List of Popular Electronic Payment Systems Available in 2023

If your company enters international markets, you have to be able to make international transactions and receive payments from foreign countries. A viable solution would be opening an account with an electronic payment system. Such systems are often referred to as ‘Payment Service Providers’ or ‘electronic banks’ (e-banks) and they are more loyal to international customers than traditional banks are.

Below we provide a list of popular electronic payment systems that can facilitate your international money transfers greatly. If you can extend the geography of your clientele, you can certainly increase your profits.

We must note, however, that the text below is not an instruction on setting up an account with a Payment Service Provider (PSP). We simply list some available options that you may want to consider. You will be well-advised to request some professional assistance if you would like to open an account with an electronic payment system. Offshore Pro Group provides expert consultations on opening accounts with foreign banks and international payment systems.

What is an electronic payment system?

International electronic payment systems are platforms that allow making money transfers all over the world. Using such a system will give you access to foreign markets, let you extend your client base, and save your time.

Factors to consider when choosing an electronic payment system

You have to take the following main factors into consideration when choosing an electronic payment system:

  • Reputation. Customer feedback is a more reliable source of information that the payment system managers. Besides, the longer the PSP has been in operation, the more reliable the company is.
  • Commissions. PSPs often offer several service packages and the commissions depend on the service conditions. Study the user agreement and other documents and contact technical support to ascertain that there are no hidden charges.
  • Relevance to your needs. You have to bear your target audience in mind. You have to make sure that the PSP supports payments in the region that you are interested in. For example, if you intend to work with American customers, the payment system has to accept American Express cards.
  • Ease of use. An intuitive interface will make the purchase process more comfortable for the client. If the platform makes customers go through a complicated payment process, you might lose them.
  • Timeframe for money withdrawal. Some payments may be instant while other payments may take 5 to 7 business days to go through. You have to inquire about this issue in each particular case.
  • Connection process. Payment security concerns entail certain bureaucratic procedures. You have to ascertain that the process of establishing an account with the payment system that you are considering is not too long or too complicated.

Popular electronic payment systems


PayPal is a payment system used both by individuals and by business companies. The available functions allow sending payments to foreign countries and receiving payment from abroad in a fast manner. You can make invoices, set up automatic payments in installments, and use other opportunities for scaling your business.

The commission depends on the country, the currency, and the transaction amount. It varies between 2.29% and 3.49% + $0.9 to $0.49 per transaction. For an additional pay, you can use advanced payment opportunities: Payments Advanced — $5 per month, Payments Pro — $30 per month.

The system has 400 million active users around the world and allows making money transfers in more than 100 national currencies. PayPal has been functional for 20 years, which confirms that the system is highly reliable and secure.


Square is a payment system launched in 2009 by Jack Dorsey, Twitter co-founder and former CEO. The main advantage of the system is a large number of available functions. Apart from standard opportunities, it can host your Internet shop, for example. Besides, Square offers software and hardware (POS terminals) required for using plastic cards.

The owner of an Internet shop can increase his/ her sales by making use of the Afterpay (postponed payment) opportunity offered by Square to those engaged in electronic commerce.

The standard commission that the system charges is 2.6% + $0.1 per transaction.


Stripe is an international electronic payment system especially popular with those involved in electronic commerce. It offers a wide range of services to its clients. Setting up a payment gate, generating invoices and payment references, making recurring payments, etc. is rather easy. The anti-fraud system lowers the risks of money loss and the dispute resolution system allows easily resolving disputes between the buyer and the seller. 

With a standard tariff, the commission is 2.9% + $0.30 per each transaction. Large companies can negotiate individual tariffs. Money can be transferred to bankcards and electronic wallets. Instant payments are available.


Braintree is a platform that belongs to PayPal. It is accessible in more than 45 countries and it supports payments in more than 130 currencies. The system provides opportunities to automate internal business processes and generate reports. It also offers secure payment instruments.

Money can be withdrawn to bankcards, e-wallets, and accounts with other electronic payment systems. The standard commission is 2.59% + $0.49 per transaction.

Shopify Payments

Shopify Payments is the property of Shopify Internet shop company and it works on the platform from Stripe. The system is installed by default at the Internet shop that uses the Shopify platform, which simplifies payment setup and integration.

The buyers can pay for the products right at the Internet shop’s website so they don’t have to go to any other site to make the payments. In addition to Shopify Payments, you can also use other payment methods. If you do, your clients will have more ways of paying for your products.  

The commission is 2.4% to 2.9% depending on the service package + $0.3 per transaction.


Adyen is a payment system for online payments that can also be used in physical stores (POS terminals are available). The Unified Commerce system facilitates payment management and allows analyzing the transactions statistics.

The system supports more than 100 payment methods. Adyen installation is free of charge. The commission is 0.10 euros per transaction. An additional fixed commission is due (up to 5%) and the exact amount depends on the chosen payment method).


2Checkout is a service designed for accepting international payments. It allows accepting bankcard payments from more than 180 countries and it cooperates with more than 20,000 companies around the globe. 2Checkout offers good refund management opportunities.

With the minimal service package, the commission is 3.5% + $0.35 per purchase. An extended service package allows making recurring payments, using other payment instruments, and so on. is a payment gate that works in the USA, Canada, Europe, and Australia. The system cooperates with more than 445,000 sellers and allows receiving various payments, including recurrent payments, payments in installments, and so no. Invoicing clients and receiving payments is very easy with  

The system offers two service packages: ‘All in one’ (a payment gate + a merchant account) or a payment gate alone. Both packages cost $25 per month. With ‘All in one’ service package, the commission is 2.9% + $0.30 per transaction. If you choose the second option, you will have to pay $0.1 per day + a $0.1 commission per each transaction.

All in all, using an electronic payment system can be a healthy alternative to opening an account with a traditional bank. The choice of electronic payment systems is certainly smaller than the choice of banks but the former are more welcoming to clients than the latter are.

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