Stripe vs eWay

A war has erupted on the Australian online payments scene

The incumbents will tell you that they welcome the competition but have no doubt, it's game on. 

Let's compare Stripe vs eWay and work out what's the best fit for your ecommerce business.

Stripe officially landed on our shores in 2014 after months of beta testing, promising easy set up, multi-currency support, strong payments reporting and beautiful checkout experiences.

eWay - the Aussie online payments powerhouse that processes payments for a the majority of the stores that you shop, came out and questioned Stripe's image of innovation, claiming to have been offering many of the same features for years.

With the battle emerging, we've evaluated how each platform compares

Stripe is positioning itself as the developers choice, giving them the documentation and frameworks to make their own checkout experiences rather than the out-of-the-box solutions that most checkout flows end up as. Meanwhile, eWay is focusing on support and fraud protection, both areas that we've seen eWay handle quite well.

Stripe vs eWay comparison (updated 21/7/2016)

eWAY eWAY (+ bank) Stripe

Same Day or Next Business Day*

Same Day or Next Business Day*

*UPDATE* - Held for 2 days
Monthly fees

No setup or monthly fees

No setup or monthly fees

No setup or monthly fees
Transaction fees

2.6% Per Transaction (All cards included - domestic & international)

60 cents per transaction - volume discounts available

Domestic: 1.75% of transaction + 30c per transactionInternational: 2.9% of transaction + 30c per transaction
Refund fees

Your cost per transaction (e.g. 30cents)

Your cost per transaction (e.g. 60cents)

No refund costs + they'll refund original charge fees
Disputes Handled by the bank Handled by the bank $25 fee for chargebacks. If resolved in your favour, the fee is refunded
Subscription billing Yes

Yes, eWAY can help you contact your preferred bank to start the process

Setup Up and running in 4 - 6 days Can take 7 - 15 days to set up and requires a bank account with a merchant facility enabled. Instant
Xero Yes Yes Yes
Require merchant system

No. eWAY sets everything up for you.

Yes, eWAY


Yes, but you must open separate accounts for each currency that you wish to accept.

If you use NAB as your merchant facility you can take payments in many currencies, but you must open separate accounts for each currency that you wish to accept.


24/7 Phone, Chat & Email Support

24/7 Phone, Chat & Email Support

Email Support
Integration WooCommerce, Shopify, Magento and more WooCommerce, Shopify, Magento and more WooCommerce, Shopify, Magento and more

eWAY says:

Matt Bullock, Founder and CEO of eWay welcomed the competition in the payments space but questioned the way that Stripe's launch had been covered.


"The fact that Stripe holds funds for seven days shows clearly that they don’t understand the needs of Australian businesses. Their lack of phone support, growth restrictions, and slowness in releasing funds are a real problem.

On top of that, a lot of the things they claimed as unique, like their developer-friendly API, end-to-end facilities, easy setup, are all matched or exceeded by eWAY. We have the heritage of 16 years of local operation, over 15,500 customers, billions of dollars in transactions handled, NAB-support, and hundreds of partners.

We love competition, and we’re confident we can go toe-to-toe with any payments provider, whether it’s home grown or international. But any business looking for a payment facility to help grow their operation, needs to ensure they are comparing apples with apples."

UPDATE: Since the time this article was first published - Stripe has reduced their settlement time to 2 days.

Stripe says:

Kelly Sims of Stripe was keen to clear things up with their multi-currency differences.


"But one thing Mr. Bullock seems especially distressed (and misinformed) about though is multi-currency support. As far as we know, Stripe is the only payment company in Australia today that allows Australian businesses to begin processing credit cards in over 110 different currencies from day one, and never need to go through the hassle of setting up separate merchant facilities or currency accounts.

The most important difference is that Stripe is a set of modern APIs and tools that allow developers full control over the look and feel of the entire payments experience. Being developers ourselves, we're also pretty zealous about data portability and believe that we should keep customers with us by offering a better product rather than locking them in.

All that said, we are very happy to compete with anyone who shares the goal of increasing the total amount of commerce that takes place online, helping companies get started, and enabling new business models."

Bottom line in the Stripe vs eWay battle

Choose eWay if:

  • You need your money right away, Stripe's 2 day settlement might be enough to turn you away
  • You're in an industry plagued by fraud and you want daily fraud reports
  • You love Aussie business and accept all of your payments in AUD
  • You have a very high volume of transactions, primarily from Australians
  • You want to on-charge credit card fees on invoices (possible via the Xero integration)

Choose Stripe if:

  • Your checkout experience is most important to you and you have a developer to fine-tune and reduce abandonment, etc.
  • Most of your sales are domestic
  • You need to accept money directly in many different currencies
  • You're expanding globally quickly and doing more than $40,000 per month as custom pricing plans are available
  • You want to get started quickly and easily (eWay's sign-up can take up to a week... as it did in our case!)

Comments (Responses)

09 February, 2017

Ben Jackson

eWay have a full API and you can completely control the checkout process.

We’ve been using them for a year now and very happy with their product and their support is amazing.

The eWay+Bank option can also be significantly cheaper than 1.75% of each sale.

09 February, 2017

Helen Crozier

Hmmm… thanks for this guys.
I recently signed up with stripe and decided to give eway a trial mostly to see if having the money instantly would make any difference. I started the process of signing up and have to say I wasn’t impressed with the service right from the start. First of all the help desk guy didn’t know why I was being asked for a credit card considering I had not asked for priority activation. After some time he came back asking me to call which I already had. Unfortunately the phone manner of the next person I spoke with didn’t make me feel so great about signing up with eWay. It turns out that unlike Stripe eWay bills you at the end of the month for transaction fees. Stripe take it out and give you the net amount. It’s a bit like having your tax taken out of your pay each week rather than having to budget for it and put it aside :-)
I’ve done a few transactions with Stripe and so far they have gone well. I had an identification issue at the very beginning which was resolved very quickly. The transaction fees are half of eWay’s on the small fry plan if domestic cards are used so at this point I will stay with stripe and put up with the 7 day wait for funds being transferred.

09 February, 2017

Fiona Fell

Thanks for such a thorough side by side comparison. I’ll be sharing this with clients as they make their decisions around how to collect cash from their clients online.

Personally I now use Stripe. From sign up, to testing, to live and collecting money in under 7 minutes.

And as a work from home business, my bank used to hold on to my funds for at least 7 working days anyway, so the EWAY+bank method was losing its shine after 5 years of increasing annual fees, and increasing merchant fees.

Then with Stripe now out of beta, my transaction fees went DOWN! #Win for small business.

09 February, 2017


An excellent comparison.

As someone moving from eWay to Stripe for my Australian business, my main concern was the 7-day settlement (which can push out to 8 days if it happens over a weekend). I liked the interface of Stripe and the fact I didn’t need to pay fees to eWay and the merchant bank. I gave Stripe a call on a whim and asked if they could possibly reduce the turnaround time (I expected a no answer) because of my business type and having no chargebacks. They said they would reduce it to 4 days and will be looking to reduce to 2 days later in the year.

I’m happy with the set up with the main benefits for me being the ease of setting up new accounts (for extra businesses), integrations with analytics/invoicing programs and design/usability.

09 February, 2017


We had looked at eWAY for a while but the whole privacy, delivery, customer service, refund policies etc that you need to display and the hoops you have to jump through to setup a merchant account are just enormous. As a small business we don’t have time to deal with that kind of thing and don’t mind waiting the 7 days. The thing that really sold it to us was Stripe’s developer API. Extremely simple, and the ‘Checkout’ feature is just amazing. We have developed using eWAY for many years and when I saw Stripe and gave it a test it blew my mind with how simple it was.

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