Most online businesses can’t run without a payment gateway, just like fish can’t live without water. How so?
A payment gateway transfers financial data among necessary financial institutions to authorise card or mobile wallet transactions, so you can actually get paid for the purchases made by your customers. That’s why a payment gateway is an essential component of e-commerce, as it serves as the online payment processing solution for big or small businesses.
In this article, we’ve rounded up a list of the top 10 payment gateways in Singapore. If you’re looking for a payment gateway for your e-commerce business in Singapore, be sure to check them out!
A payment gateway is a technology solution that reads and transmits payment information from customers for processing.
For small or big businesses with a digital storefront, an online payment gateway is essential for accepting card or mobile wallet payments from purchasers. Without one, you’ll lack the mechanism to connect with customers in online transactions.
Thankfully, gone are the days of limited payment options. Today, a diverse array of online payment platforms empowers you with the freedom to choose for your business. Whether prioritising features, competitive fees, or a specific user experience, you can always browse and pick the right option for your needs.
Singapore, brimming with potential in the e-commerce scene, is home to many payment platforms. Some of these have been around for quite a while and some have only been introduced to the public as recently as 2019.
With their own twists and options for buyers and sellers alike, it’s important to understand the features and functions that each online payment gateway provider offers to see which best fits your business needs.
Check out 10 of the best payment gateways in Singapore below!
A mainstay in the payments sector, PayPal is best known for its safe and secure online payment gateway. It supports multiple currencies and offers features like One-Touch™ checkout, which enhances the user experience by allowing customers to pay quickly without re-entering their payment details. In fact, an Ipsos study found that consumers are 54% more willing to buy when a business accepts PayPal, especially in unfamiliar situations.
To use PayPal for online payments, users simply have to link their bank accounts or debit/credit cards to the platform. They can then use PayPal to make purchases from participating stores.
As a business in Singapore, you can register for a PayPal Business Account. By doing so, you can securely accept online payments regardless of whether a customer wishes to pay via debit or credit card.
PayPal transaction fees: 3.9% + S$0.5 for domestic transactions and 4.4% + fixed fee (depending on the region) for international transactions.
Opn Payments, formerly known as Omise, is a payment gateway that connects businesses with consumers who already have access to mobile wallets. While Opn Payments has remarkable integrations with e-wallets such as Google Pay and GrabPay, paying via debit or credit cards and PayNow still remains viable options.
With Opn Payments, businesses can have thir buyers pay in instalments over a set number of months. They also offer scheduled billings and auto payouts as options for businesses to help streamline online payment processes and better cater to varying buyers.
Opn Payments transaction fees: Credit and debit card transactions are usually charged a 3.3% + S$0.3 fee, while Alipay, Kakao Pay and GCash transactions are charged a 2.9% + S$0.15 fee.
Stripe is also one of the better-known payment gateways that claims to process hundreds of billions of dollars per year. It allows its users to make local or global payments in different currencies in what’s referred to as the Stripe Terminal.
Because of its user and developer-friendly API, many businesses have turned to Stripe as a solution to expedite the payment collection process.
Stripe is also SSL (Security Socket Layer) protected, which means users’ financial information, such as credit/debit cards and bank account details, are duly encrypted and kept safe when making online payments, making it a solid option for e-commerce businesses.
Stripe transaction fees: Stripe transaction fees start at 3.4% + S$0.5 for card payments. Charges for Alipay and WeChat Pay are 2.2% + S$0.35, whereas the fee for GrabPay is 3.3%.
Based on comparisons and considerations such as fees and functionalities, however, some digital merchants may find other payment gateways better suited to their needs. Check out our list of e-commerce alternatives to Stripe or Square to learn more.
Launched in 2019, Atome is one of the newer payment gateways in Singapore. It has a buy now, pay later (BNPL) option that allows customers to split their payments into three interest-free instalments, enabling them to make purchases today and pay for them later.
Offering ample flexibility and eliminating the pressure of having to make upfront offline or e-payments for their purchases, Atome’s BNPL solution has found favour with consumers. It’s also welcomed by retail or e-commerce merchants, who benefit from improved conversion rates and higher average basket sizes.
Atome transaction fees: They don’t charge setup fees but instead take an MDR (Merchant Discount Rate) fee per transaction. While the fee may not be fixed or seen on their website, it’s best that you ask for a quote depending on your current revenue.
Another online payment provider is HitPay, whose services are well-suited for SMEs. They have prepared online payment solutions that require zero coding, no subscription or hidden fees. Something they do have, is a full range of payment methods from Apple Pay all the way to PayLater by Grab.
On top of payment processing, one of the best things about HitPay is they also help businesses with bookkeeping through seamless integrations with accounting software such as Xero and Quickbooks.
They also offer other integration options for big or small businesses including those with e-commerce platforms, such as Shopify, Magento, WooCommerce and Wix, so merchants using these tools can easily use HitPay to accept payments.
HitPay transaction fees: HitPay’s fees for card-based online transactions start at 2.8% + S$0.5, whereas those for Alipay and GrabPay are 2.7% + S$0.35 and 3% respectively.
Like a few other online payment processing solutions on this list, Liquid Gateway is a payment gateway in Singapore that is suitable for small businesses. Liquid Gateway is globally secured and designed to fend off attempts at fraud and potential cyberattacks.
They have a team of support officers you can get in touch with via email or WhatsApp in the event you run into any issues, and their platform also offers reports and data analysis on your monthly performance so you can keep better track of your e-commerce business.
Liquid Gateway transaction fees: The transaction fee is kept constant at 2.9% Payment Card Charge + US$0.5 (S$0.68) processing fee.
Eway Singapore is another payment provider that promises good value for money with their payment gateway’s flat rates and assures that no hidden costs are involved.
Online payments with Eway can be fast and secure, and they offer considerable support for both developers and merchants so that you can easily integrate their payment portals with your app or e-commerce website.
They also have a dedicated online enquiry section on their website where you can send emails during business hours, or you can contact their Phone Tech support team from Monday to Friday, 5:00 am to 5:00 pm SGT.
Eway Singapore transaction fees: The transaction fee for Eway for their AMEX, Visa and Mastercard is set at 1.5% + AU$ 0.25 (S$0.22) with no setup fee. Volume discounts are available to businesses of larger sizes, but you may have to contact their sales managers for details.
Founded in 2006, Adyen is a Dutch-based payment gateway provider that works best for businesses that wish to provide localised online payment options to global customers. Many of the world’s leading brands like LinkedIn, Booking.com, and SHEIN use Adyen as their payment gateways.
On top of being a payment gateway, Adyen also provides insights that can help a business grow while minimising and monitoring any attempts at fraud.
Adyen transaction fees: Ayden’s transaction fees start €0.12 (S$ 0.21) + a fee determined by the chosen payment method.
SmoovPay aims to provide secure, affordable, as well as easy debit and credit card payment collection services for digital merchants. It enables businesses to accept credit card payments through tablets and desktops, and boasts a 3D authentication system that protects your e-commerce transactions and customers’ data.
SmoovPay also has a PayMe (mini POS) service that allows merchants to collect debit and credit card payments using only your mobile phone!
SmoovPay transaction fees: The best thing about SmoovPay is you’ll only have to pay when you make a sale. There is no setup fee and the transaction fee starts at 2.9% of the total sale amount + a fixed fee of S$0.25 per transaction. Lastly, withdrawing every month is free.
When choosing the best payment gateway provider for your business, you should consider a few things like the fees and costs, integrations, safety, security and accepted payment methods. Some factors for choosing suitable online payment options are listed below.
Maximising profit margins while maintaining the best checkout experience for the customer would be optimal for the business. As such, you may refer to the transaction fees we’ve provided to aid you in deciding.
For merchants that have their online store hosted on e-commerce platforms like Shopify, WooCommerce and Wix, there are payment gateways that can be installed as an app or plugin to the shop itself to avoid wasting much-needed time in the setup process.
By leveraging pre-built integrations, you can get your online payment gateway up and running quickly, minimising downtime, as well as making payment gateway management easier since you can handle settings and configurations directly within your familiar store management website.
To alleviate the worries of your customers, you should consider choosing the safest and most secure encryption for your e-commerce payment solutions. While it may be hard to quantify the levels of security right away, what can be done is to check on their past track record.
Some payment gateways may accept more payment methods. You may want to consider choosing a payment gateway that accepts a diverse range of payment methods — at least in the context of your target demographics.
For example, Ayden and Atome payment platforms may work best if your target demographic is the millennial population, whereas PayPal and Choco Payment can be used for a much wider and more general range of customers.
A payment gateway’s reputation should also be a factor to consider, as the service provider you use may make customers more or less likely to buy from your store, eventually affecting your business.
Atome, for instance, may be relatively new to the payment scene yet widely popular for its buy now, pay later option, whereas PayPal has a longstanding reputation as a reliable platform, placing it among the best merchant services for e-commerce in Singapore and globally.
More obscure and less-known online payment options, on the other hand, may discourage your customers from completing any transactions due to fears about their data’s safety.
As with many other things, knowledge of payment gateways may not be enough to make the best overall decision. To figure out which is the best payment system for your business, experiencing how these payment gateways serve the small or big business community may help the businesses see things on the consumers’ end, and achieve a better understanding of what needs to be done for your business’ continued success.
Getting paid shouldn’t be one of your challenges in running an e-commerce business. At Choco Up, we take care of your payments safely and securely, and give you the support you need to grow your business.
Learn more about Choco Payment here, or explore our funding to fuel your business’s growth today!
As with many other things, knowledge of payment gateways may not be enough to make the best overall decision. Experiencing how these payment gateways serve the business may help the business see things on the consumers’ end and achieve a better understanding of what needs to be done for your business’ continued success.
If you haven’t yet decided which payment gateway in Singapore is best for you, consider using our own Choco Payment — Asia’s first online payment solution embedded with revenue-based financing — to address your payment and funding needs.
Getting paid shouldn’t be one of your challenges in running an e-commerce business. At Choco Up, we take care of your payments safely and securely, and give you the support you need to grow your business.
Learn more about Choco Payment here, or explore our funding to fuel your business’s growth today!
Grow your business with Choco Up
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