While the web grows to outlandish proportions, it’s become an intrinsic element of our everyday lives. Choose convenience and information—the internet is the path one commences. And it’s become so entrenched in our daily activities that no one ever thinks twice anymore before using the web for any little thing, but even the most important thing, like financial transactions.
Thus, with currencies moving to the online realm to catch up with the boom of industries that thrive online like e-commerce and internet betting sites, transactions have become quicker, simpler, and much more convenient. However, these still come with the risk of security, which is why it becomes of utmost priority that you choose a safe and secure method for deposits and withdrawals when done online. Too many horror stories of hacked accounts hit too close to home. There’s no harm to online betting transactions, but it’s best to take a caveat and be wary before placing money elsewhere online.
Skrill as a payment method
So, this is why numerous netizens choose established brands such as Skrill or Paypal as one of their main payment methods for online transactions. Whether it’s transferring money virtually, reloading into your casino account, or even withdrawing into your bank, Skrill’s appeal of security and convenience has made it commonplace in the transaction market.
One of the many reasons that Skrill has become a preferred method of transaction because of its diversified services and products. This payment method has been gaining a reputation as a reliable venue for the exchange and storage of e-currency. Skrill is also accepted in numerous services and retailers, thus its immense popularity in the world of e-commerce.
Before there was Skrill, the company was formerly named Moneybookers. This was back in July of 2001 when it was created in the United Kingdom. However, in March of 2007, the company was bought by Investcorp and in the succeeding years, became the fastest growing private equity that was based in the UK by revenue alone. The growing number of its users at this time can be attributed to hundred thousands of merchant accounts along with global brands like Facebook, Skype and eBay assimilating this as one of their payment methods.
Moneybookers soon rebranded to Skrill, fully completing the process in 2013 where they acquired Paysafecard, an Austrian-based prepaid payment method. And finally in 2015, the company also acquired Ukash, a UK-based competitor of Paysafecard. Also in the same year, Optimal Payments, the mother company of another payment method competitor Neteller, acquired Skrill for a whopping €1.1 billion.
Products and Services of Skrill
Similar to other payment methods like Paypal, Skrill’s most basic function is to act as a virtual wallet you can access online as well as a payment processor for merchants on the web. One can expect to send or receive money to people they know, as well as reject or accept payments. The latter is fairly common in the e-commerce business. Although, there are certain fees, including a 1.9% fee when sending money and an even higher currency conversion fee of 3.99%. So those on the receiving end will need to pay off this fee in order to convert their money into their desired currency.
Apart from transactions, Skrill’s most basic function is to act as an e-wallet where you can withdraw straight to your bank account or in some cases, straight into the ATM machine. But what Skrill does have are the industries that Paypal normally doesn’t involve themselves in including online betting sites, firearms, and the like. For online casinos and sports betting sites, players can move winnings into their Skrill accounts.
Skrill also allows its users to purchase and sell crypto from over 40 fiat currencies on its website. Users can do this by simply signing up or logging in and transact the said cryptocurrency in a matter of seconds. Skrill even offers an option where users merely have to input a trigger price where Skrill will then buy or sell crypto automatically.
Pros of Skrill
As mentioned, Skrill’s most basic function is as an e-wallet already so it offers the convenience of making transactions online, including sending numerous payments at the same time.
Another advantage of using Skrill is the possibility of withdrawing your funds from your virtual wallet to your bank account or even directly to an ATM machine.
Skrill goes where Paypal doesn’t which happen to be industries with a risk in them. Thus, Skrill dominates merchants with these types of products and services, so it opens access to more industries not yet readily accepted by the mainstream.
Skrill is up to date. You can tell because it’s involved cryptocurrency in its platform, even going as far as allowing the automated purchase and selling of crypto using a price trigger as one of its features. But also, it allows users to send micropayments using a mobile app.
Cons of Skrill
High fees and expenses make Skrill not too viable for merchants in Canada and in most European countries. Every motion within Skrill seems laced with fees including a 1.9% + €0.29 transaction fee when done with your digital wallet, another 1.9% + €0.29 for quick checkouts, €25 for chargebacks, and a surprising 3.99% currency conversion fee, just to name a few.
Skrill isn’t exactly transparent to its merchants and users. The website does not mention the fees attached to each intention. Skrill also charges €4 for every withdrawal into your bank account as well as other fees that affect the merchants as well.
Weak presence in Canada. Skrill’s customer support includes chat, email and phone for European merchants while Canada merchants are limited to chat and email support.
Skrill serves the industries and businesses that are riskier than normal because websites that especially thrive on Skrill, albeit legal with regulations, as a modes of payment also include betting sites, firearms, and the like.
Although the fees at every corner may seem to turn off possible users, the high level of safety and security is a notable factor in this payment method. Card details are never shared every time or anywhere you enter your Skrill details. Another reason Skrill is gaining popularity is that it serves a market that similar payment methods cannot, whether it’s select industries or particular countries they can’t penetrate. All in all, Skrill is good for niche markets like online casinos and sportsbetting sites but Canadian merchants and most regular European countries can do without it.
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