Tazapay: Fees, Reviews and Features

Tazapay is a Singapore-based payment platform that enables cross-border transactions. The platform supports receiving payments through local payment methods, virtual accounts, and cards across Asia, the Middle East, Latin America, and Africa. 

Though the platform offers multiple payment options, users report varying experiences with its interface and verification processes. If you have faced similar challenges, there is no harm in exploring a few of Tazapay’s alternatives.

This blog post will analyze some of the Tazapay features, pricing structure, user experiences, and find out if there's a more seamless and cost effective Tazapay alternative. 

Tazapay Features: A Quick Rundown 

Operating in emerging markets comes with unique payment challenges. From navigating local payment methods to managing currency conversions, here's a detailed look at what Tazapay delivers:

Payment Gateway to accept payments from 173+ countries

Tazapay processes payments through cards and local methods across different regions. The card processing covers standard options like Visa, Mastercard, and American Express. For local payments, the coverage focuses mainly on emerging markets - PIX for Brazil, UPI for India, and GrabPay for Southeast Asia. While they claim coverage in 173+ countries, the actual availability of local payment methods is limited to specific regions. 

Global Collection accounts to receive local payments in 35+ currencies 

These virtual accounts enable payment in 35+ currencies through local bank transfers. This means your customers can pay you as if they're making a domestic transfer, even though you're in a different country. 

The service requires businesses to complete account verification, though activation timeframes aren't specified upfront. Settlement cycles and maintenance fees vary by country and currency pair. The platform uses quote-based foreign exchange rates rather than displaying live rates, which can affect cost predictability.

FIRC at additional cost in India

For Indian businesses needing FIRCs, Tazapay charges USD 4 per certificate. The service is restricted to transactions processed through their platform and requires manual requests for each certificate. Processing timeframes and potential amendment charges aren't disclosed in their documentation.

Payouts to send payments in 80+ markets

The platform's payout network spans 80+ markets using SWIFT and local bank transfers. SWIFT transfer fees range from USD 5 to USD 35, while local transfers cost between USD 2-5 per transaction. Processing times depend on the destination country and chosen transfer method.

Buyer protection

Transaction protection levels vary based on the payment method. Card payments follow standard chargeback procedures, while bank transfers have more limited coverage. Their dispute resolution carries an additional fee of USD 15 per case, and verification requirements change based on transaction value.

TazaPay Fees: What You Should Know

Cross-border payment fees can significantly impact business margins. Here's what Tazapay charges for different services: 

For payment methods like bank transfers and digital wallets, fees range from 0.8% to 2.5%, with exact rates varying by country and method. Card processing comes at 3.8% plus USD 0.5 per transaction. For example, if your client pays you USD 10,000 via credit card, you would pay USD 380 (3.8% of USD 10,000) plus USD 0.5, totaling USD 380.50 in fees.

For their virtual account service (Global Collection Accounts), pricing isn't publicly available and requires contacting their sales team. The forex rates for currency conversion also need to be directly discussed with Tazapay.

Additional charges include USD 2-5 for local payouts and USD 5-35 for SWIFT transfers. 

Other fees to consider are FIRC certificates (USD 4 each), dispute handling (USD 15), refunds (USD 2), and 3D Secure authentication for cards (USD 0.2, waived for successful transactions).

Note: All fees mentioned are based on their standard pricing. Volume-based discounts may be available for larger businesses. Additionally, since Tazapay doesn't disclose their forex conversion rates upfront, there may be hidden forex markup costs when converting between currencies.

Save 50% on every international transfer

Receive from 150+ countries

Get global accounts

Zero forex margin

Sign up

Tazapay Reviews: The Good, bad, and Ugly 

Here’s what Tazapay customers had to say about the tool on review portal G2

Ease of use 

Tazapay gets mixed feedback on usability. While users praise its unique features and seamless transaction processing, a notable learning curve exists for businesses new to international payments. The platform easily integrates with websites, though some users mention the dashboard could be more flexible.

Customer support 

Users consistently highlight Tazapay's business-focused support team as a strong point, particularly appreciating their attentiveness to business needs.

Pricing and conversion rates 

A significant pain point for international users is the payment conversion rates. Tazapay's forex rates have been a source of dissatisfaction among users processing international transactions.

Skdyo: A seamless Tazapay Alternative for receiving international payments 

For businesses collecting international payments, Skydo offers several distinct advantages over Tazapay. Let's examine the key differentiators:

Transparent forex rates 

Unlike Tazapay's quote-based system, Skydo displays live forex rates directly on the platform. This real-time visibility eliminates uncertainty in cross-border transactions and helps businesses better predict their receivables. The platform charges zero FX margin, potentially saving up to 8.7% compared to traditional methods.

Simplified fee structure 

While Tazapay's pricing varies by payment method (0.8%-2.5% for local methods, 3.8%+ for cards), Skydo uses a flat fee model:

Documentation and compliance 

Compared to Tazapay's USD 4 charge per FIRA, Skydo provides instant FIRA (Foreign Inward Remittance Advice) at no additional cost. The platform also includes GST-compliant invoicing tools explicitly built for Indian businesses.

Account setup and management 

While both platforms offer virtual accounts, Skydo provides global accounts across 10+ countries within 5 minutes. The platform includes real-time payment tracking, allowing businesses to monitor their incoming transfers at every step.

Local support advantage 

Being an India-focused platform, Skydo offers localized support through multiple channels, including WhatsApp, and has specific expertise in Indian compliance requirements and banking regulations.

Here’s a quick comparison between Skydo and Tazapay when it comes to receiving international payments: