Stripe Alternatives for International Payments in India
In today’s global world, international payments are the lifeline of many businesses. Stripe has been a popular choice for Indian companies. However, its recent move to go "invite-only" in India coupled with its high fees has prompted many businesses to explore Stripe alternatives in India.
What is Stripe?
Stripe is an Irish-American payment platform that helps businesses receive international payments in over 135 currencies. But it’s not just about payments—it’s like an all-in-one financial toolkit. From invoicing and subscription billing to accounting automation and tax management, Stripe provides a range of features to make managing your business finances easier.
Key Features of Stripe India
- Cross-Border Payments Made Easy: Stripe allows you to accept payments in over 135 currencies, which is a big plus for global businesses.
- All-in-One Payment Solutions: It offers tools like invoicing, subscription billing, and tax automation to help businesses manage their payments effortlessly.
- Developer-Friendly: Stripe’s API lets you integrate its payment solutions seamlessly into your website or app, giving you full control over the user experience.
- Instant Payment Links: Stripe lets you quick payment links in just a few clicks.
Pros of Stripe India
- Supports Multiple Currencies: Stripe’s ability to handle payments in 135+ currencies is a game-changer for businesses with a global reach.
- Comprehensive Payment Tools: From invoicing to tax management, Stripe simplifies financial operations for businesses.
- Smooth Integration: Thanks to its developer-friendly API, you can integrate Stripe into your website or app without a hitch.
- Globally Trusted Platform: Stripe is a reliable, secure, and well-known brand in the payments space.
Cons of Stripe India
- High Fees: Stripe charges a 4.3% transaction fee and an additional 2% for currency conversion. That’s a hefty chunk of your earnings.
- No FIRA: Stripe doesn’t provide FIRA (Foreign Inward Remittance Advice). You’ll need to handle this separately, which can be a headache for compliance.
- Invite-Only in India: Stripe India is no longer open to everyone. You have to request an invite, submit documents like your IEC code and purpose code, and then hope for approval.
- Limited Payment Methods: While Stripe supports a range of payment options globally, in India, you’re restricted to card payments for international transactions.
Stripe Alternatives in India for Receiving International Payments
Here are some of the top Stripe alternatives for receiving international payments in India:
- Skydo
- Payoneer
- Wise for Business
- PingPong
- PayPal
In the sections ahead, we’ll dive deeper into each of these Stripe competitors or alternatives to help you determine the best fit for your cross-border payment needs
Skydo
Skydo simplifies cross-border payments for Indian businesses and freelancers, no matter their size. Fully compliant with RBI regulations, it provides virtual international bank accounts in just a few minutes, for seamless global transactions making it a solid Stripe alternative.
Pros of Skydo
- Live Forex Rates: Skydo converts payments at live forex rates without any markups or currency conversion fees, unlike Stripe, which charges a 2% conversion fee.
- Transparent and Affordable Fees: Skydo offers a flat fee structure: $19 for payments under $2,000 and $29 for payments between $2,001 and $10,000. No monthly fees, no hidden costs—just clear and simple pricing.
- Instant and Free FIRA: Unlike Stripe, Skydo provides instant and free FIRA for every transaction, ensuring compliance with RBI regulations and simplifying the process for businesses.
- Dedicated Local Support: Skydo stands out with its India-based customer support, offering personalized assistance during onboarding and throughout your journey.
Cons of Skydo
- Inward Payments Only: Skydo currently supports only inward remittances, so it cannot be used to send money abroad.
- Less Optimal for Small Payments: For transactions under USD 2000, where clients often prefer to use credit cards, Skydo may not be the most convenient option.
Skydo offers a practical, cost-effective solution for managing international payments, with a few limitations depending on your specific needs, making it a solid Stripe alternative.
Payoneer
Since 2005, Payoneer has been a popular choice for businesses and freelancers worldwide. With virtual accounts in multiple currencies and integrations with platforms like Fiverr and Walmart, it’s a strong contender as a Stripe alternative for receiving international payments in India.
Pros of Payoneer
- Virtual Accounts in Multiple Currencies: Payoneer offers virtual accounts in USD, EUR, GBP, and more, making it easy to receive payments from clients worldwide.
- Free Digital FIRAs: Indian users benefit from free digital FIRAs, simplifying compliance for cross-border transactions.
- Marketplace Integrations: Seamlessly integrates with major platforms like, Walmart, Upwork, and Fiverr, making it ideal for e-commerce sellers and freelancers.
Cons of Payoneer
- Steep Fee Structure: Credit Card Payments: 3.2% + $0.49 | ACH Bank Debits (US): 1% | Bank Withdrawals in INR: Up to 3% fee for currency conversion | Forex Markup: Additional 1-2% forex markup on top of other fees | Annual Fee: USD 29.90 if you receive less than USD 2,000 in 12 months
- Customer Support Issues: Some users report slow and unresponsive customer support, which can be frustrating for time-sensitive issues.
Payoneer offers a robust solution for international payments with its marketplace integrations and virtual accounts, but its fees and inconsistent support may not suit everyone’s needs.
Wise for Business
Formerly known as TransferWise, Wise is a global payment platform available in over 80 countries. Initially launched as a peer-to-peer remittance service, it has since expanded to support business payments, making it a compelling Stripe alternative for receiving international payments in India.
Pros of Wise
- Mid-Market Exchange Rates: Wise offers mid-market exchange rates with no hidden markups, ensuring you get the fairest possible conversion rates.
- Digital FIRA: Wise provides digital FIRA for every payment, helping Indian businesses stay compliant with RBI regulations.
- User-Friendly Interface: Wise is praised for its easy-to-use and intuitive platform, making it simple for both freelancers and businesses to manage cross-border payments.
Cons of Wise Business
- Transaction Fees Can Add Up: Wise’s fees typically range from 1.6% to 1.8% of the transaction value which can be considerable for high-value payments. For example, a payment of USD 10,000 would incur a fee of around USD 164.90.
- Additional Fees for FIRA: While Wise provides FIRA, it charges additional fees, such as USD 2.50 per transfer for payments in USD, which can add up for frequent transactions.
- Customer Support Limitations: Although Wise offers a smooth user experience, its customer support can be slow and less effective in resolving complex or urgent issues.
Wise is a great option for freelancers and small businesses seeking a transparent, cost-effective alternative to Stripe, but its additional fees and occasional support challenges are worth considering.
PingPong
PingPong is designed to simplify international payments for freelancers, businesses, and e-commerce sellers. With virtual accounts in multiple currencies and tax compliance support for VAT/GST at no additional cost, PingPong stands out as one of the leading Stripe alternatives in the market.
Pros of PingPong
- Free Digital FIRAs: Indian businesses benefit from free digital FIRAs, ensuring smooth compliance with RBI regulations.
- Tax Compliance Made Easy: PingPong simplifies tax payments like VAT/GST at no extra cost, which is a big plus for businesses handling cross-border transactions.
- User-Friendly Platform: Many users find PingPong’s platform intuitive and easy to navigate, making it convenient for managing payments.
Cons of PingPong
- Transaction Fee Can Add Up: PingPong charges a flat 1% transaction fee, making it a cost-effective option for smaller transfers. However, for larger transactions it can stack up, a USD 10000 dollar payment will attract a USD 100 transaction fee.
- Hidden Forex Markups: While the 1% transaction fee is attractive, the lack of transparency in exchange rates can lead to hidden forex markups, increasing overall costs.
- Limited Customer Support: Some users have reported that PingPong’s customer support is slow and not always helpful in resolving issues, which can be frustrating for businesses.
PingPong offers a straightforward, affordable solution for managing international payments, but its hidden forex fees and limited support may be drawbacks for some businesses.
PayPal
PayPal is a globally recognized platform for both personal and business transactions. Its credibility and widespread acceptance make it a reliable alternative to Stripe in India.
Pros of PayPal
- Global Credibility and Reach: PayPal’s strong global presence makes it a trusted choice for receiving international payments.
- Comprehensive Ecosystem: Offers features like invoicing, international transfers, and fraud detection, making it suitable for a wide range of businesses.
- Buyer and Seller Protection: Protects buyers against undelivered or mismatched purchases and offers seller protection for unauthorized transactions or undelivered shipments.
- Digital FIRAs: Provides monthly digital FIRAs for Indian businesses, ensuring compliance with RBI regulations.
Cons of PayPal
- High Fees: PayPal charges a 4.4% transaction fee, a $0.30 flat fee, and a 4% currency conversion fee, which can significantly impact profits.
- Limited Features in India: Some key PayPal features, like PayPal Credit, BNPL, and domestic payments, are unavailable in India, limiting its functionality for local businesses.
PayPal remains a trusted and comprehensive Stripe alternative, but its high fees and limited features in India may not suit every business.
A Quick Comparison of Stripe India and its Alternatives
Let's quickly compare the Stripe alternatives against Stripe and see how they fare on factors like pricing, compliance and more.
Parting Thoughts
Finding the right payment partner is essential for your business. Hidden charges like forex markups, currency conversion fees, and the lack of FIRA can make international transactions unnecessarily expensive and cumbersome. When evaluating Stripe alternatives for your cross-border payments, here are key factors to keep in mind:
Transparent Pricing
International payment costs can vary significantly. Choose a provider that offers competitive rates with no hidden fees, ensuring you retain more of your earnings.
Seamless User Experience
Managing global payments should be hassle-free. Look for a platform that’s easy to navigate and backed by responsive customer support for a stress-free experience.
Regulatory Compliance
Cross-border transactions require strict compliance with regulations. Opt for a platform that’s RBI-compliant, simplifies documentation, and ensures secure, lawful transactions.
Skydo stands out as a reliable alternative to Stripe, offering a fast, cost-effective, and secure solution for receiving international payments. Switch to Skydo today and elevate your global payment experience with unparalleled value and ease
Does Stripe work in India
Yes, Stripe works in India, but currently, it operates on an “invite-only” basis. New businesses must request an invitation and can onboard only after their application is approved
How long does it take to receive payments from international clients?
Is PayPal cheaper than Stripe?
What is the best alternative for Stripe?
