Top 10 Best Payment Gateways in Singapore

Singapore, known as a global financial hub, is at the forefront of technological advancements, especially in the fintech sector. With a rapidly growing e-commerce industry, the need for reliable and efficient payment gateways is paramount. This article will explore the best payment gateways in Singapore, providing a comprehensive guide for businesses looking to optimize their payment processing.

What Are Payment Gateways?

A payment gateway is a technology used by merchants to accept debit or credit card purchases from customers. It acts as a bridge between the customer’s bank and the merchant’s bank, facilitating the secure transfer of funds.

Also, Read: Top 10 Best Payment Gateways for International Transactions

How Do Payment Gateways Work?

When a customer makes a purchase online, the payment gateway performs several crucial steps to process the payment securely:

1. Encryption: The payment gateway encrypts the transaction details, ensuring that sensitive information is protected during transmission.
2. Authorization: The gateway sends the transaction details to the issuing bank for authorization. The bank verifies the transaction and either approves or declines it.
3. Settlement: Once approved, the funds are transferred from the customer’s bank to the merchant’s bank, completing the transaction.

What is a Payment Gateway Provider or Service?

A payment gateway provider is a company that offers the technology and infrastructure to facilitate online payment processing. They enable merchants to accept various forms of payment, including credit cards, digital wallets, and bank transfers.

Also, Read: Top 10 Best Crypto Payment Gateways in the USA

How Does a Payment Gateway Provider Work?

A payment gateway provider works by offering merchants a suite of tools to process payments securely. This includes encryption, fraud detection, and integration with various payment methods. The provider acts as an intermediary, ensuring that transactions are processed smoothly and securely.

Also, Read: Top 10 Best Cryptocurrency Exchanges

Top 10 Best Payment Gateways in Singapore

Singapore's dynamic e-commerce landscape necessitates robust payment gateways that can handle the diverse needs of businesses. Here's an in-depth look at the top 10 payment gateways in Singapore, highlighting their unique features, advantages, and fee structures.

1. Stripe

Overview: Stripe is a globally recognized payment gateway known for its developer-friendly API. It is favored by tech-savvy businesses, particularly startups and developers, due to its flexibility and customization options. Stripe's extensive support for various payment methods and currencies makes it an excellent choice for businesses with a global reach.

Key Features:

• Seamless Integration: Stripe provides easy integration with various e-commerce platforms and mobile apps, allowing businesses to start accepting payments quickly.
• Customizable Checkout: Businesses can design their checkout experience to align with their brand, enhancing the user experience.
• Robust Fraud Prevention: Stripe's Radar, a machine-learning-based fraud detection system, offers comprehensive protection against fraudulent activities.

Fees: 3.4% + S$0.50 per successful card charge.

2. PayPal

Overview: PayPal is one of the most well-known payment gateways worldwide, providing a secure and straightforward way to accept online payments. It is particularly popular among small to medium-sized businesses due to its ease of use and the trust associated with its brand.

Key Features:

• Global Reach: PayPal supports transactions in over 200 countries and 25 currencies, making it ideal for businesses targeting an international audience.
• Strong Brand Trust: Customers are more likely to complete purchases using a trusted payment method like PayPal, which can help increase conversion rates.
• Easy Integration: PayPal offers plugins and extensions for most e-commerce platforms, allowing businesses to set up quickly.

Fees: 3.9% + S$0.50 per transaction for international payments.

3. PayNow Corporate

Overview: PayNow Corporate is a local payment gateway in Singapore, enabling businesses to receive payments instantly via a Unique Entity Number (UEN). This service is particularly popular among small businesses and local enterprises due to its simplicity and cost-effectiveness.

Key Features:

• Instant Transfers: Payments are transferred in real-time, ensuring businesses receive funds quickly.
• No Transaction Fees: PayNow Corporate does not charge transaction fees, making it an economical option for businesses.
• Bank Integration: It integrates seamlessly with major banks in Singapore, facilitating smooth transactions.

Fees: Free for businesses.

Also, Read: Top 10 Best Cryptocurrency Wallets

4. eNETS

Overview: eNETS is a prominent online payment gateway in Singapore, widely used by government agencies, large corporations, and local enterprises. It offers a comprehensive solution for online payments, supporting multiple currencies and providing extensive fraud management tools.

Key Features:

• Multiple Currencies: eNETS supports transactions in various currencies, making it ideal for businesses with international customers.
• Comprehensive Fraud Management: eNETS provides advanced fraud detection and prevention tools, ensuring the security of transactions.
• Local Bank Integration: It integrates with several local banks, making it convenient for businesses to process payments.

Fees: 2.8% - 3.5% per transaction.

5. Hoolah

Overview: Hoolah is a buy now, pay later (BNPL) solution that allows customers to split their payments into three interest-free installments. It is a popular choice among younger consumers and businesses looking to increase conversion rates by offering flexible payment options.

Key Features:

• Flexible Payment Options: Hoolah enables customers to make purchases without paying the full amount upfront, which can lead to higher conversion rates.
• Increased Conversion Rates: By offering BNPL, businesses can attract more customers and encourage larger purchases.
• Seamless Integration: Hoolah integrates easily with e-commerce platforms, allowing businesses to offer BNPL without significant changes to their payment processes.

Fees: Merchant fee of 5.8% per transaction.

6. GrabPay

Overview: GrabPay is a digital wallet that is part of the Grab super app, a widely used platform in Southeast Asia. It offers a convenient and secure way for customers to pay online and is especially popular among users of other Grab services like transportation and food delivery.

Key Features:

• Integration with Grab Services: GrabPay can be used seamlessly across all Grab services, providing a unified payment experience for customers.
• Loyalty Rewards: Users earn GrabRewards points with every transaction, encouraging repeat usage.
• Strong Brand Recognition: As part of the Grab ecosystem, GrabPay benefits from the strong brand presence and trust Grab has built across Southeast Asia.

Fees: 2.9% per transaction.

7. FavePay

Overview: FavePay is a QR-based payment system that integrates with various local payment methods, offering customers cashback and discounts. It is particularly popular in retail and food & beverage industries, where customers appreciate the added value of rewards and discounts.

Key Features:

• Customer Loyalty Programs: FavePay offers cashback and discounts, which can help businesses attract and retain customers.
• Low Transaction Fees: FavePay's fees are relatively low, making it an affordable option for small and medium-sized enterprises.
• Easy Setup: Businesses can quickly implement FavePay with minimal setup requirements.

Fees: 1.5% - 2.0% per transaction.

Also, Read: Top 10 Best Crypto Payment Service Providers

8. Mollie

Overview: Mollie is a European-based payment gateway that has expanded into Singapore, offering a wide array of payment options. It is known for its transparent pricing and easy integration, making it a good option for businesses looking for a straightforward payment solution.

Key Features:

• Easy Integration: Mollie offers plugins for popular e-commerce platforms, enabling businesses to start accepting payments without extensive technical work.
• Transparent Pricing: Mollie provides clear and simple pricing with no hidden fees, which can help businesses manage their costs effectively.
• Support for Various Currencies: Mollie supports multiple currencies, making it suitable for businesses with international customers.

Fees: 2.8% per transaction.

9. WorldPay

Overview: WorldPay is a global payment gateway known for its robust infrastructure and ability to handle high-volume transactions. It is widely used by large enterprises and businesses that require a reliable and scalable payment solution.

Key Features:

• Comprehensive Reporting Tools: WorldPay offers detailed analytics and reporting, helping businesses track and manage their transactions.
• Multi-Currency Support: WorldPay supports transactions in multiple currencies, making it ideal for global businesses.
• High-Level Security Features: WorldPay provides advanced security measures, including tokenization and encryption, to protect customer data.

Fees: Custom pricing based on transaction volume.

10. Adyen

Adyen is a global payment gateway offering a unified platform for processing payments across various channels, including online, in-store, and mobile. It is popular among businesses looking for an omnichannel payment solution that integrates all their payment needs into a single platform.

Key Features:

• Omnichannel Payment Support: Adyen allows businesses to accept payments across different channels, providing a seamless experience for customers.
• Advanced Analytics: Adyen offers comprehensive data and insights, helping businesses optimize their payment processes.
• Strong Fraud Prevention: Adyen’s advanced fraud detection tools help minimize the risk of fraudulent transactions.

Fees: 3.0% + S$0.12 per transaction.

Also, Read: Top 5 Payment Gateways that Accept Bitcoin

How to Choose the Best Payment Gateway in Singapore?

Choosing the right payment gateway depends on various factors, including the nature of your business, transaction volume, and customer preferences. Here’s a guide to help you make an informed decision:

1. Transaction Fees: Compare the fees charged by different gateways to ensure they align with your budget.
2. Payment Methods: Ensure the gateway supports the payment methods preferred by your customers.
3. Security Features: Look for gateways that offer robust fraud prevention and encryption.
4. Ease of Integration: Choose a gateway that can be easily integrated with your existing systems.
5. Customer Support: Opt for a provider with responsive customer support to assist with any issues.

Criteria to Choose the Best Payment Gateways in Singapore

1. Reputation: Select gateways with a strong reputation in the market.
2. Scalability: Ensure the gateway can handle your business's growth and increased transaction volume.
3. Localization: Choose a gateway that supports local payment methods and currencies.
4. User Experience: Consider the ease of use for both the merchant and the customer.
5. Compliance: Ensure the gateway complies with local regulations and data protection laws.

Benefits of Best Payment Gateways in Singapore

1. Security: Protects sensitive customer information with encryption and fraud detection tools.
2. Convenience: Offers multiple payment options, improving the customer experience.
3. Efficiency: Streamlines the payment process, reducing the time required to complete transactions.
4. Global Reach: Allows businesses to accept payments from customers worldwide.
5. Revenue Growth: By offering flexible payment options, businesses can increase conversion rates and sales.

Also, See: Best Payment Gateways that Accept USDT

What’s the Difference Between a Payment Gateway and a Payment Service Provider?

• Payment Gateway: A payment gateway is a technology that facilitates the transfer of funds from the customer to the merchant by connecting the customer’s bank and the merchant’s bank.
• Payment Service Provider (PSP): A PSP offers a broader range of services, including payment gateways, merchant accounts, and other payment processing tools. PSPs often provide a comprehensive solution for businesses, enabling them to accept various payment methods through a single platform.

FAQs Related to Best Payment Gateways in Singapore

Which payment gateway is the most popular in Singapore?

Stripe and PayPal are among the most popular payment gateways in Singapore, favored for their ease of use and global reach.

Can I use multiple payment gateways for my business?

Yes, many businesses use multiple payment gateways to offer a variety of payment options to their customers.

Are there any free payment gateways in Singapore?

PayNow Corporate offers a free payment gateway service for businesses in Singapore, allowing instant payments via a UEN number.

What factors should I consider when choosing a payment gateway in Singapore?

Consider transaction fees, supported payment methods, security features, ease of integration, and customer support when choosing a payment gateway.

How secure are payment gateways in Singapore?

Payment gateways in Singapore are generally very secure, employing advanced encryption and fraud detection tools to protect sensitive information.

Conclusion

Choosing the right payment gateway is crucial for the success of any online business in Singapore. With numerous options available, businesses must carefully evaluate each gateway's features, fees, and benefits to find the best fit. Whether you’re a small business or a large corporation, the right payment gateway can help you streamline your payment processes, enhance security, and ultimately drive growth.