Wise Platform and Zempler Bank: helping small businesses access fast, low-cost international payments
Expanding globally can be a challenge for small businesses, but managing international payments shouldn’t be one of them.
Airwallex1 and Stripe2 both offer ways for UK businesses to get paid digitally by customers. However while there’s some overlap in the services offered by Airwallex vs Stripe, they’re not exactly the same. Stripe has more of a focus on a broad range of payment processing options including in person payments, while Airwallex offers digital payments alongside other options like global business accounts.
Ultimately whether Stripe vs Airwallex is better for you may just depend on the services you need. This Airwallex vs Stripe review covers some important aspects to consider. Plus we’ll introduce Wise Business as a helpful low cost option for businesses transacting globally.
💡 Learn more about Wise Business
Let’s start out with a head to head comparison of both Airwallex and Stripe based on their key features. We’ll look at each option in more detail in just a moment.
Service | Stripe | Airwallex |
---|---|---|
Pricing | Varied fees per transaction type, plus costs for physical POS terminals Standard fee 1.5% + £0.20 for local cards | Varied fees per card and transaction type Standard fee 1.3% + £0.20 for local cards |
Trustpilot rating | 2.4 stars, Poor, from 13,000+ reviews3 | 3.7 stars, Average, from 1,000+ reviews4 |
Invoice payments | ✅ | ❌ |
Recurring payments | ✅ | ✅ for subscriptions via API |
International payments | ✅ | ✅ |
API integrations | ✅ | ✅ |
Checkout solution | ✅ | ❌ |
Payment links | ✅ | ✅ |
In-person payments | ✅ with POS terminals and smartphone solutions | ❌ |
Airwallex focuses on digital business services including business accounts, ways to issue payment cards, and also has payment processing solutions for online and in-app payments. Airwallex doesn’t offer in person payment solutions. Features include:
- Take local and global card payments
- Hold funds in an Airwallex account
- Low and no code options for ecommerce
- Payment links
- Ways to receive payments through marketplace sites
- Accounting integrations
- Other services available including borderless cards and expense management
Airwallex is not a bank - however, it is a reputable provider which is licensed in the UK by the FCA. Airwallex keeps customer accounts and data safe, and if you have money in an Airwallex account it is safeguarded according to FCA requirements.
A payment gateway is used by companies which need to take card payments from customers, often online and through mobile apps. Airwallex provides payment processing services for digital payments, although in person payments aren’t offered.
Airwallex is safe for customers in the UK to use. It’s a licensed and regulated provider which has to comply with strict rules about how it processes payments and holds customer funds. As a global service it has to follow the legislation applied in various jurisdictions around the world.
Airwallex products and services have varied fees, which can depend on your specific account type and any other arrangements you have made with Airwallex. Volume discounts may be available for larger businesses, for example. Here are some key costs - be sure to check all the fees that may apply to your specific account carefully.
Transaction type | Airwallex fee5 |
---|---|
In-person payments | Not available |
Online payments | 1.3% + £0.20 for UK cards |
International | 2.4% + £0.20 for EEA cards 3.15% + £0.20 for cards issued elsewhere |
Refund | Check directly with Airwallex - fees may vary based on account type |
Chargeback | Check directly with Airwallex - fees may vary based on account type |
Stripe UK services can be used for online, in app and in person payments by businesses of all sizes. Features include:
- Local and global card payments
- Physical card terminals
- Online and digital payment methods
- Invoicing and recurring billing solutions
- Payment links
- Low and no code solutions as well as more complex, tailored options
- Support with tax, user identification, business management and more
New to Stripe? You can get our full Stripe Payments review here.
Stripe Payments is a large and trusted company which processes huge volumes of transactions daily. It is fully licensed and regulated in the UK, and is safe to use.
You can read more about Stripe payments, including a review of safety here.
What it costs you to use Stripe can vary based on the types of payments you’re taking, as well as where your customers are located. There are also various ways you can get custom pricing models - particularly if you have a high turnover. To see if this is available for you it’s worth reaching out to the Stripe sales team. Here’s an overview of some key and common Stripe costs - You can get a complete guide to Stripe payment fees here.
Transaction type | Stripe fee6 |
---|---|
Local card payments | Standard fee 1.5% + £0.20 |
International card payments | Standard fee 2.5% + £0.20 for EU cards 3.25% + £0.20 for cards issued elsewhere |
Chargebacks (disputes) | £20 |
Recurring payments (billing) | 0.5% |
Invoicing | 0.4% |
Let’s get a side to side Airwallex vs Stripe comparison just looking at fees. These are the key headline costs for each provider, but bear in mind that other fees may also apply. You may also find you can get discounts or tailor made solutions based on your specific company needs.
Transaction type | Stripe fee | Airwallex fee |
---|---|---|
In-person payments | Standard fee 1.5% + £0.20 for local cards | ❌ |
Online payments | Standard fee 1.5% + £0.20 | 1.3% + £0.20 for UK cards |
International | Online, standard fee 2.5% + £0.20 for EU cards 3.25% + £0.20 for cards issued elsewhere Different fees may apply for in person payments | 2.4% + £0.20 for EEA cards 3.15% + £0.20 for cards issued elsewhere |
Refund | Fees may apply but this varies based on the details of the transaction | Check directly with Airwallex - fees may vary based on account type |
Chargeback | £20 | Check directly with Airwallex - fees may vary based on account type |
If you need to pay or get paid in foreign currencies, you could be better off with Wise Business. Whether it’s paying contractors and suppliers overseas, or accepting global customer payments digitally and through PSPs like Stripe and Airwallex, Wise has low cost solutions to help.
Wise Business accounts can hold and exchange 40+ currencies, send payments to 140+ countries and come with local account details to get paid in 8+ currencies like a local.
Use your Wise account to get paid in a selection of major foreign currencies by customers and clients, through marketplaces - and via PSPs. Whenever you need to send, spend or exchange foreign currencies, you’ll benefit from the mid-market exchange rate, with low, transparent fees.
Other helpful Wise Business features include:
- No ongoing fees, minimum balance requirements or foreign transaction fees
- Debit and expense cards for you and your team, which you can use in 150+ countries
- Multi-user access for team members, with ways to control and manage permissions
- Pay up to 1,000 people at once with the Wise batch payments feature
- Integrate with your favourite cloud accounting solutions, and use the Wise API for streamlining workflow
- Use the Wise Interest feature to make your money work harder when you’re not using it
Get started with Wise Business 🚀
There’s no single best option for taking business payments - so whether a solution like Airwallex or Stripe suits you may just depend on how you need to transact. This guide has some handy information to help kickstart your research - while you’re deciding how best to manage your company finances, why not also take a look at Wise Business for simple low cost solutions to take and make global payments.
Sources used in this article:
Sources last checked 24/05/2024
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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