International online payment provider, Skrill, used to be called Moneybookers before 2011 and they claim to be the largest of its kind in Europe. They have more than 31 million account holders and over a hundred thousand merchants in its network.
How to Get Started
Skrill iT is the company’s payment system. It lets you send money instantly through email and you can use any of the 40 currencies allowed, with over a hundred ways to load and withdraw money.
To be able to use Skrill, you first need to set an account with them. You’ll need to enter your first and last name, country, address, date of birth, mobile number, email address and password.
Once you’ve entered all the required information, you will need to verify your email before your account is activated. You can then use Skrill to pay for your purchases using a debit/credit card or bank transfer. Here’s a video describing the process:
If you’re a merchant/seller, then simply inform your customer that you accept payments through Skrill. Give them the email address tied to your Skrill account. Once they’ve made a payment, you can then withdraw/transfer the funds to your bank account.
For those who want to add Skrill to their website, it works similar to Paypal’s shopping cart. You just need to set up your Shopping Cart or Buy Now buttons on your Skrill account and then copy and paste the HTML code on your web page.
Advantages of Using Skrill
For most people, Paypal is the electronic payment service of choice. However, Skrill seems to be a nice alternative. That’s because they have lower transaction fees with more than 80 payment options available.
The website is also very user friendly and there are plenty of tutorials that you can check if in case you have questions/problems using your Skrill account.
The fees are lower compared to most online payment systems. If you’re going to send money, the cost is only 1% of the amount with a cap of €10. There’s no fee to receive money, as well as to transfer funds. Even the Skrill MasterCard does not have any fees to pay, transfer, or receive funds although it has an annual card fee of €10.
Disadvantages of Using Skrill
Perhaps the main problem with Skrill is that it’s not available in some countries. As of February 2013, the United States is still not supported. Moreover, Skrill lacks financial backing by banks and other financial institutions which somehow lessens people’s confidence in the company.
Lastly, customers who want to use this option to pay for purchases need to set up a Skrill account first before being able to do so. However, if you are paying through credit or debit card then it will not require a Skrill account to make a payment.
If the cost of transaction fees is important to you then Skrill may be the ideal payment method for you. However, if you’re currently happy with Paypal then there’s no reason to make the switch.