Navigating the evolving e-commerce landscape in Singapore should prompt you to choose the right payment gateway. This tool caters to local and international customers, facilitating smooth transactions to improve customer satisfaction and reduce cart abandonment rates.
Choosing an appropriate payment gateway is a strategic decision that can influence your business’s success. Your payment system must be reliable, secure, and user-friendly, ensuring that your customers have confidence and ease while shopping with you.
With the e-commerce market in Singapore poised to reach new heights, your business stands to tap into vast growth potential with the right payment system. Ready to scour the best payment gateways in Singapore? Read on.
Key Features to Consider When Choosing Your Payment Gateway
Evaluating certain features as you select a payment gateway in Singapore is important. You have to ensure that it offers a smooth, secure, cost-effective transaction process for your business and customers.
So, what are these key features to look for? We discuss them in detail in the subsections below.
Reliability and Uptime of the Gateway
There’s no way for you to predict when customers will make a purchase. That said, your payment gateway should always reliably operate every time and any time a customer completes a transaction.
As you know, frequent downtimes can turn away consumers, harming your business. Some consequences it may cause are lost sales and diminished customer trust.
Support for Multiple Currencies and International Transactions
In establishing your business, you may also have to contemplate if operating in a global market is part of your goals. If yes, then the gateway should be able to handle multiple currencies, as this will enable you to cater to a global audience.
Aside from maintaining seamless financial transactions, the process should also be simple, transparent regarding currency conversion, compliant with the rules and laws, cost-efficient, and secure, as suggested by Business Insider Africa.
With these characteristics, you can build trust and confidence among your international buyers.
Wide Range of Payment Options to Accommodate Customer Preferences
Keep in mind that different customers have varied payment processor preferences. So, in choosing a payment gateway, you must ensure it supports various payment options.
This could include credit and debit cards, e-wallets, and local or other accepted payment methods, like PayNow, to improve their shopping experience.
Ease of Market and Tech Stack Integrations
Ensure the payment gateway can integrate easily with your existing tech stacks and marketplaces, such as Shopify, Magento, or WooCommerce. This ease of integration encompasses compatibility with various business tools like CRM systems, accounting software, and inventory management systems.
For the most part, such seamless integration will ensure that all business aspects can communicate effectively, reducing manual data entry and potential errors. This simplifies the setup process and provides a cohesive user experience across all your sales channels.
Security Features and Fraud Management Systems
The Personal Data Protection Act (PDPA) sets out various obligations for businesses handling personal data, including adequate security measures to protect this confidential data from unauthorized access and breaches.
Therefore, payment gateways operating in Singapore must comply with these regulations by implementing state-of-the-art security protocols. This includes encryption, tokenization of sensitive data, and adherence to international standards like PCI DSS, which aligns with Singapore’s emphasis on cybersecurity in financial transactions.
Moreover, the Monetary Authority of Singapore (MAS) also provides guidelines and frameworks for financial transactions, including electronic payments, further underlining the need for robust security measures.
Transparent Pricing and Fee Structures
Understand the gateway’s pricing and fees. Opt for payment providers with transparent pricing and reasonable transaction fees so you can forecast your business expenses accurately. Knowing how much the transaction will cost, you can make an effective budgeting and financial plan to help you avoid unexpected expenses.
Aside from this, being aware of the pricing and fees will help you develop confidence and trust with your gateway provider as you go about your business, knowing there won’t be any hidden charges cropping up later.
Top Payment Gateways in Singapore
Now that you know the top features to look for in a gateway payment, it’s time to go through the top choices.
But before you do so, have a quick glance of this Singapore payment gateway comparison table:
|Easy integration, extensive APIs, fraud protection, recurring billing
|3.4% + S$0.50 when using domestic cards
|Accepts payments from over 135 currencies in 44 countries
|Fraud management, online payment processing, reporting tools
|Supports over 150 currencies, available in 45+ countries
|Simple integration, fraud protection, dispute management
|2.59% plus S$0.65 per transaction for credit, debit and digital wallets
|130+ currencies in 44 countries
|All-in-one payments platform, fraud protection, global payouts
|Over 100 countries, accepts over 900 payment methods
|Online payments, invoicing, disbursements
|Withdrawal fee is 1 XSGD or 0.5% of the total withdrawal amount
|Supports multiple currencies
|Razer Merchant Services
|Omnichannel payments, data insights, fraud protection
|A range of 1% to 3% for interchange fees
|Unified commerce platform, global payments, fraud protection
|S$0.15 + a fee, depending on the chosen payment method
|187 currencies, available globally
|Omnichannel payments, data analytics, fraud protection
|Starts at S$3.77 for transfer fees
|Supports multiple currencies
|Omnichannel payments, stored value, data analytics
|Available in 13 countries
|Online payments, fraud protection, recurring billing
|3.49% + fixed fee for PayPal Checkout
|Accepts 25 currencies, available in over 200 markets
|Mobile wallet, rewards, discounts
|1% of converted SGD amount (cross-border processing fee)
|Available in Southeast Asia
|Omnichannel payments, data analytics
|2.9% + S$0.25 per transaction
|Available in Singapore
When running a business in Singapore, selecting a reliable payment gateway is crucial for streamlined transactions. The choices vary, each with distinct features to benefit your commerce needs.
Whether you prioritize ease of integration, low fees, or extensive payment options, there’s a gateway tailored to your business needs in Singapore. Choose the one that aligns with your business model and customer preferences.
1. Stripe – Best Global and Multiple Payment Option
If you’re looking to integrate a payment gateway in your Singapore-based business, Stripe may just be the solution for your needs. This platform offers a wealth of e-commerce payment processing services. It is renowned for its comprehensive financial infrastructure tailored for the Internet.
Here are some of its key features:
- Global payments: Allows in-person and online payments, ensuring it can serve customers worldwide.
- Multiple payment methods: Stripe supports various methods, including PayNow, which allows customers to use their preferred banking app to transact with you.
- Automated financial processes: Stripe can handle automation for financial operations, streamlining your workflow and improving efficiency.
Moreover, Stripe emphasizes ease of use and provides detailed documentation to help you get started. Their strong presence in Singapore and a focus on growth make them an attractive choice for enhancing your payment systems.
With these capabilities, you can set up Stripe to match the pace of your growing business, ensuring your e-commerce business stays competitive.
2. Checkout.com – Best Secure Global Payment Gateway
Checkout.com is a global payment processing platform that provides online payment solutions that may suit your needs. It’s secure and efficient, thus trusted by many business owners.
At the core of Checkout.com’s offerings, you’ll find these features:
- Global reach: Checkout.com supports payment processing in over 150 countries, making it simple to scale your business globally.
- Multiple currencies: Accept payments in various currencies, giving your customers the flexibility they need in whichever part of the globe they live in.
- Anti-fraud: Checkout.com has reliable built-in fraud detection and prevention services to protect your transactions.
Here’s a quick glance at what Checkout.com could mean for your Singapore-based e-commerce business:
Domestic processing in 50
|Multiple, for customer convenience
|Advanced security features
|Simple API for easy setup
If you want to offer your Singaporean customers an exceptional payment experience while also enhancing your payment acceptance rate and streamlining your processing costs, Checkout.com might be a platform worth considering.
3. Braintree (by PayPal) – Best Flexible Payment Gateway
You might also come across Braintree, a service by PayPal that stands out due to its comprehensive solutions as you go about your gateway payment options in Singapore.
Below are the features you can expect from Braintree:
- Integration: Single seamless integration for various payment platforms.
- Acceptance: Enables acceptance of cards, PayPal, Apple Pay, Google Pay, and Venmo.
- Conversion: Aims to boost revenue by enhancing conversion rates.
Braintree’s global reach allows you to connect with more buyers while potentially driving higher conversion rates. By offering the flexibility your customers look for when making payments, you may also see a reduction in cart abandonment rates.
One compelling feature of Braintree is its capability to integrate PayPal transactions, allowing you to accept both cards and PayPal through a single integration. The platform claims an 88.7% conversion rate with PayPal, which could significantly outperform other digital wallets.
Lastly, it’s reassuring to know that choosing Braintree means tapping into the robust infrastructure and trusted reputation of PayPal, a global leader in online payments.
4. Rapyd – Best Affordable Payment Solution
If you’re seeking a comprehensive payment solution that can adapt to your business’s international footprint, Rapyd might catch your attention. They stand out in global commerce solutions, allowing your business to accept and send payments worldwide.
Rapyd has also made a mark in Singapore’s fintech landscape. As a major payment institution authorized by the Monetary Authority of Singapore, they offer regulated services tailored to the local market while maintaining global capability.
Here are the advantages if you choose Rapyd as your gateway:
- Safety and compliance with local regulations
- Competitive transaction rates
- Quick setup and user-friendly platform
Not only do they excel in their secure and seamless transactions, but Rapyd also provides exceptional customer support to assist you when needed.
5. Xfers – Best Conventional, Crypto-Supporting Choice
Xfers is a Singapore-based financial platform that offers conventional transactions.
Here’s a quick look at what Xfers offers:
- Digital payments: Allows businesses to send and receive payments efficiently.
- Cashflow tracking: Helps in monitoring business cash flows.
One thing that should prompt you to be confident in using this tool is that Xfers operates under strict regulations and is overseen by the Monetary Authority of Singapore, ensuring your transactions are safe and compliant.
On a different note, you might also find it particularly interesting that Xfers support cryptocurrency needs.
Overall, As a user, you can appreciate Xfers’ blend of traditional and modern finance, which includes:
- Compatibility with e-commerce platforms
- A variety of supported payment methods
Small and medium-sized enterprises (SMEs) benefit from the competitive pricing that Xfers offers, making it a smart choice for your business dealings in Singapore and potentially in the broader Southeast Asian region.
6. Razer Merchant Services – Best User-Friendly Payment Gateway
RMS also offers a robust and secure payment gateway that supports various transactions, whether you’re handling payments from e-wallets, online banking, or credit and debit cards.
With RMS, you can tap into a network that supports and promotes your business growth in Southeast Asia.
Here’s why many businesses choose RMS:
- It is widely recognized: IIt’s a highly-regarded solution trusted by various regional businesses.
- It has a quick integration system: You’ll appreciate the straightforward setup process that gets you ready to accept payments in no time.
7. Adyen – Best in Global Reach
Adyen facilitates e-commerce transactions and extends services to in-store and mobile payments, providing a comprehensive omnichannel experience.
The payment services offered by Adyen include:
- Global and domestic transactions: Accepting a range of card payments catering to local and international customers.
- Mobile payments: With the increase in mobile commerce, Adyen’s platform is optimized for mobile transactions.
- Cross-border transactions: Adyen supports cross-border payments, which is a significant advantage since many transactions in Singapore are from overseas.
One popular method Adyen offers is PayNow, a real-time payment solution widely used in Singapore. It’s simple and secure, allowing you to transfer funds instantaneously, thereby enhancing the customer experience.
More advantages of Adyen include:
- Scalability: As your business grows, Adyen can scale with you.
- Security: Implementing robust security measures to protect transactions.
- User-friendly: Aiming to provide seamless payment processes for the end-user.
If you’re seeking a payment gateway that offers a blend of local familiarity with global reach, Adyen is definitely worth considering as you expand within Singapore and beyond.
8. 2C2P – Best Diverse Payment Solution
2C2P is another comprehensive payment platform that enables local and international businesses to handle a vast array of transaction types easily.
Just take a look at the key features of 2C2P:
- Diverse payment solutions: 2C2P caters to every business need by supporting multiple payment methods, including electronic, mobile, and offline payments.
- Expanded reach: With services extending over multiple countries, 2C2P helps you quickly tap into new customer segments. Their global presence is substantiated by major licenses in key Asian markets.
- Security first: Your transactions are safeguarded against fraud, with 2C2P emphasizing vigilance against impersonation and phishing scams. More can be learned from their security advisory.
In addition to that, 2C2P makes it convenient for you to adapt to local preferences. In Singapore, for instance, they facilitate bank transfers through PayNow.
9. AsiaPay – Best Mobile-Ready Payment Gateway
Another payment gateway to consider for your business in Singapore is AsiaPay. They offer a platform that supports a wide range of payment methods, such as the ones listed below:
- Digital Wallets
- Bank Transfers
- Credit/Debit Cards
As transactions are performed, tools are designed to function as you use AsiaPay, protecting you and your customers from fraud.
Their advanced anti-fraud measures can give you peace of mind. Plus, you gain access to real-time consolidated reports, making tracking and analyzing transactions easier.
AsiaPay also provides big data insights to help you understand your market better.
AsiaPay’s additional features include:
- Multi-currency support: This feature enables transactions in multiple currencies if you’re dealing with international customers.
- Mobile-ready: Access AsiaPay’s platform readily on mobile devices, ensuring you can manage transactions on the go.
Using AsiaPay, you set your business up to provide a seamless and secure checkout process. The eventuality is that your customer experience can improve, possibly increasing customer satisfaction and loyalty.
10. PayPal – Best Multi-Currency and Secure Pick
PayPal is one of the distinctive online payment gateways worth your attention. With its robust and user-friendly platform, PayPal provides a seamless payment solution that can expand your business’s reach globally.
- Security: With advanced encryption and fraud prevention features, PayPal’s secure system helps protect your transactions.
- Convenience: It is accessible on various devices, making it easy to manage your transactions.
- Global reach: PayPal supports international payments and currency conversion, which assists you in catering to a wider audience.
Here’s a quick breakdown of what PayPal offers:
|Accept over 25 currencies from 200+ markets.
|Easy and fast transfer of funds to bank accounts.
|Competitive fees on international transactions.
|Simple integration with most shopping carts and e-commerce platforms.
To integrate PayPal with your online store, you must set up a merchant account and choose the right services that align with your business needs.
With PayPal, your business is well-equipped to provide a trusted payment service to your customers.
11. GrabPay – Best Cashless Payment Solution
Looking for a standout gateway payment that serves as a convenient e-wallet tool? If you’re already familiar with the Grab app, you’ll find GrabPay seamlessly integrated, allowing you to make cashless payments for a range of services, including Grab rides, GrabFood orders, and more.
Here are some of the things you can expect with GrabPay:
- In-store payments: Simply scan a merchant’s QR code to pay using GrabPay when you’re at any physical stores.
- Online shopping: Choose GrabPay Online when checking out at e-commerce platforms and pay with your mobile number. This feature is easy and secure.
- Global acceptance: The GrabPay Card, being a Mastercard, is accepted by over 50 million merchants worldwide, widely expanding your payment options.
Remember, the ease of use and integration with a wide network of services make GrabPay a compelling choice for your transactions in Singapore.
12. SmoovPay – Best Anti-Fraud Payment Gateway
SmoovPay is a homegrown payment service provider that offers you a seamless and secure method for online transactions. It is known for competitive rates and local market focus.
What sets SmoovPay apart is its use of 3D authentication. This security feature is a robust measure to prevent fraud.
How does it work? When your customers make a purchase, they are redirected to enter a One-Time Password (OTP). This adds an extra layer of security.
Here’s more of Smoovpay’s key features:
- Transaction fees: From the available information, expect a fixed fee of about 2.9% of the sale amount, with an additional charge per transaction.
- Setup transaction fee: You can breathe easy here; there typically isn’t one.
When choosing SmoovPay, you’re opting for a payment gateway that caters specifically to the Singapore market.
Additional Gateways to Choose From
When considering expanding your e-commerce operations in Singapore, many payment gateways are added to your options — they can help streamline your transactions. These gateways are designed to offer secure and convenient payment options both for your business and your customers.:
- Opn Payments (formerly Omise): If you’re looking for a gateway that supports credit and debit card transactions and is well-integrated with e-wallets like Google Pay and GrabPay, Opn Payments might fit you (Opn Payments).
- Choco Payment: Accepts major credit cards, Apple Pay, and Google Pay (Choco Payment).
- HitPay: Provides an integrated online payment processing system, POS, and B2B payments (HitPay).
- Liquid Gateway: Offers payment processing tailored for high-risk industries (Liquid Gateway).
- Eway Singapore: Supports online credit card payments (Eway Singapore).
While looking at these options, it’s vital to assess your business’s specific needs and preferences to determine the best fit. Whether it’s the range of supported payment methods or the level of customer support, each gateway offers unique benefits that could be just what your business needs to thrive in Singapore’s dynamic e-commerce landscape.
In Ultimately Choosing a Payment Gateway for E-commerce Businesses in Singapore
Your business’s success will be partly determined by the gateway you choose. Considering each gateway has unique offerings, features, and costs, you must carefully determine which of your options align with your business objectives, customer needs, and other important business aspects.
Assessing the Fit of a Payment Gateway With Business Needs
Start by identifying your customer base and their preferred payment methods. For example, if you’re getting into the global market, a payment gateway like PayPal may be suitable due to its widespread acceptance.
Evaluate if the gateway supports the currencies and payment types that align with your customer’s preferences.
Understanding Transaction Fees and Cost Implications
Always take on board the costs associated with each payment gateway. You must look for detailed breakdowns of the transaction fees, setup fees, and monthly charges. As you plan out your e-commerce business, these costs should be considered as they affect your pricing strategy and overall margins.
That said, choose a transparent gateway that offers competitive rates without compromising service quality.
Ensuring Compatibility With E-commerce Platforms and Integration Ease
Your chosen payment gateway needs to be compatible with your e-commerce platform. Gateways like Shopify Payments are specifically designed for seamless integration with the Shopify platform.
Check if the gateway offers plugins or APIs for easy integration with your current setup.
Evaluating the Security Measures of Each Gateway
The security of your transactions is paramount, so ensure that your choice adheres to industry standards like PCI DSS to protect sensitive cardholder information.
Gateways that offer additional security features, like tokenization, can provide top-notch layers of protection for your transactions. This will enhance your business reputation among customers.
Considering the Payment Gateway’s Reputation and Customer Trust
Finally, opt for a payment gateway with a strong reputation and high customer trust. A well-trusted gateway can enhance your e-commerce business’s credibility, leading to higher customer satisfaction and repeat business.
When customers are familiar with the transaction process gateway, they are more likely to shop and complete their purchase with you. How do you know a gateway’s reputation? Check out what people say about it through reviews and case studies to gauge the payment gateway’s reliability and service quality.
Frequently Asked Questions
1. Is Paylah a Payment Gateway?
PayLah! is not a traditional payment gateway. It primarily functions as a digital wallet app for individual users, focusing on peer-to-peer and personal payments rather than processing payments for merchants in e-commerce transactions.
Traditional payment gateways serve as intermediaries between e-commerce websites and financial institutions to process online customer payments securely, which is a role of PayLah! does not fulfill.
2. What Is the Most Popular Online Payment Gateway?
PayPal is widely recognized as the most popular global online payment gateway. This widespread popularity can be attributed to its extensive global reach, with PayPal being accepted by a plethora of merchants in over 200 countries and regions.
Its user-friendly interface for individuals and businesses makes it a preferred choice for many users. On top of that, PayPal’s robust security features and flexible options for sending and receiving payments have contributed to its strong reputation and widespread adoption in various sectors, including e-commerce, freelancing, and personal transactions.
3. Is Atome a Payment Gateway?
Atome is primarily a “Buy Now, Pay Later” (BNPL) service rather than a traditional payment gateway. Its primary function is to allow consumers to split their purchases into installments, offering an attractive, flexible payment solution.
Unlike payment gateways, which process transactions between merchants and financial institutions, Atome focuses more on providing consumers with an option to defer payments over a short term, partnering with merchants to facilitate this service.
When expanding your business in Singapore, having the right payment gateway is like securing a reliable bridge between your customers and your transactions. It’s essential for a smooth and secure online payment solution. With numerous options available, it’s crucial to pick one that matches your business needs and provides your customers with the ease and security they expect.
- When looking for a payment gateway, ensure it offers layers of security features to protect your transactions.
- Choose a provider to support your online store with seamless e-commerce platform integrations.
- Consider if the payment gateway supports international payments if you aim to reach customers beyond Singapore.
- Understand the fees entailed by payment gateway to ensure they fit your business budget.
- Payment gateways should offer a smooth transaction experience for customers to minimize abandonment rates at checkout.
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