Stripe Alternatives for International Payments in India

Stripe is an Irish American company that has been a popular choice for Indian businesses to receive international payments in over 135 currencies. Beyond cross-border payments, Stripe offers a whole suite of payments-related solutions including invoice management, subscription billing, accounting automation, payouts, tax automation and more. Many businesses in India use Stripe as a payment gateway to manage their international transactions.

That being said, Stripe may not be the right choice for everyone. For starters, the fees are steep. Stripe's pricing model includes 4.3% transaction fee plus an additional 2% for currency conversion. That’s a big chunk of your hard-earned money. On top of that, Stripe doesn’t provide FIRA (Foreign Inward Remittance Advice), which can make compliance a headache for Indian businesses.

And here’s the kicker: Stripe has now gone “invite-only” in India. This means new businesses can’t simply sign up anymore. You have to request an invitation, submit documents like your IEC code and purpose code, and then wait to see if Stripe approves you. Even then, they’ve made it clear that they’ll only support a limited number of businesses in India.

Given these limitations, it’s time to explore Stripe alternatives that are cost-effective, accessible, and tailored to the needs of Indian businesses. Let’s dive into the top options available in the market today!

Stripe Alternatives in India for Receiving International Payments

Here are some of the top Stripe alternatives for receiving international payments in India:

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

Is Stripe Available in India?

Stripe operates on an 'invite-only' basis in India, requiring new businesses to request approval. The timeline for approval is unclear, and Stripe currently supports only a limited number of businesses, making access restrictive for many.

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Skydo

Skydo is built to help Indian businesses of all sizes and freelancers manage cross-border payments with ease. Compliant with the regulations of Reserve Bank of India, Skydo provides virtual international bank accounts in under 5 minutes, allowing you to streamline global transactions effortlessly. Like Stripe, Skydo aims to create a comprehensive payment ecosystem with features such as payment tracking and invoice generation. This makes Skydo a seamless and efficient Stripe alternative for businesses in India looking for an all-in-one payment solution.

Why Choose Skydo?

Limitations: Skydo currently supports inward remittances only, meaning you can’t send money from India abroad via the Skydo platform. Further, Skydo, might also not be the most optimal solution for small ticket sizes (typically under USD 200), where clients usually prefer to pay by credit cards. 

Payoneer

Payoneer has been a preferred choice for businesses and freelancers worldwide since 2005. It offers virtual accounts in multiple currencies and integrates with major marketplaces like Amazon and Walmart. However, before choosing Payoneer as your Stripe alternative for receiving international payments in India, here’s what you need to know:

Fee Structure: You can create your Payoneer account for free, but here’s a breakdown of the additional charges:

Credit card payments: 3.2% + $0.49 per transaction.

ACH Bank Debits (US): 1%.

Virtual account payments: Free for EUR/GBP; up to 1% for USD.

Bank withdrawals: If you receive payments in a foreign currency and wish to withdraw them in INR to your local account, a fee of up to 3% will be charged.

Annual account fee: USD 29.90 if you receive less than 2,000.00 USD (or equivalent) in 12 months.

On top of all of these fees, an additional forex markup of 1-2% may also be levied

Compliance: Free digital FIRAs for Indian users.

Marketplace Integration: Payoneer has integrations with major e-commerce and freelance platforms like Amazon, Walmart, Upwork and more.

Customer Support: Some users have reported dissatisfaction with Payoneer’s customer support, calling it slow and unresponsive.

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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 into business payments, making it a viable Stripe alternative with mid-market exchange rates. While Stripe is a popular choice for businesses to receive international payments in India, Wise is often preferred by freelancers and small businesses to accept payments from international customers, thanks to its ease of use. 

However, here are some key points to consider before selecting Wise as your Stripe alternative for receiving cross-border payments.  

PingPong

PingPong focuses on streamlining international payments for freelancers, businesses, and e-commerce sellers and hence can be considered as one of the leading Stripe alternatives in the market. It provides virtual accounts in multiple currencies and eases tax compliance by supporting tax payments like VAT/GST at no extra cost.

Here’s a quick rundown on PingPong:

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PayPal

PayPal remains a widely recognized name for both personal and business transactions globally. Its credibility and global reach make it a solid alternative to Stripe in India. It offers a complete payment stack through a range of features, including e-commerce integration, fraud detection, and invoicing, but at a higher cost. PayPal also offers buyer protection for undelivered or mismatched purchases and seller protection for unauthorized transactions or undelivered shipments

Things to consider about PayPal:

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