Skrill is a safe e-commerce and money transfer service. It offers a merchant account for businesses that integrates with local bank accounts and credit card–hosting services. Your business can also pay freelancers and vendors directly into a Skrill wallet, depending on the frequency and types of transactions you need.
Details
- Product name. Skrill USA
- Minimum transfer amount. None
- Maximum transfer amount. From $135 to $25,000 monthly, depending on account verification status and origin of funds
- Transfer methods. Online, mobile app
- Delivery speed. 2 to 5 business days
- Available currencies. 40 currencies
- Fees. 1.9% transaction fee, 3.99% currency conversion fee, $5.50 withdraw fee, $0 – 7.9% load funds fee
- Customer service. FAQs page
Process payments with a single integration
Adding Skrill to your business’s checkout allows you to accept multiple forms of payment with one single integration. Customers can pay quickly with an email address and password, with a debit or credit card, or directly from their bank account.
Skrill is best for:
- Digital wallet. With Skrill your business can offer customers a digital wallet option at checkout.
- Fast integration. Skrill can have your business accepting cards online within hours.
How are Skrill’s exchange rates?
Whether you use its wallet solution or hosted solution, Skrill’s exchange rates can be higher than competing services. It adds 3.99% to 4.99% to what it calls its “wholesale exchange rate,” depending on the currency.
| Currencies | Fee |
|---|---|
| Any transfer among USD, GBP, EUR, CAD or PLN | 2.99% |
| USD, GBP, EUR, CAD or PLN to any other currency | 3.99% |
| All other currencies | 4.99% |
For comparison, TransferWise offers the mid-market rate for most international transfers, and PayPal typically charges fees of up to 2.5% above mid-market rate.
How much will I pay to use Skrill’s merchant account?
When using Skrill’s merchant account to receive payments from customers, and Skrill’s high currency conversion fees, you’ll pay a transfer fee that’s equal to 2.90% of your total payment received. This is in addition to a high currency conversion fee of 3.99% to 4.99% that Skrill deducts for international payments.
If your business receives more than $3,000 in monthly sales volumes, you’ll pay slightly lower transaction fees.
| Monthly sales volume | Standard fee | Transaction fee |
|---|---|---|
| Up to $3,000 | 2.90% | $0.29 |
| $3,000.01–$10,000 | 2.80% | $0.29 |
| $10,000.01–$100,000 | 2.70% | $0.29 |
| $100,000 or more | 2.60% | $0.29 |
And there’s more fees you could face with this merchant account.
| Fee | Cost |
|---|---|
| Refund fee | $0.49 per refund |
| Sending money fee | 1% of your transaction |
| Micropayment fee | 5% + $0.05 |
| Chargeback fee | $20 |
What types of payments does Skrill support?
Skrill allows your customers to make payments with credit and debit cards, bank accounts and local payment methods. Its wallet can connect your business to 20 million Skrill users for one-tap micropayments.
With its hosted solution, you can add cards, accept more than 20 local payment methods and integrate with more than 80 banks for direct transfers — all through a single platform.
Pros and cons
Pros
- Intuitive system. Skrill is a simple platform that’s easy for even those new to e-commerce.
- Services many countries. Though it’s not available in all countries, Skrill offers its transfers worldwide.
- Flexible services. Skrill boasts the ability to receive payments from 20 local sites, 80 banks and more.
Cons
- High fees. There are so many fees with Skrill, you could lose track of how much you’re paying with each transaction.
- Customer complaints. Users report confusion about fraud prevention, late payments, “hacked” accounts, excessive ID requirements and poor communication.
How do I begin receiving payments through Skrill?
Start the process of opening a Skrill merchant account online with your:
- Personal contact information, including phone number and email address.
- Business information, including your website, industry, number of employees and estimated sales.
Once you’ve filled out the online form, a Skrill merchant representative will look over your info and call you back with details on tailoring the online payment gateway to your business’s specific needs.
Bottom line
While Skrill claims to be an easy-to-use platform, many fees, high conversion rates and user complaints could be enough to drive you to another e-commerce provider. But compare the fees, rates and transfer options of other money transfer specialists to find one that suits your needs.
