Skrill – An Overview Of One Of The World’s Most Popular Online Payment And Money Transfer Platfrom

Overview is the official website of the London based group, Skrill Limited. Before rebranding in 2011, the company was known as MoneyBookers. In simple terms, Skrill is one of the most popular online payment transfer platforms, which helps consumers buy almost anything on the Internet using cash available in their debit cards or bank account. As of 2016, Skrill is available in more than 200 countries around the world except countries that are listed on the sanction list of the United Nations. The company is registered in the United Kingdom as a Money Service Business. Besides, it also has a business license with Financial Conduct Authority and European Union.

Despite its wide spread reach across the world, it is notable that its services were not available in the United States. However, in 2015, the company has gained unrestricted legal access to allow residents in the United States to use its services. In fact, analysts are already seeing Skrill as a major competitor of PayPal, in the United States. Such assumptions are fostered by the integration of Skrill on such prominent US platforms as Facebook, Skype and EBay. In addition, the possible acquisition of Skrill by its UK rival Neteller will also make it a force to reckon with.

The popularity of Skrill is reflected by the ease of opening accounts and simple verification process. For instance, anyone with an email address can open a Skrill account. After the user verifies the account by clicking on the verification link sent by the company, online shopping becomes easier by linking a debit card or a bank account to the account on Skrill. Perhaps, it is the simple account opening and transaction process that has allowed Skrill to grow as one of the fastest online payment and transfer companies in the world. Already, more than 25 Million users are account holders of Skrill who also enjoy complete online payment protection.

Basics – How Skrill Works?

For most consumers, using Skrill primarily allows them to shop online and transfer money from one account to another account. After opening an account by verifying the email address, users can connect a debit card or a bank account to their Skrill account. Once connected, they can easily shop for online products wherever Skrill is accepted. As such, Skrill is accepted by thousands of online platforms around the world. In fact, it has become a standard for betting, gaming and trading websites. Almost all major Internet gaming and online trading companies accept Skrill. Even the New Jersey Division of Gaming Enforcement has approved Skrill as the only legal eWallet in the State.

Another primary use of Skrill is the ability to transfer cash from one Skrill account to another Skrill account. It means that Skrill allows anyone in more than 200 countries to transfer funds, instantly. For most consumers, Skrill is fast becoming the transfer method of choice due to its low transfer charges. Experts also suggest that the company may completely replace money transfer methods related to traditional bank accounts, which often take two to three weeks. In comparison, it only takes one business day or a couple of days to transfer cash using Skrill. Moreover, the provision of using multiple sources to add funds for the international transfer that also includes mobile payments, Skrill is becoming even a more powerful tool.

As for business owners, Skrill provides an in-house payment processing system allowing businesses to accept over 20 different payment methods. Recently, Skrill has also started an escrow service for business accounts. Escrow allows online shoppers to hold their payments in the Skrill account until they are satisfied with the product. According to Skrill management, offering Escrow payment to customers will significantly improve the selling power of businesses by gaining trust of a large customer base.

Verification Process

Verification of the user account plays a critical role in safeguarding the interest of community. The verification can be divided into three steps. The first step is the verification of email. When opening an account, the user is asked to verify the email by clicking the link sent to that particular email address. As all accounts in the Skrill system are identified by email, a user can only specify four emails at a time. To delete an email, the user needs to notify the support.

Once the initial account setup is created, the second step requires the user to verify the identity. Skrill requires two documents to verify the identity of account holder. These include a verification ID, which may include a government issued national ID card, passport, driver license or any other official document. In addition to the government issued document, the user is required to submit a copy of the utility bill, which is billed to the user. Examples of such utility bills include telephone bill, Internet bill, electricity bill or gas bill etc.

The third step includes verification of debit card, credit card or bank account, whichever method is decided to be used as a payment and receiving method. To verify, Skrill deposits two very small amounts in the bank account or debit card. Accordingly, the user is asked to input the small amounts in a field next to the card or bank account information. Usually, it takes anywhere from one business day to three business days for the amount to be debited to the user account.A user can check the bank or credit card statement for the pertinent amount.

For using advanced features, there is yet another verification process, which requires user to verify the home or business address. Under the circumstance, Skrill sends a letter to the address, which includes specific codes. Just like bank verification in the third step, a user needs to input such codes.

Skrill – What’s Next?

The popularity of Skrill is increasing every day. In the last two years, the company has seen almost 50% growth rate, which is far better than its major rival PayPal. In addition, experts predict that Skrill will be the preferred payment partner of almost every major gaming and online trading network in the next five years.

Written by: Andrew Johnson

Andrew Johnson has been reporting for for more than 8 years. He studied journalism at UGC and has published two books on how journalism influences the world.

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