Windcave vs Stripe for New Zealand merchants
The real difference is structural, not a rate comparison. Stripe is its own acquirer with published flat pricing. Windcave is a gateway that sits in front of a merchant facility you obtain separately from your bank, with rates negotiated per merchant and never published.
The short answer
For most New Zealand businesses under moderate volume, Stripe is the pragmatic choice: published pricing, no separate bank facility, and the better developer experience. Windcave becomes genuinely compelling at higher volume, where interchange-plus billing passes regulated interchange savings through to you instead of burying them in a blended rate, and for businesses that also need in-person terminals on the same platform.
Which one suits you
- StripeLower to moderate volume, online only, want predictable published costs and fast setup without a separate bank application.
- WindcaveHigher volume where interchange-plus billing materially beats a blended rate, businesses wanting in-store and online on one platform, and those who prefer a New Zealand founded provider.
- Bank transfer, POLi or Account2AccountHigh average order values, where a capped fee of about $3 beats a percentage that keeps climbing.
Side by side
| Stripe | Windcave | |
|---|---|---|
| Origin | United States, operates a full NZ market presence | Founded in Auckland in 1999, formerly Payment Express |
| Role | Gateway and acquirer in one | Gateway only, requires a separate bank merchant facility |
| Domestic card rate | 2.65% + NZ$0.30, published | Not published, negotiated per merchant |
| International cards | 3.5% + NZ$0.30, plus 2% if currency conversion applies | Not published |
| Billing models | Flat blended rate | Interchange+, Interchange++, or blended |
| Bank direct debit | NZ BECS at 1% + NZ$0.40, capped NZ$4.00 | Account2Account, a Windcave product |
| Monthly fee | None on standard pricing | Typically yes, plus setup |
| Payout timing to NZ bank | 4 business days initial settlement | Depends on your acquiring bank |
| Setup effort | Self-service, live the same day | Bank merchant application first, typically days |
| In-person terminals | Stripe Terminal | Yes, including Tap to Pay on iPhone |
The structural difference that actually matters
Most comparisons of these two put percentages side by side, which misses the point. Stripe acts as both gateway and acquirer, so one published rate covers everything and you can be taking payments the same afternoon. Windcave is a gateway: it transmits the transaction, but the merchant facility that actually accepts the money comes from your bank, negotiated separately, at a rate neither party publishes. That means a Windcave quote is not comparable to Stripe's headline number until you also have your bank's merchant service fee, and many merchants never assemble the full picture.
Where interchange-plus becomes worth the complexity
This is the strongest argument for Windcave and it is rarely explained properly. Windcave's merchant documentation describes three billing models: interchange-plus, interchange-plus-plus, and blended. Under interchange-plus you pay the actual interchange fee set by the card schemes plus a defined margin, so when regulators cap interchange the saving reaches you. The Commerce Commission's interchange decision took effect from 1 December 2025 for domestic cards and 1 May 2026 for foreign-issued cards. Under a blended rate, those savings are absorbed by the provider. At low volume the difference is noise. At high volume it is the whole conversation.
Bank requirements differ by bank, and two are restrictive
If you go the gateway route, your bank shapes your options more than you might expect. ASB and Westpac New Zealand both mandate 3D Secure and require a hosted payment page, meaning the customer is taken to a payment page you do not fully control. ANZ, BNZ, and Kiwibank do not mandate a specific solution, leaving more freedom over checkout design. BNZ additionally requires two separate merchant numbers if you need multi-currency. None of this applies with Stripe, because there is no separate bank facility in the path.
What we would actually recommend
Start with Stripe unless you have a specific reason not to, because published pricing and self-service setup remove two weeks of friction and the rate is competitive at the volumes most businesses operate at. Revisit the decision when card volume becomes a material cost line, at which point get an interchange-plus quote and compare properly. Offer a bank transfer option alongside cards if your average order value is high, because that single addition often saves more than any gateway negotiation will. And keep in mind that Windcave not publishing rates is not sinister, it is normal for that market structure, but it does mean you have to do the work to compare.
Common questions
At low to moderate volume, usually yes on a total-cost basis, because Stripe's published 2.65% plus 30 cents includes acquiring, whereas a Windcave quote sits on top of a separately negotiated bank merchant service fee. At higher volume the answer can reverse, because Windcave offers interchange-plus billing that passes regulated interchange reductions through to the merchant while a blended rate does not.
Sources
Comparisons change. Everything above was checked against these sources on the review date shown, and time-sensitive facts are dated in the text.
- Stripe New Zealand pricing. Stripe.
- Payouts documentation. Stripe.
- Merchant Operating Guide. Windcave.
- About Windcave. Windcave.
- POLi merchant pricing. POLi Payments New Zealand.
- Retail payment system regulation. Ministry of Business, Innovation and Employment.
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