Best for
Low-risk businesses, multi-currency businesses, online stores, digital wallet
Specializes in
Skrill is an online wallet and digital money transfer platform that mainly focuses on money movement between people, digital wallets, businesses, and banks. It also processes credit and debit cards for different kinds of companies.
Pricing Summary
Setup Fee: $0
Monthly Fee: Undisclosed
Swipe Rate: 2.90% + $0.29
Keyed-in Rate: 2.90% + $0.29
Early Termination Fee : Undisclosed
Contract Terms:
Skrill was founded in 2001 in London, U.K, and is headquartered in New York, U.S., and London, U.K as of 2008. Joel Leonoff founded the company, and at this point, Skrill employs over five-hundred people. The Paysafe Group owns Skrill. It is not an ISO of any bank. Skrill is an aggregator.
Skrill is an aggregator, online wallet, and digital money distribution platform that works as something similar to PayPal. As an aggregator like PayPal, while it can take your money almost immediately and make fast, convenient transfers possible, it is also capable of freezing funds without warning, and this is the main complaint of hundreds of merchants, which leads to its overall rep being negative. Skrill’s industry focus is on moving around money and processing payments of different kinds and currencies. Its pricing model is interchange-plus depending on how much you process a month.
Head Quarters
London, UK
Year Founded
2001
CEO
Joel Leonoff
Employees
500
Merchant Provider Risk Tolerance
Low risk business tolerance.
Zero setup fee.
No contract required or a month to month contract available.
Supports in app payments.
Integrates with third party shopping carts.
Can freeze funds without warning.
Expensive fees to transfer money.
Limited pricing is disclosed online.
Account stability issues.
Not all important terms are disclosed.
Point 1: Money Transfers, Digital Wallet
Skrill offers a convenient way for customers to transfer money through their digital wallet at any time. Like Paypal, customers and users can request or send funds through a digital wallet and transfer money between individuals or organizations if someone has a business account with Skrill. This is one of the ways that someone can pay through Skrill.
Point 2: Multi-Currency Support, Rapid Transfer
Skrill offers multi-currency support, which means you can pay and use different kinds of currency. The British Pound, the Canadian Dollar, or any other type of money, practically, is usable. This is good because this lets people worldwide pay in their currency and adds some convenience to the whole process.
Rapid Funds Transfer means that there are no long wait times for funds to go through. Most funds will transfer in one day or less.
Point 3: Payment Integration, Chargeback Protection, Risk/Fraud Management
Skrill also offers payment integration, chargeback protection, and risk and fraud management. All three of these are incredibly useful for a merchant to have as part of their business, and it may be one of the best features of Skrill’s platform. Payment integration makes it easier for customers to pay, and the other two services protect the merchant’s income and money and add safety and security.
Discloses All Important Terms
No
Public Pricing Available
Yes
Skrill charges different rates with interchange-plus depending on what your business processes per month. There are four tiers, and they are dictated as such below. The pricing is not on the website, and digging is required to find it.
Pricing Model
Interchange PlusFlat Rate
Swiped Rate
2.90% + $0.29
Keyed-in Rate
2.90% + $0.29
Mobile Payment Rate
Virtual Terminal Rate
2.90% + $0.29
Monthly Fee
Undisclosed
Payment Gateway Fee
Undisclosed
Batch Fee
Undisclosed
Early Termination Fee
Undisclosed
PCI Compliance Fee
Undisclosed
Equipment Lease Terms
Undisclosed
Address Verification Service (AVS)
Application Fee
Account Setup Fee
$0
Gateway Setup Fee
Undisclosed
Annual Fee
Monthly Minimum
Undisclosed
Statement Fee
Skrill does not have a traditional contract. Skrill instead offers a pay-as-you-go system that only differs rates depending on how much volume you process a month. There are no complaints about the deal, and no early cancellation fees or PCI compliance fees are shown.
Contract Length
No Contract RequiredMonth-to-month
Early Termination Fee
Undisclosed
Skrill has an astronomical number of online complaints on a variety of different websites. BBB has 57 current complaints, and while many of them have been resolved, there are still several unsolved merchant complaints about Skrill. The majority of complaints deal with funds being frozen or fraud occurring, with poor customer service also rearing its head many times, more than once. BBB rates it as a 1 star out of 5 with two reviews.
Skrill has four stars or above from most websites. Skrill has no lawsuits, class-action or otherwise, leveled against it.
BBB
B(36 complaints)
3.7 Stars / 91,593 Reviews (Google Play)
No Reviews yet
Yelp
N/A
Total Online Reviews
91 000+
Total Online Complaints
300+
Lawsuits
None
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