Best online payment systems: Compare the top 6 business payment services in Australia

Key takeaways

• Surcharging on eftpos, Mastercard and Visa ends on 1 October 2026, and American Express is voluntarily following suit – so you'll need to absorb card processing costs or adjust your pricing to protect your margins.

• The best online payment systems let you optimise your checkout and offer a wide range of payment options.

• Routing international payments through standard payment gateways can trigger currency conversion markups, whereas Airwallex lets you settle like-for-like in 20+ currencies to help you avoid forced conversion fees.

If you run an online store in Australia, managing your transaction costs has never been more critical. The Reserve Bank of Australia (RBA) has confirmed that card surcharging on debit, credit and prepaid cards across Visa, Mastercard and eftpos will end on 1 October 2026.¹ American Express has also confirmed it will voluntarily remove surcharges on its own network from the same date, even though it falls outside the RBA's mandate.⁴

This means you can no longer pass your card processing costs directly to your customers. At the same time, Australian online spend reached a record $82.6 billion in 2025, with mobile wallets like Apple Pay and Google Pay accounting for around 40% of card payments.² Choosing the right payment platform is about more than checkout speed. It's about protecting your bottom line. In this guide, we'll take you through the best online payment systems in Australia so you can be in the best position for October 2026 and beyond.

What are online payment systems?

An online payment system is the digital platform that routes, authorises and settles electronic payments. It acts as the secure interface that captures your customer's card details, checks for fraud, and transfers the funds into your business account.

Unlike a traditional merchant terminal, a modern payment system does much more than take cards. It manages multiple currencies, handles recurring subscription billing, and automates your accounting feeds to save hours of manual bookkeeping. By linking your online store directly to your back-office systems, it ensures every transaction is processed securely and recorded accurately. Three distinct players power a digital transaction:

• The payment gateway: The digital equivalent of a physical card terminal. It captures your customer's payment information at checkout, encrypts it, and passes it to the payment processor.

• The payment processor: The secure messenger. It routes the encrypted transaction details between the gateway, the card schemes (like Visa, Mastercard or eftpos), and the customer's bank.

• The merchant account: a temporary holding account where funds settle after authorisation, before being transferred into your everyday business account.

How does an online payment system work? 3-step process

When a customer enters their card details online, the transaction clears several security and processing checkpoints before the funds reach your business. 

Here's how these components process a standard transaction in three steps:

1. Capture and encrypt: Your customer clicks "buy" or taps their digital wallet. The payment gateway instantly encrypts their card details and sends the secure data to the payment processor.

2. Route and authorise: The payment processor routes the transaction details through the card network to the customer's bank. The bank verifies the card, checks for sufficient funds, and returns an approval or decline signal in milliseconds.

3. Clear and settle: Once authorised, the customer's bank releases the funds to your merchant account. From there, the payment system settles the money into your business account on a rolling schedule – typically a few hours to a few business days.

The best online payment systems in Australia compared

The 6 best online payment systems in Australia

To choose the right payment platform, you need to understand how each one fits your business model. We've reviewed the top six systems in Australia to help you evaluate pricing, core capabilities, pros and cons.

Airwallex

Opening your business to global customers shouldn't mean losing your profits to forced exchange rate conversions. Airwallex is an all-in-one financial platform designed to help you accept payments, hold multi-currency balances, and manage global spend from a single dashboard. Airwallex’s payment system lets you offer 160+ local payment methods to your customers and accept payments in 130+ currencies across 180+ countries. You’ll have access to a number of AI tools to optimise your checkout, and you can avoid forced settlement in 20+ currencies to keep more of your revenue.

Fees

• Monthly / setup / ongoing fees: A$29/month, waived if you deposit A$5,000+ per month or hold a A$10,000+ minimum balance. No setup or cancellation fees.

• Domestic card processing fees: 1.65% + A$0.30 for Visa, Mastercard, Amex, Apple Pay and Google Pay.

• International card processing fees: 3.40% + A$0.30.

• FX fees: 0.5–1% FX fees above interbank.

Pros

• Collect payments in 130+ currencies across 180+ countries and settle like-for-like in 20+ currencies

• Accept 160+ local payment methods to boost conversion

• A number of checkout options available including payment links, APIs and no- or low-code checkouts

• Issue multi-currency company and employee cards in 60+ markets

• Manage everything from a single dashboard: multi-currency Global Account, Corporate Card, your payment gateway, and a Yield account to grow your idle business funds.

Cons

• The Explore tier monthly fee is only waived if you meet the deposit or balance minimums.

• Physical POS launching soon

Stripe

Stripe provides developer-friendly APIs and pre-built payment forms that make it simple to design a polished checkout experience. It's an option for tech startups and subscription businesses that need complex customisations. Its pricing structure is straightforward on paper, but add-on software and international card markups can stack up as you scale.

Fees 

• Monthly / setup / ongoing fees: A$0 monthly fee and no setup costs on standard accounts.

• Domestic card processing fees: 1.7% + A$0.30 per successful transaction.

• International card processing fees: 3.5% + A$0.30 per transaction.

• Currency conversion fees: an additional 2% applies if the payment needs to be converted into a different settlement currency.

• Multi-currency settlement: Stripe allows you to collect funds in USD, NZD and AUD without currency conversion for a 1% fee.

Pros

• Varied developer tools and flexible APIs for custom-coded websites.

• Support for 135+ currencies and 100+ local payment methods.

• No monthly platform fees on the standard pay-as-you-go tier.

Cons

• Automatically converts global sales into AUD, adding an FX fee on top of the payment fee.

• Add-on services like Stripe Billing and Stripe Tax can become expensive at scale.

PayPal

PayPal provides instant buyer trust and familiar checkout flows that can help convert cautious first-time visitors. Its name recognition is global, making it a valuable secondary option at checkout. However, its transaction costs and cross-border markups make it an expensive choice as a primary domestic gateway.

Fees 

• Monthly / setup / ongoing fees: A$0 monthly fee and no setup costs.

• Domestic card processing fees: 2.9% + A$0.30 

• International card processing fees: 3.9% + A$0.30

• Currency conversion fees: 3–4%

Pros

• Exceptional consumer recognition and brand trust can boost checkout conversion.

• Robust buyer protection gives customers peace of mind.

• No setup fees or monthly subscription costs for standard business accounts.

Cons

• Domestic rate is higher than other local gateways.

• Cross-border conversion fees represent a real cut to international margins.

• Reconciling PayPal statements with your bank accounts can require manual effort.

eWAY

eWAY is a homegrown payment gateway built for Australian eCommerce businesses, offering local support when things go wrong. It connects out of the box with a wide range of eCommerce platforms, making setup fast for small businesses. Its flat-rate domestic pricing is competitive, but its global features are less flexible for businesses targeting international markets.

Fees

• Monthly / setup / ongoing fees: A$0/month.

• Domestic card processing fees: 1.5% + A$0.25 per transaction.

• International card processing fees: 1.99% loading on top of the domestic rate

• Currency conversion fees: no native wallet-based conversion; each foreign currency requires a separate merchant bank account.

Pros

• One of the lowest domestic flat-rate processing fees in the Australian market.

• Locally based customer support.

• Quick, simple setup with platforms like WooCommerce and Shopify.

Cons

• Lacks native multi-currency wallets – you need a NAB Merchant Account to accept multi-currency payments

• Fewer developer tools for custom-built, non-standard platforms.

GoCardless

GoCardless is a global bank-payment specialist that pulls funds directly from a customer's bank account via direct debit. By bypassing card interchange networks entirely, it offers a low-cost alternative for subscription billing and B2B invoice collection. It's efficient for automating recurring payments, but isn't designed for fast retail checkouts.

Fees 

• Monthly / setup / ongoing fees: A$0 (custom pricing for highest tier plan)

• Domestic processing fees: 1% per transaction + $0.40, capped at A$4.

• International processing fees: 2% + A$0.40

• Currency conversion fees: 2–3% FX markup on cross-border payments.

Pros

• Low transaction fees for high-value B2B invoicing, with a capped maximum.

• Reduces payment failure rates using automated retries.

• Automates invoice reconciliation by syncing with platforms like Xero.

Cons

• Doesn't accept credit cards, debit cards or digital wallets like Apple Pay.

• Not suited to instant eCommerce checkout paths due to slower clearing cycles.

Square

Square provides an integrated ecosystem that links your bricks-and-mortar sales with your online store. It's one of the most popular options for retail, hospitality and service businesses wanting simple, out-of-the-box POS hardware and software. Pricing is a straightforward flat rate, but online processing fees run higher than developer-focused platforms.

Fees 

• Monthly / setup / ongoing fees: A$0 monthly fee for online payments. Square Reader hardware starts from A$65 (one-off); paid software add-ons are available from around $40/month for extra features.

• Domestic card processing fees: 2.2% per transaction for online, API and digital invoice payments. 

• International card processing fees: the 2.2% online rate plus an additional surcharge for internationally issued cards 

• Currency conversion fees: no customisable multi-currency wallets; transactions convert to AUD via the processor.

Pros

• Unified platform that makes managing online retail simple.

• No monthly software fees or lock-in contracts on the standard plan.

• Free, full-featured point-of-sale app.

Cons

• Online processing rate is higher than developer-focused alternatives.

• Lacks the advanced API tools needed for custom-built marketplace platforms.

What to consider when choosing an online payment service

The cheapest rate on paper can end up being the most expensive choice in practice. Look beyond the headline transaction fee. Consider your sales channels, whether you trade across borders, and how much manual work your finance team spends on reconciliation.

Real-time bank payments with PayID and PayTo

Slow batch payment systems are giving way to real-time bank transfers. PayID and PayTo let you bypass card interchange networks completely. Under the New Payments Platform framework, PayTo lets you pull pre-authorised funds from a customer's bank account instantly – a secure, low-cost replacement for traditional direct debits.³ Because these transfers settle in real time, they cut down invoice chasing, lower payment failure rates, and keep transaction costs to a minimum.

Multi-currency settlement and cross-border payments

When you sell to overseas customers, your payment gateway might automatically convert foreign currencies into AUD at settlement. That's a double hit: a higher international card acceptance fee plus a currency conversion markup. Look for a platform like Airwallex offering native multi-currency wallets and like-for-like settlement, so you can hold, spend or convert funds when the exchange rate favours you.

Accounting sync and GST compliance

Manual bookkeeping wastes time you don't have. Choose a payment system that syncs directly with accounting software like Xero. Direct integration imports daily transactions automatically, matches payments to open invoices, and keeps your tax records GST-compliant ahead of EOFY.

How card surcharging rules affect your processing costs

When the RBA's surcharging ban takes effect on 1 October 2026, you won't be able to apply extra checkout fees to Visa, Mastercard, American Express, or eftpos transactions.¹ Choose a provider with competitive domestic rates that actively works to lower your transaction costs, rather than one you've been relying on surcharges to offset.

Why businesses choose Airwallex for online payments

When you use Airwallex, you get a single dashboard that handles card acceptance, multi-currency accounts and global transfers. Process customer payments across all major networks – Visa, Mastercard and Amex – alongside 160+ local payment methods. Collect payments in 130+ currencies across 180+ countries and settle like-for-like in 20+ major currencies to keep foreign earnings in their native currency.

We offer multiple checkout options, from no-code payment links and pre-built eCommerce plugins to checkout APIs for custom sites. AI-powered routing and fraud prevention keep your checkout secure and conversion rates high. You also get a multi-currency account, Corporate Cards with zero international transaction fees, global transfers, and competitive returns through Yield – all from one dashboard.

Frequently asked questions

What is the best online payment system for a small business in Australia?

The best system depends on whether you run a physical storefront, a service-based agency, or a global eCommerce site. For in-person retail, Square's POS hardware works well. For service agencies, bank-to-bank direct debit via GoCardless or real-time transfers can suit better. If you're a high-growth online business or scaling globally, Airwallex offers a strong balance of competitive card processing rates, multi-currency wallets, and integrated corporate cards.

How much do payment gateways cost in Australia?

Most payment gateways charge a percentage fee plus a flat fee per transaction. For domestic cards, expect to pay roughly 1.5% to 2.2% plus A$0.30 per transaction. International card processing typically costs more, and standard platforms like Stripe or PayPal add a currency conversion markup on top when converting international sales into AUD settlement.

What is the main payment method in Australia?

Credit and debit cards remain the most popular choice, making up around three-quarters of all consumer payments.³ Mobile wallets like Apple Pay and Google Pay are growing fast, now accounting for around 40% of card payments.³ Real-time bank transfers via PayID are also rising quickly.

What is the difference between a payment gateway and an online payment system?

A payment gateway is the checkout software that captures a customer's card details and encrypts them for authorisation. An online payment system is the broader financial infrastructure that moves those payments to your merchant account – including global accounts, multi-currency wallets, corporate cards, FX engines, and accounting sync.

Sources

1. https://www.rba.gov.au/payments-and-infrastructure/review-of-retail-payments-regulation/2026-03/

2. https://auspost.com.au/content/dam/ecommerce-report/australia-post-ecommerce-report-2026.pdf

3. https://www.rba.gov.au/publications/bulletin/2026/may/consumer-payment-behaviour-in-australia.html

4. https://flighthacks.com.au/american-express-will-end-surcharges/ 

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

6. https://www.paypal.com/au/business/paypal-business-fees

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

8. https://www.eway.com.au/online-payments/#pricing

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