How to accept payments on a website securely and cost-effectively (2025): a quick setup guide for businesses in Singapore

Key takeaways

• Customers in Singapore expect to pay online, whether by card, wallet, or local rails such as PayNow.

• Businesses that offer a mix of preferred payment methods see higher checkout completion and stronger cash flow.

• Airwallex supports 160+ local and global payment methods (including GrabPay, WeChat Pay, and PayNow), settles in 14+ currencies without forced conversions, offers automatic currency conversion for buyers, and gives you one multi-currency account to collect, hold, and spend worldwide.

Website and app-based payments now make up 40% of all transactions in Singapore. By 2030, their total value is expected to reach S$37.5 billion.

Still, many businesses remain unsure how to accept them. Choosing the right partner and payment mix – while keeping costs down and meeting security requirements –can feel overwhelming, especially when you’re just getting started.

This guide shows you how to accept online payments step by step, breaks down the costs, and explains how Airwallex makes it easier, safer, and more cost-effective to start accepting payments online today.

How do online payments work?

Online payments work by transmitting a customer’s payment details securely through a payment service provider (PSP). The PSP connects your checkout to the customer’s bank, verifies the transaction, and settles the funds into your business account. Here’s the typical process:

1. Customer initiates payment: Your customer submits their card details, or uses a one-click checkout, or digital wallet to initiate the payment.

2. Transmission: The payment gateway securely transmits the customer’s information to the payment processor.

3. Verification: The payment processor verifies the information with the customer’s bank.

4. Authorisation: The customer’s bank authorises the transaction if the customer’s account has enough funds to complete the purchase.

5. Settlement: After the transaction is authorised, the funds are transferred from the customer’s bank to the merchant’s account.

How to accept payments from customers on a website securely?

Digital payments are now the default in Singapore, with 82% of consumers preferring contactless or mobile options for purchases.² Popular payment methods include:

• FAST (Fast and Secure Transfers)

• GIRO (General Interbank Recurring Order)

• PayNow QR

• Credit and debit cards

• e-wallets like Apple Pay, Google Pay, GrabPay, and Atome 

You can read more about these options in our payment methods guide. 

To accept payments online, you’ll need to add a checkout to your website. This can be done in different ways, such as using a hosted checkout page, embedding a drop-in checkout form, or building a custom integration through a payments API.

Here are the nine steps to setting up payments on your website: 

1. Identify your business needs

Think about the profile of your customers and how they prefer to pay. These preferences often change across demographics. According to our Cross Border eCommerce report, older age groups prefer credit cards, while Gen Z and Millennials favour digital payments (63%) and debit cards (63%) over credit cards (48%).³

2. Choose a payment service provider (PSP)

Select a PSP that supports both global and local payment methods. Airwallex lets you accept 160+ methods, from Visa and Mastercard to PayNow.

3. Set up an account with your PSP

Provide your company details and complete KYB checks to activate your account. Airwallex handles these checks upfront, helping you meet regulatory requirements without the legwork.

4. Integrate the PSP with your website

Decide how you want to connect: plugins for Shopify, WooCommerce, and Magento, a low-code hosted checkout, or a custom API. With Airwallex, every integration option is PCI DSS compliant, so you don’t need to manage sensitive card data yourself.

5. Configure your payment settings

Decide which payment methods to accept, set currencies, and enable fraud prevention tools.

6. Test your payment system

Run test transactions to confirm everything works smoothly before launch.

7. Launch your payment system

Go live and let customers complete payments on your website.

8. Manage your transactions

Track and reconcile payments through your PSP dashboard. Airwallex also syncs directly with your accounting tools.

9. Adhere to compliance and accounting requirements

Follow MAS regulations and keep records for your accounts. Airwallex supports compliance with MAS and PCI DSS standards, reducing the burden on your finance team.

Can you accept credit card payments on a website?

Most credit card payments can be accepted on a website in Singapore – in fact, credit cards remain one of the top payment methods for online transactions, accounting for 53% of all online payment methods used in Singapore’s e-commerce market.⁴ 

With Airwallex, you can start accepting Visa, Mastercard, Amex, and more in just a few clicks. You can start accepting Visa, Mastercard, Amex, and other major cards through a single integration, without needing a separate merchant account. Once live, every transaction is protected with PCI DSS compliance, tokenisation, and real-time fraud monitoring. That means you can give your customers the convenience of card payments, while knowing their details – and your revenue –  are safeguarded.

What is the safest way to receive payment online?

The safest way to receive online payments is to use a licensed Payment Service Provider (PSP) that meets strict security standards such as PCI DSS. Airwallex is regulated by the Monetary Authority of Singapore and safeguards every transaction with fraud prevention tools, tokenization, and real-time monitoring. Read more about our commitment to security.

How much does it cost to accept payments on a website?

Your costs will depend on a variety of factors – your industry, the payment methods you accept, the volume of transactions you process, and most importantly, the PSP you choose. 

Here are the main cost types to consider:

• Transaction fees: Usually a percentage plus a small fixed fee per transaction. For example, card payments often incur 2–3% fees, while local rails like PayNow are typically lower.

• Monthly or subscription fees: Some PSPs charge ongoing fees to maintain access to their platform or advanced features. Many modern PSPs, including Airwallex, avoid these charges.

• Setup fees: Traditional providers sometimes require upfront costs, but modern PSPs rarely do.

• Chargeback fees: If a customer disputes a card payment, the issuing bank may reverse the transaction and apply a chargeback fee. These fees are passed on to you and can add up if disputes are frequent or unresolved.

• Fees for certain card types: Premium cards such as Amex often come with higher processing costs than standard credit or debit cards.

These costs can vary widely and the points above don’t cover every possible fee, so it’s important to review your options carefully. 

Airwallex is a modern, transparent PSP that helps you cut costs and grow faster. With no hidden fees, direct access to Singapore’s local rails, and powerful multi-currency accounts, we make it simple for your business to accept payments worldwide at highly competitive rates.

What is the most cost-effective way to collect money online?

The most cost-effective way to collect payments online is to leverage local payment rails where possible.

For local payments in Singapore, Airwallex supports PayNow for instant, low-cost transfers, and GIRO for recurring billing. Both options are typically far more cost-effective than credit card payment, which can cost 2–3% per transaction.

If your customers prefer card payments, Airwallex helps you keep costs down by routing transactions smartly and settling them directly into your multi-currency account. That way, you can hold funds in Singapore dollars or other currencies, pay suppliers directly, or convert when rates are favourable.

Benefits and risks of accepting payments on a website

Accepting payments online expands your reach and improves your cash flow. In Singapore, businesses that offer a mix of local payment options like PayNow and FAST, recurring options like GIRO, and e-wallets make it easier for customers to pay the way they prefer.

Moving money online also carries risks such as fraud, high fees, and compliance requirements. Know what to expect, prepare for challenges, and use a trusted PSP like Airwallex to stay ahead with tools and transparency.

Benefits

• Reach more customers: Accept credit and debit cards alongside PayNow, GrabPay and Google Pay. Customers in Singapore and across Southeast Asia get the choice they expect, and you capture more sales compared to providers that only support cards.

• Improve cash flow: Online payments settle quickly when your PSP delivers speed. With Airwallex, more than 90% of global transfers arrive the same day, so your working capital keeps flowing.

• Boost conversions: A smooth checkout with local e-wallets or card options reduces cart abandonment. J&Co used Airwallex Checkout and saw a 25% lift in sales and a 38% improvement in cart recovery.

• Flexibility to grow: Many PSPs limit payment options or regions. Airwallex supports over 160 local and global payment methods, so you can expand into new markets without changing providers or adding complexity.

Risks

• Fraud and chargebacks: Fraudulent activity is a risk in online transactions. Airwallex protects you with built-in fraud monitoring and chargeback protection tools.

• Higher card fees: Credit card payments in Singapore often cost 2–3% per transaction, and premium cards cost more. Airwallex gives you alternatives like PayNow and GIRO that can lower your payment costs.

• Compliance requirements: MAS regulations and PCI DSS standards add complexity. Airwallex is a licensed PSP in Singapore and helps support your compliance setup.

• Technical downtime: Payment system outages impact customer trust and revenue. Airwallex provides reliable payment gateways that keep online transactions running smoothly.

Which types of businesses need to accept payments on a website?

If your customers expect to pay online, then your business needs to accept payments through your website. Whether you’re selling products, offering services, taking bookings, or collecting donations, online payment solutions make it easier to get paid faster and at lower cost.

Here are some of the sectors where online payment acceptance makes a real difference:

• eCommerce retailers: Online stores selling fashion, electronics, or home goods need reliable payment flows for local and cross-border transactions.

• Subscription services: Businesses offering streaming, digital memberships, or recurring deliveries rely on automated payments to keep revenue consistent without manual invoicing.

• Digital product and SaaS providers: SaaS platforms, online course creators, and digital download sellers need payment setups that support instant access, one-off charges, or billing cycles.

• Professional services: Freelancers, educators, and advisors can collect card or FAST payments directly through their website, without relying on manual transfers or PDF invoices.

• Non-profits and charities: Donation pages, QR codes, and payment links make it easier to raise funds and reach supporters without physical events or paper forms.

• Travel and hospitality: Hotels, airlines, and tour operators capture bookings more effectively when they support local and global payment options.

• Food delivery and groceries: Speed matters. Online payments reduce delay between order and fulfilment, and make the experience smoother for both the business and the customer.

• Event organisers: Concerts, theatre, sports, and community events all benefit from upfront online payment – avoiding queues, cash handling, or on-site machines.

• Property and real estate: From rent collection to deposit payments, online checkout helps speed up high-value transactions while keeping records accurate and accessible.

Offering a mix of global and local payment methods ensures your business keeps pace with customer demand and captures every opportunity.

Consider Airwallex: simple, secure, and cost-effective for global businesses

Accepting payments online should fuel your growth, not slow you down. Airwallex simplifies the entire flow end-to-end, helping you move money faster, reduce FX costs, and keep cash flow steady. Funds land directly in your multi-currency Global Account so you decide when and how to convert, keeping control in your hands.

Security is always on, giving you one less thing to worry about. Every transaction runs with PCI DSS compliance, tokenization, and real-time fraud monitoring.

As your business grows, Airwallex adapts. From simple payment links to low-code checkout and full payment gateways, we give you flexibility without complexity. You can also integrate with eCommerce platforms like Shopify, WooCommerce, or Magento.

Businesses like J&Co Jewellery in Singapore have already seen the impact. By adding local wallets, speeding up cross-border transfers, and managing everything through a single multi-currency account, they lifted sales by 25%, recovered 38% more carts, and saw 95% of transfers settle the same day.

You can do the same. With Airwallex, you get the tools to accept payments globally, cut unnecessary costs, and scale on your terms. 

Frequently asked questions (FAQs)

Below are some frequently asked questions related to how to set up online payments:

Can I accept payments online without a website?

Yes. You can create payment links and share them through email, chat, or social media to get paid without building a website. With Airwallex, setup is quick and requires no coding.

How quickly will I receive online payments?

Payout times vary by provider and payment method. With Airwallex, many payments arrive the same day, and most settle within one to three business days, so your cash flow stays steady.

What’s the difference between a payment processor and a payment service provider?

A processor only moves money between banks. A Payment Service Provider (PSP) like Airwallex offers the full suite of tools, from payment gateways to fraud protection and multi-currency accounts, so you can manage everything in one place.

Do I need a merchant account to accept payments online?

No. A modern PSP like Airwallex lets you accept payments directly, removing the need to set up a separate merchant account and making it easier to start selling online.

How do I create a payment link for online payment?

You can create a payment link for online payments through your PSP. ​​​Log in and navigate to the payment link creation tool. Enter the amount, currency, and description of the item or service. Generate the payment link and share it with your customers via email, social media, or your website. This ensures a secure and user-friendly way to collect payments directly from customers.

This publication does not constitute legal, tax, or professional advice from Airwallex, nor does it substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Singapore) Pte. Ltd. (201626561Z) is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore.