Stripe is a leading financial services company with a comprehensive payment processing platform aimed at global businesses, especially digital and e-commerce firms. It is an especially prominent player in Singapore where the e-commerce market is projected to be worth USD $10 billion this year, a significant leap from USD $5.9 billion in 2021.¹ Given the growing need and demand among fast-growing Singapore businesses for easy, secure, and innovative payment methods, we explore Stripe Singapore's payments platform in this article, touching on its primary features, uses, and pricing points.

Stripe payments in Singapore: What is it and what are its benefits for global businesses?

Meta title: How Stripe supports businesses’ cross-border payment needs

Meta description: Explore the benefits of Stripe payments for global businesses, from cross-border transactions in 135+ currencies to streamlined checkout experiences

Stripe is a leading financial services company with a comprehensive payment processing platform aimed at global businesses, especially digital and e-commerce firms. It is an especially prominent player in Singapore where the e-commerce market is projected to be worth USD $10 billion this year, a significant leap from USD $5.9 billion in 2021.¹ Given the growing need and demand among fast-growing Singapore businesses for easy, secure, and innovative payment methods, we explore Stripe Singapore's payments platform in this article, touching on its primary features, uses, and pricing points.

Key takeaways

• Stripe supports international businesses in Singapore by helping them receive and make payments globally
  
• It supports 135+ currencies across 195 countries, and offers more than 100 payment methods (including bank transfers, debit and credit cards, digital wallets, and payment links)
  
• Businesses can opt to have a pre-built payment page hosted by Stripe on their Stripe dashboard or integrate Stripe in their website through a custom payment page or checkout flow
  
• Apart from payment processing, Stripe offers related services such as invoicing, subscription management, card issuance, point-of-sale devices, tax management, etc
  
• Stripe charges per transaction with different rates for different payment methods. It has two pricing plans – standard and custom. There are no account set-up or monthly fees
  

What is Stripe and what does it do?

Stripe is a multi-national fintech company headquartered in San Francisco, US, and Dublin, Ireland. Stripe offers extensive payment processing services to international businesses. In Singapore, businesses use Stripe services to accept international payments online and in person in 135+ currencies across 195 countries.² Stripe also facilitates cross-border payments to overseas suppliers, employees, and other recipients locally in more than 60 currencies, helping businesses avoid costly conversion rates.³

Payment methods supported by Stripe

Stripe supports more than 100 payment methods in Singapore, including:⁴

• Credit and debit cards (Visa, MasterCard, American Express, etc)
  
• Digital wallets (Apple Pay, Google Pay, Alipay, etc)
  
• Bank transfers
  
• Bank debits (ACH direct debits, etc)
  
• Real-time bank payments (PayNow)
  
• Buy now, pay later
  
• Cryptocurrency (Stablecoins)
  
• Point of sale (POS) devices
  

As a Major Payment Institution licensed by the Monetary Authority of Singapore, Stripe acts both as a payment gateway (collecting and encrypting sensitive customer data) and payment processor (transmitting that data through financial institutions and authorising transactions).

An area in which Stripe stands out is its dedication to elevating the customer experience with regard to international payments. Here is how it does this:

Pre-built custom payment page

Stripe helps Singapore businesses accept payments easily with a feature called Stripe Checkout. All the user needs to do is embed a pre-built payment page on their website or redirect to a Stripe-hosted payment page from their website. The payment page is specifically optimised to reduce cart abandonment and increase sales. It can be customised to match the look and feel of the user's website.

Payment links

Stripe also allows businesses to collect payments through shareable payment links and QR codes that they can send to their customers via email, text message, or other channels.

Instant checkout

Stripe Link is yet another feature that supports quick checkouts by autofilling customers' payment information. According to Stripe, businesses that used this tool to offer a frictionless checkout experience managed to increase their repeat customer base.⁵

In-person payments

Apart from online payments, Stripe supports in-person payments through the provision of point-of-sale devices manufactured by Stripe or third-party providers. Called Stripe Terminal, this service allows users to unify their in-person payments with their online payments on their Stripe dashboard, which makes for consolidated viewing and efficient data management.

Invoicing

Stripe Invoicing helps Singapore businesses create professional, branded, and customisable invoices in minutes, automate their accounts receivables, and set payment reminders. This tool is primed to make payment collection fast and pain-free and to ease up cash flow.

Subscription management

This tool is targeted at businesses with subscription-based pricing models so that they can collect recurring payments easily. It can also be used as an analytical tool to study churn rates and subscription failure rates and to compare one's payment performance with that of a business rival.

Advantages of using Stripe payments in Singapore

• Stripe is a complete payment platform offering payment processing services, ensuring businesses don't have to use multiple providers for separate payments-related needs
  
• Stripe offers access to 100+ payment methods such as card payments, bank transfers, bank debits, wallet payments, etc
  
• It supports cross-border payments in 135+ currencies across 195 countries, helping businesses accelerate global expansion
  
• Stripe offers local acquiring in 46 markets, which reduces costs as well as chances of transaction failure⁶
  
• Stripe provides convenient services such as shareable payment links, one-click checkout, single dashboard for online and in-person payments, and custom interfaces to enhance the overall customer experience
  

How to start using Stripe in Singapore

Follow these simple steps to start making payments via Stripe:

• Sign up for a Stripe account. You will need to submit information about your business and provide supporting KYC documents such as ACRA registration, government-issued ID, etc
  
• Once the account is approved and activated, choose the methods by which you wish to accept payments. For example, if you prefer card transactions, add that option. Or, if you wish to integrate Stripe into your website, you can opt for pre-built features such as Checkout or payment links
  
• To start making payouts, link your business account to your Stripe account by adding in your account details. You’ll also need to choose the preferred currency for your outbound international payments. Users are eligible for their first Stripe payout 7-14 days after they have received their first payment
  

Stripe fees in Singapore

Stripe deploys a pay-as-you-go pricing model in Singapore, which means the user simply pays for each transaction. There are no set-up fees or monthly fees. Businesses can choose between two pricing plans – standard pricing and custom pricing (relevant for users with high-volume transactions or unique business models).

Some Stripe payment acceptance methods and corresponding fees under the standard pricing plan:⁷

[Table:1]

It must be noted that international payments requiring a currency conversion will incur a 2% charge on Stripe, as shown in the table above.

Stripe payout: What is it and how long does it take?

A user's first payout – when Stripe transfers funds to the user's linked bank account from completed transactions – typically takes 7-14 days on account of a standard risk mitigation measure. Subsequent payouts are subject to a payout schedule the user opts for. This schedule is customisable and can be set to daily, weekly, monthly, or manual payouts.⁸

Stripe also offers instant payouts in some countries, including Singapore, to eligible businesses. This facility is only available on payment methods provided by specific financial institutions. Furthermore, the payout must be made in the local currency.⁹

Aspire for fast, easy, and affordable international payments

Aspire is a great payment option for international businesses exploring convenient, secure, and fast payments at an affordable price. Our multi-currency business account supports 30+ currencies across more than 130 countries, allowing you to send and receive international payments locally without the need for currency conversions. For transactions requiring a currency conversion, we offer market-leading FX rates starting at 0.22% above mid-market rates. Aspire also processes payments within the same day in 15+ currencies around the world, ensuring your overseas suppliers are always paid on time. Our pricing structure promises transparency while eliminating hidden costs. Additionally, Aspire matches Stripe's extensive offerings with in-built expense management, invoicing, and budget management tools as well as APIs and accounting integrations.

Furthermore, Aspire offers seamless integration with Stripe, allowing its users to receive international payments via credit/debit card and wallets directly and through Payment Links. This partnership has also accelerated settlement time with Aspire customers getting paid in 3 days instead of the standard 7 days.

Conclusion

Stripe offers a comprehensive range of payment processing and financial infrastructure services in Singapore. Large enterprises and small businesses alike use it to accept payments from abroad and make global payments easily from their Stripe account. However, costs can add up when making global payments, and this risk applies to Stripe payments too. Aspire can be a more cost-effective option for Singapore businesses as it allows them to make and receive international payments locally, eliminating the need for currency conversion and the expenses associated with it.

FAQs

Does Stripe work in Singapore?

Yes, Stripe offers Singapore businesses a comprehensive suite of payment processing services along with developer tools, fraud protection, and various other features.

How long does it take Stripe to transfer money?

A user's first Stripe payout typically takes 7-14 days. Subsequent payouts are subject to the user's payout schedule.

How much is the Stripe fee in Singapore?

Stripe fees vary based on the payment method used. The fee for a domestic debit or credit card transaction is 3.4% plus SGD $0.50, with an additional 0.5% fee for international cards. A PayNow bank transfer, meanwhile, incurs a charge of 1.3%. Stripe also charges a 2% currency conversion fee on all transactions that require it.

What are the disadvantages of Stripe?

Transfer fees can add up due to Stripe's pricing model. Stripe payments incur additional costs for currency conversion, international cards, and so on. Users might also require professional help to unlock the full benefits of Stripe's financial infrastructure offerings, which might make it out of bounds for small businesses and start-ups.

Is Stripe safe?

Yes, Stripe is considered to be safe. It is regulated by the Monetary Authority of Singapore (MAS). It deploys advanced data encryption to keep customers' financial information safe and is PCI DSS-compliant. Stripe also has its own fraud protection tool called Radar.

Is linking my bank account to Stripe safe?

It is safe to link your bank account to Stripe as it implements bank-grade security and privacy controls.