Online Payment Gateways in Singapore

Author

Xiao Ling

Published

23 October 2009 (Last edited on 27 November 2020)

URL

https://octopus.sg/library/note/online-payment-gateways-singapore

Originally developed as a presentation for a project in 2009, this old article continues to be one of our most popular pages. While we tried to make this table comprehensive and easy to understand, this table should be used as for general comparisons only. Please check with the respective merchants for up-to-date information.

	PayPal	Stripe	eNets
Fees (SGD)
Set up	—	—	$250
Yearly Subscription	—	—	$200 onwards
Transaction Charge	Local Customer: 3.9% + $0.50 Overseas Customer: 4.4% + $0.50	3.4%+ $0.50	3.50 - 4.00%
Example: One time transaction of $300	$12.20 / $13.70	$10.70	$12.00
High Volume Transaction Charge	2.4% - 2.9% for > $5000 monthly volume	—	Sales Consultant to advise
Withdrawal Fees	> $200 : — < $200 : $1	No withdrawal fees:	—
Deposit	—	Charged on a case-by-case basis after business risk is assessed	33% of transactions as deposit for preceding 6 months.
User Considerations	Paypal	Stripe	eNets
Payments in multi-currency	23 currencies including SGD & Ringgits	135+ currencies provided	SGD only
Nets (DBS/POSB, UOB or Citibank)	✘	✘	✔
Checkout process	Taken to PayPal site, then back to main site. Integration to website planned for future.	Can be integrated into website	Can be integrated into website
Administration	Paypal	Stripe	eNets
Set Up	Instant sign up with credit card & bank account verification	Instant sign up with credit card & bank account verification	3 weeks
Sales Settlement Period	Typically 4-7 business days	Typically 7 business days	2 weeks
Pros	Paypal	Stripe	eNets
	Very fast to set up Large user base	Accepts wide range of payment methods, such as GrabPay and Apple Pay	Supports internet banking, good for users without credit cards
Cons	Paypal	Stripe	eNets
	Cannot send /receive/withdraw from all countries Penalty for withdrawals lesser than $200	Long settlement period	High fees High deposit fee Requires 3-4 weeks to set up.
More Info
	PayPal Website Payments Standard	Stripe Singapore	eNets Value Pack