australia, Stripe offers a standard account and custom package for enterprises with large payments volumes or unique business models. It charges per transaction, starting at 1.7% + $0.30 for domestic card transactions. 

How does Stripe work?

Stripe works by connecting your business to the global payments network. When a customer makes a purchase, Stripe securely processes the payment through multiple steps: authorising the transaction with the customer's bank, verifying the payment details, and transferring the funds to your business account.

You can integrate Stripe into your website or app using their APIs, pre-built checkout forms, or no-code solutions like payment links. Once integrated, Stripe handles the complex parts of payment processing, including security compliance (PCI DSS), fraud detection, and currency conversion. The platform supports various payment methods including credit cards, digital wallets like Apple Pay and Google Pay, and local payment methods specific to different countries.

Stripe deposits funds into your bank account on a rolling basis, typically within 2–7 business days depending on your country and account setup. The platform charges fees per transaction rather than monthly subscriptions, making it straightforward to understand your costs based on your sales volume.

The top alternatives to Stripe

Here are the top alternatives to Stripe.

• Airwallex is a global financial technology company that offers a range of financial services, including online payment acceptance and processing (checkouts), international payments, multi-currency accounts, and corporate cards. Founded in Australia, we strive to simplify cross-border transactions for businesses of all sizes.

• Braintree is a payment platform that enables businesses to accept, process, and split payments in multiple currencies. It supports a variety of payment methods, including credit and debit cards, PayPal, and several digital wallets.

• PayPal is a payment gateway that's been established for 20 years. It enables eCommerce brands to facilitate payments from credit cards, debit cards, and bank transfers.

• Shopify, an eCommerce platform, helps businesses to establish and maintain their online presence with a suite of features for inventory management, marketing, and payment processing.

• Square is a financial services and mobile payment company that equips businesses with the means to accept payments, oversee sales, and optimise operations. It also offers portable card readers and POS systems.

Compare the top five alternatives to Stripe

The top Stripe alternatives: key features and fees

Airwallex, Braintree, PayPal, Shopify, and Square are all alternatives to Stripe, but each have their strengths. Our platform, Airwallex stands out from the rest with our end-to-end financial operations and global reach. It’s a strong option for businesses that are looking to scale their financial and payment operations domestically or internationally. 

Below, we summarise the key features and fees of each Stripe alternative. For full product and fee information, including other charges, please visit each provider’s official website. 

Airwallex

Airwallex is a global financial platform that lets you accept payments using more than 160 payment methods in over 200 countries. No-code to fully customisable integration options make it easy to get started quickly, and you can save your business a significant amount in 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 (across 21 currencies), saving you on costly exchange rates.

Opening an account with local bank details with Airwallex is straightforward, and you don’t need to visit a bank or complete complicated paperwork. You can open domestic and foreign currency accounts in 21 countries within minutes. The platform also offers FX and transfer solutions with competitive interbank fees across 90+ currencies, helping you save up to 80% on FX fees compared to traditional banks. 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.

Airwallex fees

Subscription fees: Airwallex’s ‘Explore’ bundle starts from $29 per month, which can be waived by holding a minimum of $10,000 or depositing $5,000 per month. 

Domestic transfer fees: Free

International transactions: Free to 120+ countries (FX margin of 0.5–1% applies).

Pros

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

• Low-cost international transfers to 120+ countries, with 93% of transactions arriving same day

• Extensive global reach to convert and send funds in 70+ currencies, and hold balances in 20+ currencies

• Like-for-like settlement in 20+ currencies avoids unnecessary conversion fees

• Save up to 80% on FX fees compared to traditional banks

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

Braintree

Acquired by PayPal, Braintree offers a payment provider solution for businesses seeking customisation. Braintree features an API to integrate into websites and apps, while also supporting various payment options like credit cards, debit cards, PayPal, and digital wallets. 

They also offer security with fraud detection and prevention tools. For business owners that are less technical, Braintree may have a steeper learning curve compared to other payment solutions. The international transaction fees are also relatively high compared to other Stripe alternatives. 

Braintree fees

Subscription fees: Free account

Domestic transactions: 1.75% + $0.30 per transaction

International transactions:  3.9% + $0.30 per transaction

Pros 

• Supports popular payment methods and mobile wallets 

• Suitable for subscription-based businesses with recurring billing 

• Integrates with popular platforms like BigCommerce

Cons 

• High international fees, especially with FX conversion 

• Limited support for custom features, which may be difficult for businesses without technical resources

• Not ideal for brick-and-mortar stores as they primarily focus on online stores

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 makes it a convenient choice for both 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. 

PayPal fees

Subscription fees: Free account

Domestic transactions: 2.9% + $A$0.30 per transaction

International transactions: 3.9% + $A$0.30 per transaction

Pros 

• Wide-spread acceptance and various payment methods

• Suitable for physical and digital stores

• Offers buyer and seller protection

Cons

• Higher fees for international transactions

• Whilst it's easy to use, there are limited customisations available 

• Doesn’t hold multi-currency funds

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.

Square fees

Subscription fees: Free account

Domestic transactions: 1.6% per transaction (card present for new accounts after 30 May 2024) or 2.2% (online/card-not-present transactions)

International transactions: 2.2% for online/card-not-present transactions (same rate applies whether the card is domestic or international).

Pros

• Services in-person and online businesses 

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

• Easy set up with POS

Cons

• Higher fees for international transactions

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

• Limited customisation options in exchange for easy use

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 and offers features for managing customer data and interactions. However, their eCommerce integrations aren't as flexible for businesses not using Shopify. 

Shopify fees

Subscription fees: Starting at $56/month 

Domestic transactions: Differs by payment method, starting from 1.75% + 30c per transaction for Shopify Payments on Basic plan

International transactions: Varies by currency, but typically 2.9% + fixed fee

Pros

• User-friendly platform 

• 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 store

International transactions: Varies by currency, but typically 2.9% + fixed fee

Why choose Airwallex over Stripe?

What questions should I ask when choosing an alternative provider to Stripe?

With so many payment platforms on the market, it can be tricky to find the one that’s best for your business.

Stripe may or may not be right for you. Some business owners look elsewhere because of its high transaction fees and POS hardware capabilities.

To help you figure out which payment platform is worth your investment, we’ve compiled 10  questions you should ask any supplier before signing a contract.

1. What types of payments can you process?

2. What are the transaction fees and how do they vary by payment method/transaction type?

3. Can your platform handle multiple currencies? What are the currency conversion charges?

4. What is the process for chargebacks?

5. How do you manage fraud protection?

6. Do you offer POS solutions and how do they integrate with online payments?

7. Are there any long-term contracts or early termination fees?

8. Are there any setup or ongoing monthly fees?

9. What kind of customer support do you offer?

10.  How do I integrate your payment gateway to my website? Do you offer technical support?

Why Airwallex is the best Stripe alternative for Australian businesses

If you’re looking for cost-effective global money management, Airwallex is hard to beat.

Over 100,000 companies use our software to simplify global payments and financial operations. The most popular uses are to manage international customer payments, support treasury operations, and accelerate embedded finance products.

Our payment gateway can help you accept worldwide payments by integrating seamlessly with major eCommerce platforms like Shopify, WooCommerce, and Magento, and by supporting payments from 200+ countries.

While Stripe also offers global payment services and multi-currency business accounts, with an Airwallex Business Account, you can settle in multiple currencies ‘like-for-like,’ avoiding the unnecessary conversion fees you’d be forced to pay using Stripe.

And if you do want to convert currencies with Airwallex you’ll benefit from interbank rates + 0.5–1%, compared with Stripe’s 2% currency conversion fee.

Stripe could be a good option for smaller businesses with an offline presence in Australia, but for businesses with growth ambitions at home or abroad, Airwallex has the edge. 

Stripe alternatives: Frequently asked questions

What is the cheapest alternative to Stripe in Australia?

Airwallex offers among the lowest domestic online card processing fees at 1.65% + A30c per transaction, compared to Stripe’s 1.7% + A$0.30. For a business processing $100,000 annually, this difference would save around $50 per year on domestic online card transactions alone.

Square offers 1.6% for card-present (in-person) transactions, but charges 2.2% for online payments, making Airwallex more cost-effective for many eCommerce businesses.

Which payment processor has the lowest international transaction fees?

Among the providers covered in this article, Airwallex offers the lowest advertised international online card fee with 3.4% + A30c for international card transactions and 0.5-1% for currency conversion. This is significantly lower than Stripe (3.5% + A30c cards, 2% FX), Braintree (3.9% + A30c), and PayPal (3.9% + A30c plus 3–4% FX conversion). Businesses making international payments can save up to 80% on FX fees compared to traditional banks.

Can I hold multiple currencies with Stripe alternatives?

Yes. Airwallex allows you to hold and settle funds in 20+ currencies with like-for-like settlement, meaning you can receive USD payments and keep them in USD without forced conversion, and open local accounts in multiple markets.

Stripe supports multi-currency pricing and can settle into different currencies depending on your setup, but it doesn’t provide a single, fully-fledged multi-currency business account like Airwallex.

PayPal lets you hold balances in multiple currencies, but it doesn’t give you local bank account details in each market. Square primarily settles funds in your home currency (e.g. AUD for Australian merchants) and doesn’t support multi-currency account balances.

What is the best Stripe alternative for eCommerce businesses?

Airwallex is one of the best Stripe alternative for eCommerce businesses because it combines low transaction fees (1.65% + A30c), seamless integration with major platforms like Shopify, WooCommerce, and Magento, and multi-currency settlement in 20+ currencies. Shopify Payments is ideal if you're exclusively on Shopify (1.75% + A30c), but charges 2% extra if you use external payment gateways.

Do Stripe alternatives charge monthly fees?

Most Stripe alternatives offer free accounts with pay-per-transaction pricing. Airwallex's Explore bundle starts at $29/month but can be waived by holding $10,000 or depositing $5,000 monthly. Shopify requires a monthly subscription starting at A$56 plus transaction fees. Square, Braintree, and PayPal offer free accounts with no monthly fees, charging only per transaction.

How quickly do funds settle with Stripe alternatives?

Airwallex settles 93% of transactions same day, with 50% arriving instantly through local payment rails. Stripe typically settles funds within 2–7 business days. Square and PayPal also process payouts within 1–2 business days for standard accounts. Shopify Payments takes 1–3 business days. Airwallex's faster settlement times improve cash flow for growing businesses.

Sources

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

2. https://docs.stripe.com/currencies/conversions

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

4. https://www.braintreepayments.com/au/braintree-pricing 

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

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

7. https://www.shopify.com/au/payments

8. https://www.shopify.com/au/pricing

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

10. 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.