Skrill (aka MoneyBookers) and what it’s all about

Moneybookers (Photo credit: Wikipedia)

  I have recently researched a few online payment systems, and then decided to dwell a little more on one of them. Let’s talk about Skrill.

  Skrill, recently rebranded MoneyBookers, is an electronic payment system specialising in providing local Internet transactions from credit cards to bank accounts for eCommerce websites, online auctions and other multiple corporate users in various locations in many different currencies. For instance, Skrill can be set up on a UK website with products sold in Thailand for their local currency, using their domestic payment solution.
  Skrill requires a few-step registration for security purposes, which significantly minimises fraud. Over 100,000 of merchants throughout the world are supporting this approach and are actively using the service to buy products online. In addition to solid security, Skrill provides both businesses and consumers, with their own e-mail addresses for cost-effective send and receive payments functions online.

  Skrill operates independent eWallet platforms on the Internet allowing for simple and fast money transactions. The main advantage of this innovation is that consumers are finally able to send their payment to anybody in the world without having to disclose their financial details. The necessity to enter card numbers, expiry dates and endless details is now over. Skrill has found a way to store all of this data securely, and there is no need to share it over and over again. You can also fund your account and choose credit and debit card and link it to your bank.

  Skrill has a set of products to offer, among which there are both simple integrations and fully tailored solutions, local payment options and a wide choice of currencies. The following list of products and services covers the main features that Skrill delivers to its customers:

  • The Skrill Digital Wallet (secure and convenient online payment method with an e-mail address and a password)
  • Direct Payment Processing (payment options app for a store to directly accept over 100 payment methods, from regular credit/debit cards to specialised local payment options.)
  • MoneyBookers MasterCard® (the prepaid card directly linking to Skrill Digital Wallet, accepted in many online and offline stores and at over 1,5 million ATMs worldwide. The only limitation is that it is for EU residents only.)
  • Currency Services (Skrill supports processing in over 200 locations and enables settlement in over 40 currencies)
  • Money Transfer (allows to send and receive money in a simple and convenient way, instantly around the world; e-mail address of the recipient is all you need to transfer funds immediately)
  • Risk and Fraud Management (security measurement tools and anti-fraud protection policy are strictly followed within the company, therefore Skrill customers’ transactions are 100% safe)

  Skrill can easily compete with other payment systems, and when it comes to choosing between Magento Skrill or Magento Sage Pay, OsCommerce Skrill or OsCommerce Sage Pay etc. – Skrill would be a better choice for its international operations that are truly worldwide, while Sage Pay is a very convenient payment method for the UK: their charges are quite reasonable, and the level of service is rather high.

  Either Skrill will be the answer to your business needs or not, I hope you at least had a good read. Talk to you later!

Author: Elena Bizina, Marketing department of Holbi. Takes particular interest in eCommerce industry to learn from top professionals and share with beginners like herself. In the past – an English teacher and a Business Development Manager, at present – a full-time mother and a part-time Assistant to Marketing Manager whose core responsibilities are researching the eCommerce industry and writing about it.

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