Article
Payment Gateway Singapore: What Businesses Need to Know
Dive into the world of payments and get a better understanding of payment gateways. Discover the most important things to consider when choosing one for your business.
Choosing the right payment gateway is an important decision for businesses in Singapore. From accepting popular local payment methods to supporting international customers, your payment gateway can influence the checkout experience, payment security, and your ability to grow across markets.
Singapore is a highly digital economy, so businesses need a payment solution that can support the payment methods customers prefer while providing secure, reliable transactions. When comparing payment gateways in Singapore, consider factors such as supported payment methods, transaction fees, fraud prevention, integration, settlement, and cross-border capabilities.
In this guide, we explore what Singapore businesses should consider when choosing a payment gateway, including how to accept payments locally and internationally.
What is a payment gateway?
A payment gateway securely connects customers, businesses, and payment providers to facilitate online transactions. It securely transmits payment information and helps businesses process payments through supported payment methods.
For a more detailed explanation of how payment gateways work and what to consider when choosing one, read our guide to what a payment gateway is and how to choose one.
Payment methods Singapore businesses should consider
Singapore businesses need to consider both local and international payment methods when choosing a payment gateway. Offering the right mix of payment options can help businesses provide a convenient checkout experience for local customers while also supporting sales from international shoppers.
Depending on your business and customer base, payment methods to consider include:
Cards: Visa and Mastercard are widely used for online payments and are essential for businesses serving both Singaporean and international customers.
PayNow: PayNow enables customers in Singapore to make instant payments directly from participating bank accounts or e-wallets, making it an important local payment method for Singapore businesses.
GrabPay: GrabPay provides another digital payment option for customers in Singapore and can be particularly relevant for businesses looking to offer wallet-based payments.
Apple Pay and Google Pay: Digital wallets can make checkout faster by allowing customers to pay using stored card and payment details on compatible devices.
The payment methods you need will depend on your target customers, business model, and markets. A payment gateway that supports a broad range of local and international payment methods can help businesses adapt as their customer base grows.
What to consider when choosing a payment gateway in Singapore
Choosing a payment gateway involves more than comparing transaction fees. Singapore businesses should consider how well a provider supports their current payment needs, as well as their plans for future growth.
SGD and multi-currency payments
If you sell to customers in Singapore and overseas, consider whether the payment gateway can support payments in Singapore dollars and other currencies. Multi-currency capabilities can make it easier to manage international sales as your business expands.
Security and fraud prevention
Payment security is essential for protecting customers and your business. Look for a provider with built-in security and fraud prevention capabilities that can help identify and manage potentially fraudulent transactions without creating unnecessary friction for legitimate customers.
Integration
Consider how easily the payment gateway can integrate with your existing ecommerce platform, website, point-of-sale systems, or other business tools. A straightforward integration can reduce implementation time and simplify ongoing payment management.
Settlement
Consider how and when funds are settled into your business account, particularly if you accept multiple currencies or operate across different markets.
Scalability
Your payment needs may change as your business grows. A payment gateway should be able to support increasing transaction volumes, additional payment methods, and expansion into new markets without requiring you to replace your payment infrastructure.
Choosing a payment gateway for cross-border growth
Singapore's relatively small domestic market means many businesses look to international markets for growth opportunities. If you're planning to sell internationally, your payment gateway can play an important role in supporting that expansion.
Look for a payment gateway that can help you accept international cards, support multiple currencies, offer relevant local payment methods in overseas markets, and manage payments across multiple markets.
Supporting local payment preferences in each market can help create a more familiar checkout experience for international customers, while a unified payment infrastructure can simplify payment operations as your business expands.
Differences between a payment gateway and a payment processor
‘Payment processor’ and ‘payment gateway’ are two players of this ecosystem that often get confused with each other.
A payment gateway securely collects and transmits payment information, while a payment processor handles the transaction in the background by communicating with the relevant payment networks and financial institutions.
A payment gateway and payment processor can be two separate systems. However, having both on a single platform can simplify payment operations and improve the efficiency of the payment process.
Where does Adyen fit in?
Adyen offers a range of payment solutions to help businesses in Singapore simplify and optimize their payments.
We’re a payment gateway, processor, and acquirer on a single platform. This means businesses can initiate payments without needing to manage multiple suppliers.
We also provide payments solutions such as authentication, risk management, and authorization optimization. We can gather data from all processes and make more informed decisions since we have everything in one platform, leading to improved performance such as higher conversion rates and higher authorization rates.
You can drive more value for your business and reduce complexity by using a provider that is more than just a gateway. With a single-platform setup, you can create effortless payments, resulting in higher authorization rates and increased revenue for your business.
