Is Skrill safe, or a scam? Is Skrill a Safe Payment System? You must have heard about Skrill if you use cryptocurrency for online buying and selling! Before this, let’s find out what Skrill is?
What is Skrill?
It is an online payment system just like PayPal. Skrill was introduced in the UK in 2001 and was called Moneybookers. It is mainly created for the company focused on gambling and e-sports transactions.
By 2009, this company worth £365 million, and they informed that they would be offer services to all businesses and customers, not just gambling and e-sports.
Lately, in 2011, it was rechristened themselves as Skrill. Though the cause of rebranding is not known, in 2013, the Skrill purchased Paysafecard, an Australian prepaid card program, and was in turn acquired by CVC Capital Partners. In 2015, again it got merged with Neteller, one of their largest competitors.
So how many currencies can you use on Skrill?
Skrill accepts payments in over 40 world currencies. It also accepts transactions in cryptocurrency. With this, it’s getting better.
Skrill issues a debit card that you can link to your account. These cards are available in four currencies: British Pounds, US Dollars, Euros and Polish Zloty.
Have to set up a Skrill account?
Is Skrill Legitimate?
Skrill has a European e-Money license which empowers it to operate everywhere in the world outside the US. In the US, they’re licensed in all 50 states.
In this way, Skrill is a legitimate business. But there’s more to learn.
Is there something to concern about?
As gambling is a risky business and earlier Skrill was associated with gaming al lot of reputation issues stem from that time.
Still, Skrill is a legitimate business. But before you sign up for Skrill, better to learn about their fees.
What is the Skrill Fees?
To receive money using your Skrill account the transaction fee will be 1.9% of the payment plus an additional €0.29, which is about $0.33 at current exchange rates. This is comparable to PayPal.
Chargeback fees on Skrill are €25, or about $28.36 which is a bit high compared to PayPal’s $20 chargeback fee. Like PayPal, Skrill doesn’t charge for account setup or fraud protection, so you get that for free.
Skrill currently charges $5.50 for withdrawals. That’s a significant fee if you’re withdrawing a small amount of money. Even if you’re withdrawing large amounts, this is more expensive than PayPal, which doesn’t charge anything for withdrawals.
What Countries Are Supported?
Skrill is authorized to process payments to and from every country on Earth, except countries that have been sanctioned by the World Bank or the UN.
Is Skrill Safe & Secure?
As Skrill complies with the US, UK, and EU financial regulations, they have very strict standards for identity verification.
7 Reasons to use Skill
1. They are used where other internet payment processors won’t.
2. It works in industries other processors won’t!
Like riskier businesses like gambling, this is why it has high fees.
In addition to gambling, Skrill also processes payments for firearms and pornographic content.
3. Seamless integration with online retailers.
If you’re running an online store on a third-party platform, you can integrate Skrill as a payment option on many of them.
This is also another way to accept payments from customers who don’t personally have Skrill accounts.
4. Variety of payment methods. What currencies can you use on Skrill?
You can also use Bitcoin, Ether, Bitcoin Cash, Etherium Classic, XRP, Ox, or Litecoin.
5. Single-Click Checkout
A lot of online payment processors are easy to use, the same way you can send payments with the touch of a button. In today’s fast-paced world, this kind of efficiency is essential for customer retention.
6. Support Transactions for Apps
Unlike most competitors, Skrill allows you to accept microtransactions from apps.
This is a great way to accept mobile payments from users who don’t have Skrill but do have your app.
7. Recurring Payments
It supports recurring payments. Your phone company or the power company won’t accept your payments through Skrill. Gambling sites and a lot of adult websites also.
8. Mass Payments
If you have to regularly send out mass payments, Skrill is extremely convenient.
How Does a Skrill Debit Card Work?
you need to use your Skrill account to make in-person purchases, you can use your Skrill debit card which is linked to your Skrill account, so you can instantly access any money in your account by using your card, without waiting for a transfer. This is a benefit over PayPal. which requires you to transfer money from your regular PayPal account to your PayPal debit card.
PayPal only offers service to US customers, while Skrill debit cards are available in four currencies: US dollars, British pounds, Euros, and the Polish Zloty.
There are no transaction fees for swiping your Skrill debit card, including for paying bills. If you rarely use cash, you can use your Skrill card for purchases without paying the $5.69 withdrawal fee.
Of course, Skrill isn’t the best payment processor out there. They charge high fees and their ID verification process is stringent if your country’s infrastructure is poor.
But the benefit is, it’s the only company that serves many companies and industries. If you need to do business in these areas, Skrill is a secure service that will get the job done.