Skrill has a fascinating past. Some business owners have questioned me about if this is a fraud. To be clear, I have confidence that it is a reliable payment processor. It does, however, have certain transparency issues, particularly in the US.
Additionally, you’ll discover that the fees are frequently unsatisfactory. However, this frequently occurs because Skrill accepts risk by working with merchants that PayPal and other processors with more popularity don’t support. So, in this Skrill review, we’ll find out more about this intriguing business and decide whether or not you ought to even think about it.
Review of Skrill: Who Is It For?
In the past, online gaming earnings were mainly stored and transferred via Skrill. Although gambling is still supported on Skrill, the business—originally known as Moneybookers—has expanded to provide a number of other goods and services.
For instance, Skrill offers a mobile wallet, and you may join up for e-commerce merchant services, commonly referred to as payment processing.
Skrill’s key benefit is how simple it is to transmit, accept, and hold payments to a large number of nations. Skrill appears to be fueled by foreign transactions, thus occasionally a company in a more “risky” nation may be forced to use Skrill.
Therefore, Skrill has an edge over other payment processors like PayPal in that it assumes greater risk. It is renowned for having top-notch security measures in place to offset the risk assumed.
The fact that Skrill has a reputation for allowing payments for riskier businesses is something else to take into account. Guns, adult services, and gambling all fall under this category. It’s not a guarantee, but some customer reviews point out that if selling something like that, working with Skrill will be lot simpler than with PayPal.
However, this kind of risk has a cost. You aren’t receiving anything extra because the services and goods are essentially identical to those offered by the competition. However, the price and fees aren’t competitive, and I have a hunch that this is due in part to the risk that Skrill is taking.
So Skrill starts to look more enticing if you’re operating a business in a nation or sector that PayPal doesn’t cover (read our full PayPal review). However, it doesn’t make much sense for businesses in the US or most of conventional Europe.
Review of Skrill: Fees and Additional Expenses
You’ll immediately discover that Skrill should normally not be used by US companies due to fees and charges. First off, there is no information about merchant rates or fees on the website. Absolutely none.
You must get in touch with the sales team, which in my opinion demonstrates that Skrill isn’t being upfront for a reason.
Additionally, Skrill charges a 3.99% currency conversion fee.
This implies that I will be charged 3.99% if I accept payment in a currency other than my own and wish to have it converted to my own.
In some nations, this is a fee that comes with doing business. For storing your money, Skrill offers a debit card, but it’s only accessible to those in the European Economic Area. Therefore, US merchants once more do not receive that tiny bonus.
But now that we’ve discussed why US companies shouldn’t think about using Skrill, let’s have a look at the costs and rates for European companies, as those are the only rates I could locate.
Fees for chargebacks are €25.
With the digital wallet, transactions cost 1.9% plus €0.29.
On an online store, quick checkouts cost 1.9% plus €0.29.
Although conversion rates are important, you are currently not saving money as compared to PayPal in US dollars.
The good news is that Skrill does not impose fees for fraud prevention, account upkeep, or account configuration.
Skrill accounts don’t appear to have any monthly fees, however the website does contain some ambiguous remarks about how each merchant is unique (so the fees could change). However, in general, you should only be required to pay the transaction-based fees as your firm grows.
The major but is that. If your online store earns less than €10 in transactional costs each month, Skrill does not make it clear on its website that any sort of fee would be assessed.
Considering some of the competition, this charge can be very expensive. It is distressing to see yet another instance of Skrill failing to be open with merchants.
Several extra fees
If you’ve ever used PayPal to transfer money to your bank, you are aware that it is free for both consumers and businesses. In actuality, this concept is adopted by numerous CPUs. They charge for processing but don’t charge you to send money to your bank.
When you want to transfer money from your Skrill wallet to a bank, on the other hand, Skrill charges a fee of €4. This is a little silly, unless—again—your nation, currency, or sector prohibits you from using PayPal.
Review of Skrill’s Products and Services
Skrill’s fundamental functionality is rather comparable to PayPal’s, as we’ve already noted several times in this text. It functions as a merchant payment processor and an online wallet. So, anyone may give or receive money from a friend, or you could accept or receive payments for your company.
To send money to a buddy, though, there is a charge. Currently, that price is 1.9% of the transmitted funds with a $20 maximum.
Many gamblers and users of riskier goods and services have grown accustomed to these prices, but typical consumers would be indignant at anything more than the 0% fee for using PayPal to send money to a friend.
However, given that this site is about the top e-commerce platforms and payment processors, we aren’t very worried about the consumer fees.
Unfortunately, Skrill fails once more to provide adequate web information, at least in regards to its merchant services.