In today’s fast-paced digital economy, having a reliable and secure payment gateway is vital for any online business, just like fish needing water to survive. A payment gateway enables the smooth transfer of financial data between customers, businesses, and financial institutions, making it possible for you to receive payments for your products or services. If you’re running an e-commerce business in Singapore, choosing the right payment gateway is essential. This guide covers some of the top payment gateways in Singapore to help you make an informed decision.
What is a Payment Gateway?
A payment gateway is a technology that processes online transactions between customers and merchants. It authorizes and transfers payment information through credit cards, debit cards, mobile wallets, or bank transfers. Think of it as the digital bridge that ensures funds are securely transferred from the customer’s bank account to the merchant’s account.
Key Factors to Consider When Choosing a Payment Gateway
Before diving into the top payment gateways in Singapore, it’s important to know what makes a payment gateway reliable and effective for your business:
- Security: Look for encryption and fraud prevention measures to ensure customer data is protected.
- Ease of Integration: A payment gateway should seamlessly integrate with e-commerce platforms, shopping carts, and point-of-sale (POS) systems.
- Range of Payment Options: The more payment methods available, the easier it is for customers to complete purchases.
- Customer Support: Timely and responsive support is crucial for both merchants and customers.
- Fees and Costs: Consider transaction fees, setup costs, and any hidden charges.
Now, let’s explore the top payment gateways in Singapore that offer reliable services for businesses of all sizes.
Top 10 Payment Gateway Companies in Singapore
1. PayPal
PayPal is one of the most recognized payment gateways globally, with a strong presence in Singapore. It offers a secure platform for businesses to accept payments via credit cards, debit cards, and PayPal accounts. The platform also supports multiple currencies, which is ideal for international transactions. Its One-Touch™ checkout feature enhances user experience by allowing customers to pay without re-entering their payment details.
- Transaction Fees: 3.9% + S$0.50 for domestic transactions, 4.4% + a fixed fee for international transactions.
- Best For: Businesses looking for a reliable, globally trusted payment solution.
Official Website: PayPal
2. Opn Payments (formerly Omise)
Opn Payments is a versatile payment gateway that allows businesses to accept payments through various channels, including mobile wallets, debit and credit cards, and PayNow. It also supports instalment payments, scheduled billings, and auto-payouts, making it a flexible option for businesses with different customer needs.
- Transaction Fees: 3.3% + S$0.30 for card payments; lower fees for mobile wallet transactions.
- Best For: Businesses looking to offer a wide range of payment options, including instalments.
Official Website: Opn Payments (formerly Omise)
3. Stripe
Stripe is a leading global payment gateway known for its developer-friendly API and high scalability. Stripe supports both local and global payments in multiple currencies. It also offers advanced security features like SSL encryption, ensuring customer data is protected during transactions.
- Transaction Fees: 3.4% + S$0.50 for card payments, 2.2% + S$0.35 for Alipay and WeChat Pay.
- Best For: Tech-savvy businesses that require customizable payment solutions.
Official Website: Stripe
4. Atome
Atome is a relatively new player in Singapore’s payment gateway scene but has quickly gained popularity due to its Buy Now, Pay Later (BNPL) option. This allows customers to split their payments into three interest-free instalments, making it easier to shop and pay later.
- Transaction Fees: Varies based on your revenue; no setup fee.
- Best For: Retail and e-commerce businesses looking to boost conversion rates with flexible payment options.
Official Website: Atome
5. HitPay
HitPay is an ideal payment gateway for small and medium-sized enterprises (SMEs). It offers no coding, no subscription fees, and multiple payment methods such as Apple Pay and GrabPay. HitPay also integrates smoothly with popular e-commerce platforms like Shopify and WooCommerce, making it easy for businesses to set up online payment systems.
- Transaction Fees: 2.8% + S$0.50 for card transactions, lower fees for digital wallets.
- Best For: SMEs looking for a cost-effective, easy-to-integrate payment solution.
Official Website: HitPay
6. Liquid Gateway
Liquid Gateway is designed with security as a priority, offering robust measures against fraud and cyberattacks. Its support team is readily available to assist businesses, making it a dependable option for smaller enterprises. Liquid Gateway also offers monthly performance reports, helping businesses track their progress.
- Transaction Fees: 2.9% + S$0.68 per transaction.
- Best For: Small businesses needing strong security features and performance tracking.
Official Website: Liquid Gateway
7. Eway Singapore
Eway offers businesses fast and secure payment processing with flat-rate transaction fees and no hidden costs. It supports major credit and debit cards and integrates with various e-commerce platforms.
- Transaction Fees: 1.5% + S$0.22 for AMEX, Visa, and Mastercard transactions.
- Best For: Businesses looking for a transparent, cost-effective payment gateway.
Official Website: Eway Singapore
8. Adyen
Adyen is a global payment gateway widely used by big-name brands like LinkedIn and Booking.com. It offers localised payment options for global customers and includes tools for fraud management and revenue optimization.
- Transaction Fees: Starts at €0.12 (S$0.21) + a fee based on the chosen payment method.
- Best For: Large businesses with a global customer base.
Official Website: Adyen
9. SmoovPay
SmoovPay is a Singapore-based payment gateway that specializes in secure online transactions. It supports 3D authentication to protect customers’ data and offers a mobile POS system for businesses to accept payments on the go.
- Transaction Fees: 2.9% + S$0.25 per transaction.
- Best For: SMEs that need a mobile-friendly payment solution.
Official Website: SmoovPay
10. GrabPay
GrabPay is a digital wallet integrated with the Grab app. It allows businesses to accept payments easily and offers reward points for customers, encouraging repeat purchases. It’s especially popular for mobile-first businesses.
- Transaction Fees: 1% for Singaporean SMEs.
- Best For: Small businesses looking to attract mobile shoppers.
Official Website: GrabPay
Conclusion
Choosing the right payment gateway is essential for ensuring smooth and secure transactions in your e-commerce business. Factors such as security, ease of integration, transaction fees, and available payment methods should guide your decision. Whether you’re a small business looking for a low-cost solution or a large enterprise in need of robust global options, Singapore offers a wide range of payment gateways to suit your needs. By selecting the best payment gateway, you can improve customer experience and grow your online business efficiently.