Best Payment Gateways for Shopify Taiwan: Wise, Stripe, PayPal and Payoneer compare)

Key Points
Research suggests Wise cannot be directly integrated with Shopify for collecting customer payments worldwide, as it is not a payment gateway.
It seems likely that you need a standard payment gateway like Stripe or PayPal for Shopify to accept payments, then use Wise to transfer earnings to your Taiwan bank account.
The evidence leans toward Wise being suitable for managing funds post-collection, not for initial payment collection.
Direct Answer
Overview
As a merchant in Taiwan, if you want to collect payments worldwide through your Shopify store, Wise is not the right tool for directly accepting customer payments. Instead, it’s a service for transferring money internationally at low costs. Here’s what you need to know to set up your payment system effectively.
Payment Collection with Shopify
To accept payments from customers globally on your Shopify store, you must use a payment gateway like Stripe or PayPal. These services handle credit card transactions and other payment methods, ensuring a smooth checkout for your customers. For example, Stripe supports payments in multiple currencies and integrates well with Shopify, while PayPal is widely recognized for its ease of use (Stripe, PayPal).
Role of Wise
Wise is not a payment gateway, so customers cannot pay you directly through Wise on your Shopify store. However, after collecting payments via a gateway, you can use Wise to transfer your earnings to your local bank account in Taiwan. This can save on fees and offer better exchange rates compared to traditional banks, making it efficient for managing international funds (Wise).
Steps to Implement
Set up a payment gateway (e.g., Stripe or PayPal) on your Shopify store to accept customer payments.
Once funds are received in your payment gateway account, use Wise to transfer them to your Taiwan bank account.
This approach ensures you can collect payments worldwide while managing your funds cost-effectively.
Detailed Analysis
This section provides a comprehensive analysis of using Wise with Shopify for a merchant in Taiwan, expanding on the direct answer with detailed research and considerations. It aims to cover all aspects discussed in the initial exploration, ensuring a thorough understanding for business owners.
Background and Context
As a Taiwan-based merchant using Shopify for e-commerce, the goal is to collect payments from customers worldwide. The question focuses on whether Wise can be integrated with Shopify for this purpose. To clarify, Shopify is an e-commerce platform that requires a payment gateway to process customer transactions, while Wise is known for international money transfers, not direct payment processing.
Understanding Wise and Its Capabilities
Wise, formerly TransferWise, is an international money transfer service designed for low-cost, efficient cross-border transactions. It allows businesses to send, receive, and hold money in multiple currencies, with features like the Wise Business account for corporate use (Wise Official Website). However, research indicates Wise is not positioned as a payment gateway, which is essential for e-commerce platforms like Shopify to accept customer payments.
Key Features of Wise: Offers competitive exchange rates close to the mid-market rate, low fees (e.g., fixed fee of about $1.99 plus a small percentage for transfers), and support for multiple currencies. It’s ideal for merchants needing to move funds internationally, such as transferring earnings to a Taiwan bank account.
Limitations for E-commerce: Wise does not provide a checkout integration for customers to pay directly. Instead, it facilitates bank transfers or peer-to-peer money sending, which is not practical for standard e-commerce transactions where customers expect credit card or instant payment options.
Shopify and Payment Gateways
Shopify supports various payment gateways to process transactions, such as Stripe, PayPal, and Square, listed on their official support page (Shopify Payment Gateways). These gateways handle credit card payments, bank transfers, and other methods, ensuring a seamless checkout experience. For a Taiwan merchant, gateways like Stripe are particularly useful as they support multiple currencies and international payments, aligning with global customer needs.
Integration Process: To collect payments, you set up a payment gateway in your Shopify admin panel, configure it to accept payments, and customers can pay using supported methods during checkout. This is standard for e-commerce and essential for worldwide transactions.
Example: Stripe, for instance, allows payouts to Wise accounts, meaning after collecting payments, you can transfer funds from Stripe to Wise, then to your Taiwan bank account (Stripe Payouts).
Can Wise Be Used for Payment Collection?
Research shows Wise cannot be directly integrated with Shopify for accepting customer payments. It is not listed among Shopify’s supported payment gateways, and there are no apps or direct integrations found for using Wise as a payment method on the platform. Customers cannot pay using Wise through the Shopify checkout, as it lacks the infrastructure for real-time payment processing required in e-commerce.
- Alternative Use Case: While Wise cannot collect payments, it can receive funds via bank transfer. For instance, you could set up your Wise account to accept bank transfers from customers, but this is not practical for e-commerce. Customers would need to manually transfer money to your Wise account, which is slow and inconvenient compared to credit card payments. This method is more suited for B2B or specific scenarios, not standard retail.
Practical Workflow for Taiwan Merchants
Given Wise’s limitations, the recommended approach is to use a standard payment gateway for collection and Wise for fund management post-collection. Here’s a detailed workflow:
Set Up Payment Gateway: Choose a gateway like Stripe or PayPal, integrate it with your Shopify store, and configure it to accept payments in multiple currencies. Ensure compliance with Taiwan’s regulations for international transactions.
Collect Payments: Customers worldwide pay through the gateway during checkout, using credit cards, bank transfers, or other supported methods.
Transfer Funds with Wise: After funds are in your payment gateway account, use Wise to transfer them to your Taiwan bank account. This step leverages Wise’s low fees and favorable exchange rates, especially beneficial for large or frequent international transfers.
Fees and Cost Considerations
Payment Gateway Fees: Gateways like Stripe charge a percentage per transaction (e.g., 2.9% + $0.30 for U.S. transactions, varying by country) and may have currency conversion fees. Check specific rates on their websites (Stripe, PayPal).
Wise Fees: For transferring money, Wise charges a fixed fee (e.g., $1.99) plus a small percentage based on the currency and amount, with exchange rates close to mid-market. For example, transferring $10,000 might cost around $51.99, depending on the currency pair (Wise Fees).
Comparison: Using Wise for transfers can save on fees compared to traditional banks, especially for frequent international transactions, making it a cost-effective choice for managing earnings.
Legal and Compliance Notes
As a Taiwan merchant, ensure compliance with local foreign exchange and tax regulations when receiving international payments. For instance, large transactions may need to be reported, and consulting a local accountant or legal advisor is recommended. Wise and payment gateways typically handle KYC (Know Your Customer) requirements, but verify with Taiwan’s financial regulations.
Unexpected Detail: Bank Transfer Option
While not ideal for e-commerce, it’s worth noting that you could theoretically accept payments via bank transfer to your Wise account, where customers send money directly. However, this is impractical for most customers, who prefer instant payment methods, and it lacks the automation of gateways. This option might be considered for specific high-value B2B transactions but is not recommended for general retail.
Table: Comparison of Payment Solutions
Aspect | Payment Gateway (e.g., Stripe, PayPal) | Wise |
Primary Use | Accept customer payments on Shopify | Transfer funds internationally |
Integration with Shopify | Yes, direct integration available | No, not a payment gateway |
Customer Payment Method | Credit cards, bank transfers, etc. | Bank transfer (manual) |
Fees | Transaction fees (e.g., 2.9% + $0.30) | Fixed fee + small percentage |
Suitability for E-commerce | High, seamless checkout experience | Low, not practical for retail |
Conclusion
In summary, for collecting payments worldwide on your Shopify store, you must use a standard payment gateway like Stripe or PayPal, as Wise is not designed for this purpose. After collection, Wise can efficiently transfer your earnings to your Taiwan bank account, offering cost savings on international transfers. This two-step approach ensures both payment collection and fund management are optimized for your business needs.
Key Citations
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