Whether you are an ecommerce business owner or a customer, there are a few things you should know about online payment processing. For starters, online payment processors typically charge a fee per transaction. As a business owner, you are often hit with this fee, which subtracts from the amount you would earn from the total sale.

When it comes to choosing a payment processor, many business owners enjoy using Skrill, formerly known as Moneybookers. Skrill offers a level of convenience and seems rather affordable. However, it is best to understand exactly how it works, how it stacks against the competition, and what benefits it can offer you.

What is Skrill?

If you are new to the ecommerce sector or online purchasing, you might ask yourself, “What is skrill?” Simply put, Skrill is an ecommerce business that makes it possible for customers to pay for goods and services on the Internet. They also provide law cost many transfers and withdrawals. With Skrill, you can buy, sell, and trade good and services for money.

Skrill Compared to Other Payment Processors

One of the most popular online payment processors, PayPal, charges a fee of 2.9% plus an additional $0.30 for every transaction. Although the fee seems rather small, most people do not realize that PayPal charges additional fees that are easy to miss. For instance, you will pay an additional fee for international transactions.

If money conversion becomes necessary, PayPal will charge an additional 2.5%. If the charge comes from another country, expect to pay an additional 1.5% for international transaction fees, too. If you are an ecommerce business owner who provides goods and services internationally, the additional fees may take their toll and leave you feeling frustrated.

PayPal is one of the most widely recognized payment processors, and yet with all of the additional fees, it might cost more than other processors. That is not to say that Skrill is small in comparison to PayPal. In fact, Skrill is an online payment processing behemoth much like PayPal.

The two processors often overshadow smaller, lesser-known processors because of how widely popular they are. When comparing Skrill and PayPal, ecommerce managers might find that Skrill offers benefits that PayPal does not. For instance, when it comes to Skrill fees, Skrill uses a clever approach to keep costs low.

For instance, rather than charging a phenomenal amount for currency conversion like PayPal, Skrill allows you to select a debit card in British Pounds, Euros, Polish Zlotys, or USD. The real kicker is you can request any of the currency cards you want no matter where you live in the world. Therefore, requesting various currencies allows you to save on currency fees.

Skrill commission fees are also less than PayPal’s fees, which makes using Skrill as a payment gateway a cheaper option. However, you should be aware of the fact that withdrawing money to your bank account will cost you, whereas PayPal allows you to withdraw to your bank account for free.

Advantages and Disadvantages

There are many advantages and disadvantages to using Skrill. Advantages include:

  • Support for 40 different worldwide currencies
  • Registration and verification only takes one day
  • Offers free cross-border transactions
  • Allows, and even encourages gambling transactions
  • Account holders allowed to buy or sell “adult” services
  • MasterCard Debit Card available for all customers rather than just U.S. customers

Just because there are many advantages to using Skrill, there are also several disadvantages to consider. Disadvantages include:

  • Only one account allowed per customer
  • Small fees charged for deposits, merchant transactions, and dormant accounts after one year
  • Very few merchants accept payments made with Skrill, making it hard to use for a variety of purchases

Although Skrill is a large payment processor, it is not nearly large enough to make a dent in the merchant world. Since there are still many merchants that do not accept Skrill payments, many customers are hesitant to sign up for it. However, as more ecommerce business owners such as yourself, accept Skrill payments, it has the chance to gain popularity.

What Business Owners Love

There are some specific features that many business owners love about Skrill. For instance, you can customize the processor by enabling Iframe, which allows customers to make purchases using Skrill while remaining on your website. Although many payment processors redirect customers to a separate payment portal, even momentarily, Skrill helps you avoid that.

It is better to keep customers on your website rather than redirecting them to a separate company for payments. Your website should be the last site customers see when they complete their transaction. Redirects confuse customers, which makes them question site security, and some customers believe they are paying the processor rather than you

Skrill is also a great option if you offer your customers subscription or membership options. Skrill supports subscriptions and memberships and makes it easy for your customers to pay their fees for both. Whenever you offer subscriptions and memberships, you should always keep things simple. Since Skrill is so easy to use, it is one of the highest recommended apps for this reason.

Another benefit ecommerce business owners love is the fact that Skrill supports some better-known shopping cart integrations. Merchants can connect Skrill with a variety of popular shopping cart services, including Shopify, BigCommerce, and OpenCart. Support for multiple shopping carts proves beneficial because it gives you and your customers more options for purchases.

Customer Service Assistance

One aspect of Skrill that both ecommerce business owners and customers enjoy is the customer service experience. Although you have to do some digging to track down the contact information for Skrill’s customer support, the representatives are quick to help and offer great customer service.

There seem to be little complaints involving customer support. Having a strong customer support and assistance service line is a plus for any company, especially one that handles merchant and customer finances. When it comes to finances, you want someone available to answer your questions in a quick, well-informed manner.

Ease of Use

Skrill is a relatively easy system to use. You can sign up for a Skrill account online, which makes it easily accessible via your PC or mobile device. Make sure you download the money transfer app created by Skrill to keep track of your money while on the go. Skrill offers a mobile app that makes it easy for you to send, receive, transfer, and withdraw money.

Make sure to keep your Skrill login information safe and secure at all times. Never write your password down anywhere. If you happen to lose your password or forget your login information, you can always contact customer support for assistance. There are also different security options that allow you to change your password and regain access to your account.

Once you have your Skrill account, you can send money online, make purchases, transfer merchant funds to your bank account, or opt for currency conversion when necessary. Although there are so many different features Skrill offers, it is easy to use, which makes it a top-notch payment processing contender.

Is it Worth the Switch?

If you currently use a payment processor, is it worth switching to Skrill? Some merchants seem to think so. There are certainly features Skrill offers that certain smaller payment processors do not. There are also features and benefits Skrill has that a bigger processor, like PayPal, doesn’t offer.

Keep in mind, however, that every merchant has different wants and needs. You should weigh out all of your options before deciding to switch. Determine what features you have versus what you need. If the payment processor you use now lacks certain features, making the switch to Skrill might prove worthwhile.

Surprising Skrill News

Digging deeper into Skrill yields surprising results. It would seem that the company does not advertise through partnerships with independent sales agents. Instead, Skrill relies on self-advertising using traditional means and via their website. As such, there is no third-party trying to hype up the company with false advertising and facts.

Companies that make the kind of money Skrill generates can afford to hire independent sales agents and enjoy hyped up content relating to their services. Instead, Skrill keeps it as honest as possible, which is a refreshing change of pace in comparison to many other payment processors.

Final Thoughts

Though there are many advantages to using Skrill if you are a merchant, there are also plenty of drawbacks to consider. Make sure you weigh all of your options to make sure your choice is the right one. As with any payment processing business, Skrill is far from perfect. You will notice plenty of complaints, but there are also just as many compliments.

The key is for you to judge and determine if Skrill is right for you. There are ways that it can reduce the amount of money you spend on merchant fees. However, there are ways it can also increase your fees. Of course, if you have any questions about Skrill, you can always contact customer support for assistance.

Overall, you may just find that Skrill is just what you have been wanting and needing from a comprehensive payment processor.

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