Top 5 Stripe Alternatives in 2025 for International Payments
If you're a freelancer or business owner receiving international payments, you may have come across Stripe. While Stripe is a popular choice, its fees and invite-only availability in India may leave you seeking better alternatives.
Whether you're a freelancer in Mumbai or a SaaS startup in San Francisco, these limitations can push you to explore options that offer lower fees, better accessibility, and a more seamless experience.
This guide is here to help Indian exporters, SaaS companies, and freelancers find alternatives to Stripe, with insights that apply globally. We’ve compared five top Stripe competitors: Skydo, an India-based Stripe alternative, Payoneer, Wise, PingPong, and PayPal to evaluate their fees, pros, cons, and suitability for your needs.
Quick Overview of Alternatives:
- Skydo
- Payoneer
- Wise
- PingPong
- PayPal
Beyond these alternatives to Stripe, we will also quickly look into a few other homegrown as well as international options to help you decide what is most suitable for your business.
Key Features of Stripe
- Global Payment Support in 135+ Currencies: Stripe lets businesses accept payments in over 135 currencies, making it ideal for global operations.
- Comprehensive Financial Tools: From invoicing and subscription billing to tax automation, Stripe simplifies financial management for businesses.
- Seamless Developer Integration: With Stripe’s easy-to-use API, integrating payments into your website or app is quick and effortless.
- Instant Payment Links: Create payment links with just a few clicks, streamlining the payment process for both businesses and clients.
However, despite these impressive features, here’s why some businesses may need to look beyond Stripe for their international payments needs:
Why Businesses May Need to Look Beyond Stripe
Stripe is an excellent payment platform, especially for businesses that require global reach, multi-currency support, and developer-friendly tools. But for businesses operating in India, Stripe comes with some key downsides:
- Invite-only in India: Starting May 2024, Stripe announced that they are going invite-only in India. It is not open to all Indian businesses. You need to request an invite, submit your IEC code, purpose code, and wait for approval, and there's no fixed timeline on how long this approval may take
- Transaction Fees: Stripe charges a 4.3% fee per transaction, plus an additional 2% for currency conversion, which can be a considerable sum for a lot of businesses.
- No FIRA for Indian Businesses: Stripe doesn’t provide Foreign Inward Remittance Advice (FIRA) to Indian businesses and exporters. As per Stripe, they issue "payment advice" or "payee advice", which businesses can present to their banks to get their FIRA.
- Limited Payment Options: In India, Stripe supports only card payments for international transactions, which can be restrictive for businesses that need more flexibility.
Given these considerations, many businesses are exploring alternatives to Stripe that offer easier access, lower costs, and more payment flexibility. Let’s take a look at some of the top options available.
Top 5 Stripe Alternatives for Indian SMBs and Freelancers (Pros, Cons, and Pricing)
1. Skydo – Best Stripe Alternative for Indian SMBs
Description: Skydo is a homegrown Indian payment platform that simplifies cross-border payments for businesses of all sizes. With RBI compliance, virtual international bank accounts, and transparent pricing, Skydo provides an intuitive solution that caters specifically to Indian exporters and SMBs.
Key Features/Pros:
- Live Forex Rates, Zero Markup: Skydo converts payments at real mid-market rates, with no markup, which can save businesses more compared to other platforms with additional currency conversion fees.
- Transparent Fees: Skydo’s flat fees of $19 for payments under $2k, $29 for payments up to $10k, and 0.3% for payments above $10k provide clear and predictable costs.
- Instant Free FIRA: Skydo provides an instant, free Foreign Inward Remittance Advice (FIRA) with every transaction, simplifying compliance for Indian exporters.
- Local Support: Skydo’s India-based customer support ensures personalised assistance during onboarding and beyond.
Cons:
- Inbound Payments Only: Currently, Skydo supports only inbound payments, meaning it’s not a full payment gateway for paying vendors.
- Less Ideal for Small ticket sizes and card payments: For amounts below $1,000, certain % based providers may prove to be more affordable, and as of today, Skydo doesn't support card payments.
Why Skydo is a Great Stripe Alternative: Skydo provides a cost-effective solution for Indian businesses, with a focus on compliance and transparency. It’s a solid alternative to Stripe, offering simplified processes and significant savings, particularly for Indian exporters concerned with costs and regulatory compliance.
2. Payoneer – A Global Stripe Alternative with Multi-Currency Accounts
Description: Payoneer is a well-established platform offering multi-currency accounts for businesses and freelancers worldwide. It’s especially popular for marketplace payouts (Amazon, Upwork, Fiverr, etc.) and allows you to receive payments in USD, EUR, GBP, and more.
Key Features/Pros:
- Multi-Currency Receiving Accounts: Payoneer enables businesses to receive payments in several currencies, making it a convenient solution for exporters and international businesses.
- Marketplace Integrations: Payoneer offers direct withdrawals from platforms like Amazon, Fiverr, and Upwork, which can streamline payment processes for freelancers and e-commerce sellers.
- Free Digital FIRA: Payoneer provides digital FIRA to Indian users, covering a crucial compliance requirement.
Cons:
Complex Fee Structure:
Payoneer’s fees vary based on transaction type:
- Payoneer to Payoneer: Free between accounts.
- Credit Card: 3.2% + $0.49 fee per transaction.
- ACH Bank Debit (US only): 1% fee.
- Virtual Accounts: Free when receiving funds in the local currency of your primary location, but a fixed fee or a 1% fee for all other currencies (e.g., receiving USD in Europe)
- Withdrawal Fee: 3% forex markup for currency conversion.
Account Maintenance Fee: Payoneer charges an annual fee of $29.95 if your account has received less than USD 2000 or equivalent payment in 12 months.
Why Use Payoneer: Payoneer is a solid alternative for businesses that need to collect payments in multiple currencies and integrate with popular marketplaces. It’s a good choice for businesses with cross-border operations, though businesses should consider the fee structure when evaluating it as an option.
3. Wise Business (formerly TransferWise) – Best for Freelancers & Small Businesses
Description: Wise started as a remittance service and now offers business accounts. It’s particularly beneficial for freelancers and small businesses, thanks to its transparent mid-market exchange rates and low transaction fees.
Key Features/Pros:
- Mid-Market FX Rates: Wise offers currency conversion at the real mid-market rate, which helps businesses save on hidden fees compared to platforms that apply markups.
- User-Friendly: Wise’s interface is intuitive, making it easy for freelancers and small businesses to manage their payments without complexity.
- Global Coverage: Wise provides local bank details in various currencies and supports payments in over 80 countries.
Cons:
- FIRA is Paid: Wise does give a digital FIRA for Indian users, but charges $2.50 each. Minor cost, but not free like Skydo/Payoneer.
- $10k Invoice Limit: They have a cap of $10k per transfer request for business accounts, which might be restrictive for larger deals
- Limit on business types supported: Wise Business currently only supports freelancers and sole proprietors in India.
Why Use Wise: Wise is a great choice for businesses prioritising transparency, ease of use, and straightforward fees. It’s ideal for freelancers or small businesses that need a trusted, reliable platform for international payments, though it may not be the best option for very large transactions.
4. PingPong – Stripe Alternative for E-Commerce Sellers
Description: PingPong is designed for cross-border payments in e-commerce and for freelancers. It’s particularly useful for businesses that need to handle VAT/GST tax compliance when selling internationally, especially in Europe.
Key Features/Pros:
- Free Digital FIRA: PingPong provides free FIRA for Indian users, covering important compliance documentation.
- Tax Compliance Features: It assists with VAT/GST compliance for international sellers, especially in Europe, at no extra cost.
- User-Friendly Platform: Many users find PingPong easy to navigate, reducing friction in managing payments.
Cons:
- Opaque Forex Rates: PingPong doesn’t publicly disclose its forex rates, which means there might be an unadvertised markup.
- Fees can add up for bigger payments: PinPong offers an attractive 1% fee for receiving international payments. However, for bigger payments, the fee can add up. For example, a payment of USD 10,000 would incur a fee of USD 100.
Why Use PingPong: PingPong is a great option for e-commerce sellers who need tax compliance features, especially when selling in markets like Europe. It’s an affordable solution with straightforward payment management, but businesses should evaluate the forex rates before choosing PingPong.
5. PayPal – The Globally Accepted Stripe Alternative
Description: PayPal is one of the oldest and most globally recognised payment platforms. It provides an easy way to accept payments worldwide and is trusted by millions of users, making it a solid alternative to Stripe in many markets.
Key Features/Pros:
- Universal Trust & Reach: PayPal is widely accepted and trusted globally, making it a familiar payment solution for international transactions.
- Feature Ecosystem: PayPal offers a suite of business tools such as invoicing, subscription payments, and buyer/seller protection, similar to Stripe’s offerings.
- Ease of Use: PayPal’s platform is simple to use, and many freelancers prefer it for its straightforward interface.
Cons:
- Fees for International Transactions: PayPal charges fees for international transactions, including a 4.4% + $0.30 fee and a 4% currency conversion fee, which may add up for businesses with frequent cross-border payments.
- India Feature Gaps: PayPal’s service in India is more limited compared to other regions. Indian merchants can only use it for receiving foreign currency payments, with restrictions on other advanced features.
Why Use PayPal: PayPal is an excellent alternative for businesses seeking a globally recognised payment platform with easy integration and trust. However, businesses in India should consider PayPal’s fees and limitations when evaluating it as a primary payment solution.
Quick Comparison: Stripe vs Its Alternatives
Let's quickly compare the Stripe alternatives against Stripe and see how they fare on factors like pricing, compliance and more.
Fees
Stripe: 4.3% + 2%
Skydo: Flat $19/$29/0.3%
Payoneer: ~3-5%
Wise: ~1.6-1.9%
PingPong: ~1% + unknown FX
PayPal: ~8%
FIRA
Stripe: No
Skydo: Yes (free)
Payoneer: Yes (free)
Wise: Yes (paid)
PingPong: Yes (free)
PayPal: Yes (monthly statements)
Access
Stripe: Invite-only in India
Skydo: Open to sign up
Payoneer: Open to sign up
Wise: Open to sign up for freelancers and sole proprietors
PingPong: Open to sign up
PayPal: Open to sign up
Best For
Stripe: Developers/global startups
Skydo: Indian SMEs, exporters
Payoneer: Marketplace payouts
Wise: Freelancers, small biz
PingPong: E-com sellers
PayPal: Convenience/trust over cost
Other Notable Stripe Alternatives
While Skydo, Payoneer, Wise, PingPong, and PayPal are among the top competitors to Stripe, there are other payment platforms worth mentioning, especially if your business needs vary.
Indian Payment Platforms
In India, there are several other home-grown payment platforms that can serve as strong alternatives to Stripe for receiving international payments:
- Razorpay: A popular choice for Indian businesses, Razorpay allows you to accept payments in multiple currencies. It offers businesses options to receive international payments both via payment gateway and virtual accounts
- Cashfree: Another great Indian payment gateway, Cashfree offers international payment solutions with minimal setup. It's suitable for businesses looking for an affordable and simple Stripe alternative.
- CCAvenue: This Indian platform supports global payments and provides businesses with an easy way to handle transactions in multiple currencies.
- Dodo Payments: Known for its simplified international payment acceptance, Dodo Payments is another emerging player offering flexible solutions for businesses operating in India and abroad.
These platforms are excellent Stripe alternatives, depending on your business requirements, especially if you're looking for local Indian payment solutions with international capabilities.
Global Competitors
Globally, there are several other Stripe competitors, each excelling in different areas:
- Braintree: Owned by PayPal, Braintree offers comprehensive payment solutions for both online and mobile transactions. It’s a strong choice for businesses that need more robust payment infrastructure, including recurring billing and international payments.
- Adyen: A top-tier enterprise payment platform used by large global businesses, Adyen supports a wide variety of payment methods, making it a great solution for large-scale businesses with international operations.
- 2Checkout: Specializing in e-commerce, 2Checkout is a great solution for businesses looking to sell globally. Its features, including recurring billing and a range of payment methods, make it a versatile Stripe alternative.
- Paddle: Focused on SaaS billing, Paddle is a standout for software-as-a-service companies looking to manage subscriptions and handle international taxes for software sales. It’s a top pick for SaaS businesses that need simplified billing and tax management.
However, many of these platforms either do not serve Indian customers or cater to larger enterprises. Therefore, Skydo and the other alternatives we’ve discussed are more suited to Indian SMEs looking for simplicity, cost-effectiveness, and flexibility.
Parting Thoughts
Choosing the right payment partner is critical for businesses, especially when dealing with international transactions. The key factors to consider are transparent pricing, a smooth user experience, and regulatory compliance. These elements ensure your business can operate efficiently and cost-effectively without any surprises down the road.
One of the biggest pitfalls with payment platforms, particularly with Stripe, is forex markups, which can significantly eat into your revenues. Platforms like Skydo and Wise offer transparent pricing with no hidden charges, which is crucial for businesses looking to save on transaction costs.
Ultimately, selecting the right payment platform can make a world of difference for your bottom line. As you evaluate the various Stripe alternatives available, consider which platform aligns best with your business goals and needs. If cost savings and compliance are top priorities for your business, Skydo stands out as a compelling Stripe alternative. It’s designed to help you streamline your global payment experience while keeping fees low and compliance effortless.
Take the time to assess your options carefully; choosing the right partner will ensure that your payments are seamless, transparent, and cost-efficient.
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?
