Top 5 Stripe alternatives: Compare fees, features & benefits

By Shermaine TanPublished on 14 November 202412 mins
GuidesBusiness tips
Top 5 Stripe alternatives: Compare fees, features & benefits
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If you run an omnichannel business, you'll need a way to accept payments from customers in Singapore and overseas. Stripe offers solutions for accepting eCommerce and in-store payments, but is it the best choice for your business?

Read on to learn more about Stripe, the best Stripe alternatives in Singapore, and why Airwallex’s end-to-end payments platform might be a better choice for your business, especially if you sell to multiple countries. 

What is Stripe? 

Stripe is a payment technology company that provides businesses with a way to accept payments online and in-person. 

For brick-and-mortar stores, Stripe offers a point-of-sale (POS) system called Stripe Terminal. This includes software and POS devices that let businesses accept in-person card payments. 

For eCommerce stores, Stripe has a payment gateway that allows businesses to accept payments from cards, mobile wallets, and “buy now, pay later” (BNPL) schemes. Businesses can also use Stripe to collect recurring payments or subscriptions.

The top 5 alternatives to Stripe

While Stripe is a popular payment gateway, it’s not for everyone. Your businesses may have unique needs that require specialised features like multi-currency payouts. So if you’re searching for alternatives to Stripe in Singapore, you’ve come to the right place. 

Airwallex

Airwallex is an end-to-end payments platform that allows businesses of all sizes to accept online payments and save on unnecessary foreign exchange fees. 

Our payment gateway is engineered for global sales. Businesses can accept payments from customers in 180+ countries and 160+ local payment methods, such as Alipay in China.  Unlike other Stripe alternatives, we offer like-for-like settlement in 11 currencies. This key feature allows you to accept and hold foreign currencies like USD, and payout to suppliers in that same currency, without unwanted conversion to SGD.

With Airwallex, businesses can enter new markets faster and avoid unnecessary conversion fees.  

Adyen

Like Stripe, Adyen Singapore is a payments company that aims to simplify online payments and in-store payments for both businesses and customers. They do this by offering card processing services and POS systems within a single platform. Their Unified Commerce feature allows businesses to create a seamless omnichannel shopping experience for customers. Adyen’s integrations require technical resources1, which makes them more suitable for large companies with eCommerce and retail locations.

Paypal

PayPal is one of the oldest digital payment platforms and is widely used for their digital wallet, which individuals use to accept international payments or send money. Meanwhile, eCommerce businesses use PayPal’s payment gateway to process card payments, bank transfers, and PayPal wallet transfers. 

Shopify Payments

Shopify Payments is the built-in payment gateway for Shopify, an eCommerce platform that lets businesses create and manage online stores with minimal development. Every Shopify account uses Shopify payments by default, making it ideal for new users who want to quickly set up and start selling in no time. 

Hitpay

Hitpay is a payment platform for SMEs in Singapore and Southeast Asia. They use Stripe’s payment platforms to process eCommerce payments. Their POS system is also powered by Stripe Terminal.2 SMEs might prefer to use Hitpay due to their localised customer support in countries such as Malaysia, Thailand, and Indonesia, as well as additional services like invoicing and online store creation.  

Find out how Stripe compares to Airwallex.

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Compare the top 5 alternatives to Stripe

We’ve researched the best Stripe alternatives and compared the different features that Singapore businesses care about. These include global coverage, payment methods, and pricing.

Stripe

Airwallex

Adyen

Hitpay

PayPal

Shopify Payments

Known for…

Omnichannel payments for businesses3

End-to-end payments for businesses of all sizes

Omnichannel payments for enterprises4

User-friendly payments for SMEs in Southeast Asia5

Digital wallets for individuals and online payment system7

Payment gateway for Shopify sellers9

Payment methods

Major card networks and 100+ local payment methods

 

Major card networks and 160+ local payment methods 

Major card networks and 13 local payment methods   

9 local payment methods

Major card networks and 8+ local payment methods. 

 

Major card networks and 6 local payment methods 

Ability to save on conversion fees with like-for-like settlement

2 currencies

11 currencies

3 currencies for local payouts, 5 currencies for cross-border payouts

Domestic card fees for online payments

3.4% + SGD 0.50

3.3% + SGD 0.50

 

0.60% + SGD 0.13  + Interchange+ fees 

2.8% + S$0.506

From 3.9% + SGD 0.508

From 3.2% + SGD 0.5010

International card fees for online payments

3.9% + SGD 0.50

3.3% + SGD 0.50  + 0.3% for international cards

3.65% + SGD0.50 

3.4-5.4% + Fixed fee

From 3.6% + SGD 0.50

No-code plugins for eCommerce platforms

Integrates with Shopify stores only

Hosted payment page

Pre-built UIs

APIs for POS terminals

APIs and mobile SDKs

Multi-currency accounts with local bank details

FX and international transfers

Bill payments

Corporate cards

Expense management

Like-for-like settlement

Like-for-like settlement is the ability to accept and hold payments in foreign currencies, and payout in that same currency without incurring fees for unwanted conversions to SGD.

  • Stripe supports SGD and USD payouts for Singapore-registered businesses.11

  • Airwallex supports like-for-like settlement in 11 currencies for businesses registered globally. 

  • Adyen supports USD, SGD, and HKD payouts in Singapore. For cross-border payouts, they support the same currencies plus THB and JPY. (https://docs.adyen.com/account/supported-currencies/

  • Hitpay, Shopify Payments, and PayPal don’t support like-for-like settlement. 

Local payment methods

According to a global survey by Airwallex and Edgar, Dunn & Company, 77% of consumers will abandon their cart if their preferred payment method is not offered. On top of major card networks, your eCommerce payment solution should support local payment methods in the markets you sell to.

  • Stripe offers 100+ local payment methods, including BNPL and real-time payments.

  • Airwallex supports 160+ local payment methods in 180+ countries, such as Alipay in China and DuitNow in Malaysia.

  • Adyen Singapore accepts payments from major card networks and 13 local payment methods like GrabPay and PayNow.

  • Hitpay Singapore supports digital wallets like Grabpay and BNPL like Shopee Pay Later. 

  • PayPal supports PayPal wallet, major card networks, and 8 other alternative payment methods like WeChat Pay.

  • Shopify Payments supports major card networks and only 6 local payment methods like Klarna and Multibanco. To offer more payment methods, you’ll need to use a third-party payment gateway that integrates with Stripe, such as Airwallex.

Fees and pricing models

Stripe competitors have comparable fees and similar pricing models. Understanding the fees helps you avoid unexpected charges and ensures you're selecting a solution that fits your budget.

  • Stripe has blended pricing for card transactions. Interchange+ pricing is also available for large transaction volumes.

  • Airwallex uses a pay-per-transaction model. We offer interchange++ pricing or blended pricing, depending on your needs. There are no additional setup or monthly fees. You can check our fee schedule for card payments and local payment methods.

  • Adyen Singapore applies interchange++ pricing for card payments using Maestro, Mastercard and Visa, and blended pricing for BNPL or digital wallets.

  • HitPay has blended pricing for card payments and Shopback. They charge percentage-based fees for digital wallets and BNPL.

  • PayPal charges a percentage-based fee for online card payments, and a fixed fee for foreign currency payments. 

  • Shopify Payments charges blended pricing for card transactions and local payment methods.

Why choose Airwallex over Stripe?

Airwallex is an end-to-end payment platform that simplifies your financial operations. On top of having a payment gateway, we help businesses avoid unnecessary currency conversion through multi-currency accounts and FX risk management. We also have low-cost international transfers, corporate cards, and accounting integrations. With Airwallex, you only have one dashboard to view and monitor your business’ financial performance.  

Here’s a quick overview of the differences between the two:

Stripe 

Airwallex 

Free to sign up

Online payment gateway

Multi-currency accounts

Like-for-like settlement

USD, SGD

AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, THB, USD

International transfers

Payment Links

Accounting automation

Employee cards with 1% cashback

Expense management

POS system

Coming soon

What questions should I ask when choosing alternative providers to Stripe? 

When researching Stripe alternatives, it helps to get in touch with the sales team and ask the right questions. Doing so ensures that the solution meets your business’s needs and works seamlessly with your existing platforms.

  • What are the transaction fees? It's important to understand the costs involved, including per-transaction fees and any hidden charges, to ensure the platform fits within your budget.

  • What local payment methods can you support for my customers in these countries? Offering local payment methods is essential for winning trust and boosting rates for your international customers.

  • What transaction volume can you handle? It's essential to know if the gateway can handle your current and projected transaction volume to avoid scalability issues as your business grows.

  • Do I need developers to set up the payment gateway? Understand if the setup process requires technical expertise or it has no-code tools that don’t require a developer.

  • How easy is it to integrate with my existing software? To avoid unnecessary complexity, the payment gateway should offer seamless integration with your eCommerce platform and accounting software.

  • What is your payout schedule? Understand how often you'll receive funds from transactions to ensure that the cash flow matches your business needs

  • Do you offer custom pricing? If your business has high transaction volumes or specific needs, ask if the provider can offer tailored pricing to give you better value.

  • What else can your software do to support my global business? Ask about additional features like multi-currency support, recurring billing, or expense management that can help streamline operations across multiple markets.

  • What security features do you offer? Ask about compliance with standards like PCI DSS. Find out if they offer smart fraud detection without impacting acceptance rates from legitimate customers.

  • Do you have a support team based in Singapore? Having a local support team can ensure quicker response times and better understanding of regional challenges and regulations.

Consider Airwallex for your business’ end-to-end financial operations

Whether you’re focused on local growth or planning to expand into new markets, Airwallex’s end-to-end payment platform does more than payment acceptance - it’s designed to support your growth in new markets while protecting your revenue from unnecessary foreign exchange costs.  With extensive global coverage and support for a wide range of local payment methods, Airwallex helps you accept payments from customers in their preferred currencies.

Unlike Stripe, Airwallex’s multi-currency settlement lets you accept payments in 11 foreign currencies without auto-converting to SGD, which can save your business 1% on each international transaction. That translates directly to better profit margins and significant savings over time.

Our platform also integrates seamlessly with popular eCommerce platforms like Shopify and WooCommerce, enabling you to set up a frictionless, multi-currency global checkout quickly and easily. Once configured, payments in multiple currencies go directly into your Global Account, giving you full control over currency management and reducing costly conversion fees.

Singapore businesses like Wine Kin, Little Blossom, and Igloohome use Airwallex to unlock eCommerce sales and expand beyond Singapore. Create a free Airwallex account today and see how far your business can grow.

Discover the Airwallex Business Account.

Sources

1. https://help.adyen.com/knowledge/ecommerce-integrations/integrations-basics/where-can-i-find-the-required-information-to-connect-my-integration-to-adyen

2. https://stripe.com/en-sg/customers/hitpay

3. https://stripe.com/en-sg

4. https://www.adyen.com/

5. https://www.hitpayapp.com/

6. https://www.hitpayapp.com/sg/pricing

7. https://www.paypal.com/sg/webapps/mpp/overview

8. https://www.paypal.com/sg/webapps/mpp/merchant-fees

9. https://www.shopify.com/sg/payments

10. https://www.shopify.com/sg/pricing

11. https://docs.stripe.com/payouts/multicurrency-settlement?account-country=SG#enable-multi-currency-settlement

This publication does not constitute legal, tax, or professional advice from Airwallex nor 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.

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Shermaine Tan
Manager, Growth Marketing

Shermaine spearheads the development and execution of content strategy for businesses in Singapore and the SEA region at Airwallex. Leveraging her extensive experience in eCommerce, digital payment solutions, business banking, and the cross-border industry, she provides invaluable insights that guide businesses through the complexities of global commerce. Specialising in crafting relevant and engaging content that resonates with business owners, her work is designed to drive growth and innovation within the fintech and business economy space.

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