5 Best Payment Gateways with Multi-Currency Support

Here’s a quick look at the options:

• Stripe: Supports 135+ currencies, offers flexible settlements, and uses transparent mid-market rates.
• PayPal: Recognized globally, supports over 100 currencies, but has higher fees for international transactions.
• Worldpay: Offers dynamic currency conversion and enterprise-level fraud prevention tools.
• Airwallex: Focuses on competitive foreign exchange rates and multi-currency wallets for strategic conversions.
• Elavon: Backed by U.S. Bancorp, provides dynamic currency conversion and customizable fraud protection.

Quick Comparison

Each payment gateway has strengths tailored to different business needs. Choose based on your transaction volume, integration requirements, and global reach.

1. Stripe

Stripe stands out for its extensive multi-currency support, making it easier for businesses to accept payments in local currencies from customers around the world.

Supported Currencies

With support for over 135 currencies, Stripe allows you to display prices in the local currency of your customers, no matter where they are. This includes popular currencies like USD, EUR, GBP, CAD, and AUD, as well as options for emerging markets such as INR (Indian Rupee), MXN (Mexican Peso), and THB (Thai Baht). This broad coverage ensures businesses can cater to a truly global audience. Stripe also integrates this currency support with tools that handle conversions efficiently.

Settlement and Currency Conversion

Stripe provides flexibility when it comes to settlements. You can charge customers in any supported currency and still receive payouts in the currency of your choice. For instance, a U.S.-based business can process international payments but settle all transactions in USD, maintaining a stable cash flow. To further simplify operations, Stripe allows businesses to link multiple bank accounts, helping to reduce foreign exchange risks and avoid unnecessary conversion fees.

If the currency charged differs from the settlement currency, Stripe automatically handles the conversion. It uses the mid-market rate, sourced from third-party pricing data, to ensure transparency. However, keep in mind that a conversion fee is added to the exchange rate. This setup makes currency management straightforward, even for businesses operating across multiple markets.

2. PayPal

In today’s interconnected economy, handling multiple currencies efficiently is a must for businesses with international ambitions. PayPal simplifies this challenge with features designed to support global transactions seamlessly.

Supported Currencies

PayPal allows payments in over 100 currencies and supports holding balances in 25 currencies. This means customers worldwide can pay in their local currency, whether they’re in North America, Europe, Asia-Pacific, or Latin America. Common currencies like USD, EUR, GBP, JPY, CAD, and AUD are supported, alongside regional options such as SGD (Singapore Dollar), HKD (Hong Kong Dollar), and SEK (Swedish Krona).

The platform automatically adjusts to display local pricing where possible, making it easier for customers to shop. However, businesses can only maintain balances in the 25 supported currencies. For other currencies, payments are converted automatically at the time of the transaction. This broad currency support makes PayPal a practical choice for businesses aiming to integrate with various payment systems.

Integration Options

PayPal offers flexible solutions for businesses of all sizes. For a straightforward setup, PayPal Checkout is an excellent option. For those needing more control, the PayPal Commerce Platform provides customizable, data-driven payment workflows.

E-commerce platforms benefit from PayPal’s extensive plugin library, which includes pre-built integrations for Shopify, WooCommerce, Magento, and BigCommerce. These plugins enable businesses to activate multi-currency payments quickly, often within minutes. Developers can also use PayPal’s REST APIs to build custom payment solutions tailored to specific needs. These integration options not only simplify setup but also enhance security with built-in fraud prevention tools.

Fraud Prevention

PayPal processes billions of transactions every year, using machine learning to detect and flag high-risk activities. Features like Seller Protection, which guards against chargebacks and unauthorized payments, as well as tools like 3D Secure and address verification, add extra layers of security for businesses.

Pricing

PayPal’s fees depend on the region and type of transaction. For domestic transactions within the U.S., the cost is 2.9% + $0.30 per transaction. International transactions incur fees of about 4.4% + a fixed fee, while currency conversion fees range from 3% to 4% above wholesale rates.

Businesses can reduce some conversion costs by holding balances in multiple currencies. However, this approach requires careful cash flow management across different markets to avoid financial complications.

3. Worldpay

Worldpay provides a payment solution designed to cater to businesses of all sizes, whether you’re running a small startup or managing a large enterprise.

Supported Currencies

Worldpay makes handling international transactions easier with its support for multiple currencies and flexible settlement options. With dynamic currency conversion (DCC), customers can see prices in their local currency at checkout, which can help reduce cart abandonment. Businesses can also take advantage of multi-currency settlement options, simplifying the process of managing global payments. These capabilities are paired with Worldpay’s strong integration and security features.

Integration Options

Worldpay offers a variety of integration methods to meet different technical requirements. Developers can work with robust APIs for a tailored experience or opt for a hosted payment page that handles transactions securely. For e-commerce businesses, there are ready-to-use plugins compatible with major platforms, making setup quick and easy while supporting multi-currency payments. Additionally, mobile SDKs enable secure payment processing for iOS and Android apps.

Fraud Prevention

Security is a priority with Worldpay, which uses advanced fraud detection tools like device fingerprinting, geolocation, and behavioral monitoring to identify and prevent fraudulent transactions. The system adjusts risk thresholds based on factors such as transaction details and location. Features like 3D Secure 2.0 authentication and tools for managing chargebacks add extra layers of protection, ensuring safer transactions for businesses and customers alike.

Pricing

Worldpay’s pricing structure is tailored to fit the needs of different businesses. Costs depend on factors like transaction volume, business size, and geographic market. For larger enterprises, custom pricing models are available to accommodate specific requirements.

4. Airwallex

Airwallex is a cutting-edge financial platform designed to simplify how businesses handle multi-currency payments and banking needs. Whether it’s cross-border transactions or currency conversions, Airwallex aims to make the process smoother and more efficient.

Supported Currencies

Airwallex supports a wide range of currencies, offering businesses the flexibility to manage international payments with ease. The platform provides real-time currency conversions at competitive rates, helping minimize foreign exchange costs. With its multi-currency wallets, businesses can hold funds in different currencies without converting them immediately. This feature allows companies to time their conversions strategically, taking advantage of market conditions and reducing unnecessary fees. These tools integrate seamlessly with the platform’s other features, enhancing its functionality for global businesses.

Integration Options

Airwallex takes integration seriously, offering multiple options tailored to different business needs. Developers can use its RESTful APIs, which come with detailed documentation, to create customized payment solutions. For businesses using platforms like Shopify, WooCommerce, or Magento, pre-built plugins simplify the process.

Need a quick, secure solution? Airwallex’s hosted checkout reduces PCI compliance headaches while speeding up the payment experience. For mobile-centric businesses, iOS and Android SDKs make in-app payment processing straightforward. And throughout it all, dedicated technical support ensures a smooth setup and operation.

Fraud Prevention

Security is a top priority at Airwallex. The platform uses machine learning-driven fraud detection to analyze transaction patterns and customer behavior in real time. This proactive approach helps identify and prevent fraudulent activities before they occur. Businesses can also fine-tune their risk settings to align with the specific needs of their industry, adding another layer of protection for cross-border payments.

Pricing

Airwallex keeps its pricing transparent and flexible. Basic accounts come with no setup fees or monthly minimums, and processing fees decrease as monthly volumes increase. For businesses handling larger payment volumes, custom enterprise pricing is available. This includes perks like dedicated account management and interchange-plus pricing, which offers more predictable costs and greater value for high-volume transactions.

sbb-itb-ba0a4be

5. Elavon

Elavon stands out as a payment gateway backed by the stability of U.S. Bancorp, one of the largest financial institutions in the United States. This strong foundation makes it a dependable option for businesses seeking a secure and reliable payment solution.

Supported Currencies

Elavon makes handling international transactions easier with support for major currencies like EUR, GBP, CAD, AUD, and JPY. It also offers dynamic currency conversion, allowing customers to see prices in their local currency while merchants settle in their preferred one. For businesses with a global reach, Elavon’s multi-currency merchant accounts simplify cash flow management and help reduce foreign exchange fees.

Integration Options

When it comes to integration, Elavon offers plenty of flexibility. Its RESTful APIs and pre-built connectors work seamlessly with popular platforms like Shopify, Magento, WooCommerce, and BigCommerce. Whether you’re processing card-present or card-not-present transactions, Elavon has you covered. It also supports mobile contactless payments and features for recurring billing, making it a versatile choice for businesses of all sizes.

Fraud Prevention

Elavon takes fraud prevention seriously. It combines real-time transaction monitoring with AVS (Address Verification Service) and CVV (Card Verification Value) checks to enhance security. Businesses can fine-tune fraud prevention settings with customizable tools and access detailed reports to stay ahead of potential threats.

Pricing

Elavon uses a tailored pricing approach, offering custom quotes based on business size and needs. Larger merchants can benefit from interchange-plus pricing for greater transparency, while smaller businesses may prefer bundled rates that combine processing and gateway fees. Setup fees are often waived, and volume discounts are available for businesses with higher transaction levels, making it a flexible option for a variety of merchants.

Comparison: Pros and Cons

Each payment gateway comes with its own strengths and limitations, which can make or break its suitability for your business. Let’s take a closer look at how they stack up.

Stripe is a standout for its developer-friendly design and straightforward pricing. If your business relies on tech-savvy solutions, Stripe’s robust API and clear documentation make integration a breeze. However, its lack of phone support might frustrate users who prefer direct assistance.

PayPal thrives on its global recognition and reputation for trust, ensuring a smooth and familiar checkout experience for customers. On the downside, higher transaction fees and occasional account holds could disrupt your cash flow.

Worldpay caters to large-scale enterprises with its advanced infrastructure and fraud prevention tools. Its scalability and in-depth reporting make it a great fit for big businesses. That said, smaller merchants might find its pricing and setup process overly complicated.

Airwallex shines in international operations, offering competitive foreign exchange rates and support for multi-currency accounts. Its sleek interface and integrated business banking tools are major perks. However, its smaller market presence and fewer integration options may limit its appeal.

Elavon benefits from the stability of being backed by U.S. Bancorp, offering customizable fraud protection settings to suit various needs. Yet, its custom pricing model can be less transparent, particularly for smaller businesses.

Security is a common thread across all these gateways, with each employing advanced measures to protect transactions. Stripe’s machine learning tool, Radar, PayPal’s layered protections, and Airwallex’s real-time AI are just a few examples of how these platforms safeguard your payments.

For businesses venturing into or scaling within the U.S. market, choosing a payment gateway that aligns with your growth ambitions while offering top-notch security is a crucial step. This comparison provides a clearer picture to help you make an informed decision.

Conclusion

Selecting the right payment gateway depends on your business needs. Stripe is ideal for startups, offering developer-friendly integration and clear pricing. PayPal provides a trusted checkout experience but comes with higher fees. Worldpay is suited for enterprises with its robust security, while Airwallex stands out for competitive foreign exchange rates in international operations. Lastly, Elavon offers the reliability of bank-backed support with flexible pricing options.

For entrepreneurs launching a U.S. business, integrating payment processing with comprehensive business formation services can simplify the setup process. Platforms like BusinessAnywhere streamline operations by offering services such as U.S. business registration, EIN applications, registered agent services, and virtual mailboxes. Combining these tools with your chosen gateway eliminates the hassle of juggling multiple providers, ensuring your business is ready to accept payments seamlessly from day one.

Keep in mind that your payment gateway should align with your current needs but also adapt as your business grows. A startup selling digital products worldwide will have different priorities than a large enterprise managing thousands of transactions daily. Consider your transaction volume and international reach, and choose a gateway that strikes the right balance between features and scalability.

FAQs

What should I look for in a payment gateway with multi-currency support?

When choosing a payment gateway with multi-currency support, it’s important to check how many currencies it can handle and how efficiently it manages currency conversions. This plays a big role in ensuring hassle-free international transactions and improving the shopping experience for customers around the world.

Another key factor is security. Make sure the gateway includes strong features like fraud protection, encryption, and tokenization to safeguard customer data and transactions. Also, prioritize gateways that offer quick processing times and support for local payment methods – this not only boosts customer satisfaction but also helps simplify your business operations.

How do payment gateway fees affect the cost of handling international transactions?

Payment gateway fees play a major role in the cost of handling international transactions, especially when it comes to currency conversion fees and cross-border charges. These fees typically fall between 1% and 3% of the transaction amount, which can quickly become a significant expense for businesses dealing with multiple currencies.

On top of that, many gateways apply either a fixed fee, a percentage of each transaction, or a mix of both. The exact costs depend on the provider, and for businesses managing a large volume of international payments, these charges can take a noticeable bite out of profits. That’s why selecting a gateway with clear pricing and competitive rates is crucial to keeping costs under control.

Are these payment gateways secure for handling international transactions?

Yes, today’s multi-currency payment gateways are built with strong security features to handle international transactions safely. They rely on tools like encryption, tokenization, fraud detection systems, and maintain PCI compliance to protect sensitive customer information and reduce the risk of fraud.

However, the effectiveness of these security measures also hinges on how businesses configure and use the gateway. To get the most out of these protections, make sure your payment gateway is set up properly and follows recommended security practices.

Related Blog Posts

• 5 Steps to Open a Business Bank Account Online
• Checklist for Choosing a Business Bank
• Localized Pricing: Key Factors To Consider
• Starting a Business as a Digital Nomad: What You Need (Address, LLC, etc.)