Starting an e-commerce business is an exciting journey. Still, while developing your branding and building a website, one of the most crucial aspects you will need to do is pick an online payment gateway in Singapore. Singapore is a global leader in financial technology (fintech). As a result, the country has observed an influx of payment gateways , each with its features and advantages. With many options, it can be challenging for businesses to determine which payment gateway is right. In this blog, we will look at Singapore’s best payment gateways and assist you in deciding the best fit for your business.
Best Payment Gateways in Singapore
The best payment gateway is robust and reliable, which helps to make buying easy. Online retailers have many options when it comes to payment gateways. To help you, some payment gateway Singapore is being carried out these days.
PayPal is the most popular payment gateway globally, with a significant presence in Singapore. It is easy to use and accept payments in multiple currencies. PayPal is particularly beneficial for small businesses that operate internationally, as it can process payments in 25 currencies.
Moreover, it is free to set up a PayPal account, and companies only need to pay a fee when they receive a payment. The fee structure is competitive, with a fee of 3.9% + SGD 0.50 per transaction.
for domestic charges and 4.4% + a fixed price for international payments. PayPal also offers a range of security features, including buyer and seller protection.
2. DBS PayLah
DBS PayLah is an excellent choice for reaching local customers. The payment gateway debits the money directly from a DBS account of the customers, allowing quick and seamless payments. It also accepts omnichannel payments and easily integrates into online stores. It can be expensive for new e-commerce merchants. There is a one-time setup fee of SG$800, an annual fee of SG$1,000 and a 3% fee on debit and credit card transactions.
Stripe is another popular payment gateways in Singapore. It is known for its easy-to-use interface and customisable checkout process. Stripe allows businesses to accept payments in more than 135 currencies and supports credit and debit cards, including Visa, Mastercard, and American Express. Stripe’s pricing structure is transparent and competitive, with a fee of 3.4% + SGD 0.50 per transaction. Stripe also offers a range of features, such as chargeback protection and fraud detection, to help businesses mitigate the risks associated with online payments.
WorldPay offers competitive fees. In WorldPay, your monthly cost could be as low as SG$ 35/ month for a basic Gateway Standard account. Credit or debit card transactions incur a 2.75% plus SG$0.37 charge. This payment gateway also accepts various credit and debit cards and supports recurring billings.
Around 26,000 businesses use eWay, and it’s hard to see why. This is one of the payment gateways that combine effortlessly with the online stores, accept all major credit and debit cards, and is PCI- compliant. It also offers 24/7 technical assistance and flat rate pricing of 3.4% plus SG$0.40 per transaction, making it easy for new merchants to start with an e-commerce journey to streamline payments.
Braintree is a PayPal-owned payment gateway that provides a secure and straightforward way for businesses to accept payments online. Braintree accepts payments in over 130 currencies and supports major credit and debit cards, including Mastercard, Visa and American Express. It offers competitive pricing, with a fee of 2.9% + SGD 0.30 per transaction. Braintree’s advanced security features, like fraud detection and multi-layer encryption, help protect businesses from fraudulent transactions.
Payoneer is one of the popular payment gateways that specialise in cross-border payments. It offers businesses a range of payment options, including bank transfers, credit cards, and e-wallets, and supports prices in over 150 currencies.
Payoneer’s pricing structure is competitive, with a fee of 2% to 3% per transaction, depending on the payment method. Payoneer also offers a range of attributes , like multi-currency accounts and risk management tools, to help businesses streamline their international payments.
2Checkout is a payment gateway that supports payments in over 200 countries and territories worldwide. It accepts payments in multiple currencies and supports credit and debit cards, including Visa, American Express and Mastercard. 2Checkout’s pricing structure is competitive, with a fee of 3.5% + SGD 0.35 per transaction. It also offers features, like fraud detection and chargeback management, to help businesses manage their payments more effectively.
HitPay is an emerging payment gateway in Singapore. If you want to offer more local payment options like PayNow, HitPay can give your store a unique payment solution.
eNETS is one of the pioneer payment gateways in Singapore. Besides accepting payments through credit and debit cards, eNETS also offers merchants to accept payments through direct debit. If your business model needs direct debit support, go out with eNETS, Singapore’s only payment gateways supporting this method.
Singapore offers a range of payment gateways to help businesses of all sizes manage their payments more effectively.
Opting for the right payment gateway for your business depends on factors, including the size and nature of your business, the payment methods you want to accept, and the fees you are willing to pay. By considering the payment methods you wish to get, the prices you are ready to pay, and the attributes you need, you can opt for the payment gateways that are the best fit for your business.