Skrill Payment System

Online payment processing is not an unknown term anymore to most of the Internet surfers, thanks to the massive boost that the online shopping industry has seen off late. PayPal was initially the lone payment processor in the market, but, as soon as others understood the profitability of this online payment processing industry, they started jumping in. Moneybookers started off just like those other PayPal alternatives, but, due to its own merits, it has definitely become a big-time competitor of PayPal. Recently, Moneybookers authority decided to change its name to Skrill. With more than 31 million members to the credit, Skrill has surely come a long way.

Some Basic Facts

• Skrill is authorized by the Financial Services Authority of United Kingdom, also known as FSA to issue electronic currency. The registered office of Skrill is situated at Welken House, London.
• The official website of Skrill is certified by TRUSTe. TRUSTe protects users security and try to build their confidence.
• Skrill works on securing the information provided by the users and prevent any unauthorized access or disclosure of information. As soon as the user logs in to his Skrill account, every Internet communication is made secured by a 128 bit encrypted Secure Socket Layer technology.

Different Accounts

With Skrill, you can open two different types of accounts: one is personal account and the other is business account. The former is better suited if you want to use the Skrill account for personal purposes and the transaction number is not that high.

Business account however can be useful to you if you manage a company with many employees. You can even use Skrill for paying your suppliers if you have a business account.

Moneybookers MasterCard

The best part is that with both the accounts, you can apply for the Moneybookers MasterCard. This is an awesome pre-paid card and has even won awards for the security and convenience that it provides. It has four different currency options such as: USD, PLN, GBP and EUR. However, this MasterCard cannot be obtained by citizens of non-European countries. Also, this prepaid MasterCard costs you some money, though it is not much (ˆ10 per year).

Different Features and Advantages of Skrill

Skrill comes with different features suitable for the customers and the increasing number of users definitely proves that they just love those:

Direct Payment Processing: If you have a store and you want to accept payments through different methods, you should not look beyond Skrill. This payment processor accepts over 100 different payment methods including the general credit or debit card transfers to local and specialized payment options. So basically you will never lose a customer just because he doesn't know a possible way to pay you for the product or service that you are offering. Not to mention, you can get paid in 40 different currencies.

Skrill Digital Wallet: The account that you have with Skrill is your Digital Wallet. You can log into your account with just an e-mail and password (The ones you entered during registration) and you will be able to send anyone cash. You just need to know the account holder's name and the e-mail address he used to register. Just enter the amount and click submit. You are done!

Skrill World Post: Thanks to Skrill, you can now get packages from US delivered directly to your home. It saves you from a lot of dilemma. The service is offered for cheap price and it guarantees secure and fast shipping. You can also track the package online as well. Skrill World Post however works for European countries only.

Little Fees: Skrill claims that the fees are low for sending, uploading or withdrawing any money. You basically incur 1% of the transaction amount as fee while sending; however the maximum limit is set to 0.50 EUR. You can receive money for free. If you upload funds through a bank account with a valid SWIFT code, you can make the process free. For uploading funds with a Visa, Amex or MasterCard credit card, you'll have to pay 1.90% of the total amount as fee. The withdrawing fee is respectively 1.80 EUR and 3.50 EUR for bank accounts with SWIFT code and Cheque. Cheque withdrawal is only supported for the following currencies: GBP, EUR and USD. Skrill also supports local payment options for various countries and the fees generally vary. If the Skrill user has not logged in or made any transaction within the last 12 months, he will have to pay 1 EUR every month for enjoying continued service of Skrill. In case of any currency conversion required, Skrill will charge a fee of 2.49%. Considering all the fees that Skrill may incur on you, it's still pretty cheap when compared to other leading payment processors in the industry.

Policy against money laundering: Skrill has a very strong policy against any sort of money laundering. It not only protects the account holder and legitimate users, such a strong policy help Skrill to maintain high standards as well. That being said, many online betting companies use Skrill as their primary payment processor. Skrill only allows companies which have the authority to conduct betting business in the country where it is based.

Disadvantages

After advantages, it's time to discuss a few disadvantages that come with Skrill:

Support for Less Countries: Well, Skrill supports a lot of countries. However, the features are somehow limited for non-European countries. Also, there are many countries whose citizens are not allowed to open a Skrill account and hopefully it will open up for more countries in future.

No Dispute Can Be Filed: For better security of buyers, filing dispute against a particular transaction should be made available for Skrill users. That being said, the dispute system should be impartial to both buyer and seller. Additionally, if Skrill introduces dispute facility for transactions which involve digital or virtual goods, it will certainly get an advantage over PayPal, the leading payment processor today.

Skrill is definitely gaining momentum with each passing day and soon becoming a bigger competitor to PayPal. It needs to be seen though that whether Skrill is ultimately able to overcome PayPal in the future or not.