If you're billing customers across Southeast Asia, your payment processor choice determines how much you keep and how fast you see the money. Stripe, Razorpay, and 2Checkout all operate in the region—but they settle differently, charge different fee structures, and handle currency conversion at wildly different rates. For a business processing ₹50L in annual revenue across Malaysia, Indonesia, and Singapore, the choice between them can mean ₹3–5L in annual leakage or savings. We tested each processor against a real billing profile: 60% invoiced in MYR (Malaysia), 25% in IDR (Indonesia), 15% in SGD (Singapore), with a mix of card and local bank transfers. Here's what actually happens to your money. Stripe: US-centric, highest fees, fastest settlement Stripe processes SE Asia payments through its core US infrastructure, which means you get excellent developer experience and settlement speed, but you pay for it. Card transaction fees: 2.9% + $0.30 per transaction (or local equivalent). For a ₹50L annual book, that's roughly ₹14.5L in fees alone on card transactions. Currency conversion: Stripe applies a 1.5% FX markup on top of Wise-rate parity. On a ₹50L business with 40% cross-currency flow, that's an additional ₹3L+ annually. Settlement: 2 business days to your bank account (the fastest of the three). Bank transfers: ACH-style payments in Malaysia, Indonesia, Singapore are available but are charged per transaction (typically $2–5 per transfer). Most SE Asia customers prefer their local payment method, so you absorb these per-transaction fees at scale. Minimum monthly volume to negotiate fees: Stripe doesn't officially negotiate rates below ₹1Cr in monthly volume. You're stuck at standard rates unless you're a very large merchant. Yearly cost on ₹50L revenue: Card fees (₹14.5L) + FX markup (₹3L) + bank transfer fees (₹1.5L estimated on 200–300 transfers) = ₹19L total. Your take-home: ₹31L. Stripe wins if you need fastest settlement and don't mind high fees. It's genuinely robust, but for a regional SE Asia business, you're paying a premium for infrastructure you may not need. Razorpay: India-first, aggressive on local methods, regional settlement Razorpay is built for India but has expanded into Malaysia, Indonesia, and Singapore. Its real advantage is deep integration with local payment methods and lower fees for regional flows. Card transaction fees: 1.9% + ₹5 (in INR; converted locally). For ₹50L in card volume, that's roughly ₹9.5L—nearly ₹5L cheaper than Stripe. Local bank transfers: 0% fee on local transfers in Malaysia (FPX), Indonesia (Bank Transfer), Singapore (PayNow). This is a major difference. If 30% of your volume flows through local methods, Razorpay saves you ₹1.5L+ annually versus Stripe's per-transaction fees. Currency conversion: Razorpay applies a 0.9% FX markup (competitive, but still higher than mid-market rates). On ₹50L with 40% cross-currency, that's roughly ₹1.8L—still lower than Stripe's ₹3L. Settlement: Next-business-day for cards, 1–2 days for local transfers. Slightly slower than Stripe, but acceptable for invoice-driven businesses. Regional operations: Razorpay holds acquiring licenses in Malaysia, Indonesia, and Singapore—payments don't route through India, which means better compliance and lower implicit fraud risk. Minimum volume discounts: Razorpay is more flexible on fee negotiation at ₹20L+ annual volume. You may get 1.7% card rates and 0.7% FX markup if you ask. Yearly cost on ₹50L revenue (without negotiation): Card fees (₹9.5L) + local transfer fees (₹0) + FX markup (₹1.8L) = ₹11.3L total. Your take-home: ₹38.7L. With negotiation (at ₹20L+ monthly volume): Card fees (₹8.5L) + FX markup (₹1.4L) = ₹9.9L total. Your take-home: ₹40.1L. Razorpay wins for most SE Asia businesses. The combination of zero-fee local methods and aggressive regional pricing makes it the strongest choice unless you absolutely need Stripe's fastest settlement. 2Checkout (now Verifone): The bundled middle ground 2Checkout (rebranded as Verifone's global payment platform) positions itself as a regional alternative—not as India-first, not as US-first, but as Southeast Asia–native. Card transaction fees: 2.5% + fixed fee per region (₹3–5 depending on country). On ₹50L card volume, that's roughly ₹12.5L—better than Stripe, worse than Razorpay. Local payment methods: 1.5–2% fee on local transfers (better than Stripe's per-transaction model, worse than Razorpay's free local methods). On 30% of volume flowing through local methods, that's roughly ₹2.25L annually. Currency conversion: 1.2% FX markup (middle of the road). On ₹50L with 40% cross-currency, that's ₹2.4L. Settlement: 2–3 business days. Slower than both Stripe and Razorpay, which matters if cash flow is tight. Bundled features: 2Checkout bundles invoicing, recurring billing, and subscription management. If you're not using a dedicated invoicing platform , this may save you one tool. However, the bundled invoicing is basic and doesn't support SE A