Skrill (skrill.com, moneybookers.com), formerly operating under the name of Moneybookers USA, is an online payment and money transfer service headquartered in New York City and London. Launched in 2008 but originally incorporated in England in 2001, the company functions as a sort of international PayPal-type service for U.S. and European users. Additionally, Skrill also allows auction payments via eBay and appears to provide merchant accounts. Skrill/Moneybookers USA is owned by Moneybookers Ltd. in London, England, with a London headquarters at Floor 27, 25 Canada Square, London E14 5LQ, United Kingdom, and a New York headquarters at 61 Broadway, Suite 1603, New York, New York 10006. David Sear is listed as the CEO of Skrill.
Skrill Products and Services
- Debit and credit card processing
- Digital wallet
- International fund transfers
- Split payouts
- High risk
Sales & Marketing
Key Points - Sales & Marketing
|Uses independent resellers?||No|
|Promotes deceptive rate quotes?||No|
|Discloses all important terms?||No|
Skrill appears to primarily market itself through its website and through traditional advertising. There is currently no evidence that the company partners with independent sales agents to market its services, and we are unable to locate any negative Skrill reviews that accuse the company’s sales team of deceptive advertising tactics. One major complaint among merchants has to do with nondisclosure or inadequate explanation of the company’s fraud prevention and fund withholding policies. While this issue is more directly related to Skrill’s contract terms and customer service, it does seem as if Skrill could limit the number of merchant complaints it receives by clearly describing its policies regarding high-risk business types. As it stands, Skrill’s official advertising materials do not appear to deter unqualified merchants from signing up for the service, which may be the cause of many complaints about sudden cancellation of service and withholding of funds.
Skrill Marketing Example
Costs & Contract
Key Points - Costs & Contract
|PCI compliance fee:||Variable|
Skrill offers a wide variety of payment options in various currencies, including digital wallets and online payment gateways for European merchants, which makes it difficult to compare the company’s contract terms to industry averages. Additionally, most merchant complaints about Skrill do not disclose specific rates and fees (such as an ETF or PCI Compliance Fee) within the company’s contract, focusing instead on problems with fund withholding and sudden cancellation.
For U.S. users, Skrill charges a fee of 2.9% to load an account using a Visa or MasterCard card and a fee of 4.95% to load an account using a Paysafecard prepaid card. Users can load a Skrill account via ACH transfer for free. Withdrawing funds from a Skrill account costs $4.99, and sending money to another Skrill user costs 1% of the transaction (maximum charge of $10). There is also a monthly inactivity fee of $1.00 starting in the 13th month of inactivity. These costs are subject to change, so U.S. merchants are advised to check the company’s current pricing here.
Most complaints about Skrill generally express confusion about Skrill’s fraud prevention policies, trouble resolving fund holds in a timely fashion, “hacked” accounts, and excessive identity verification procedures enforced by Skrill. We have seen complaints about this last point posted by both merchants and individual customers of Skrill, who all complain of having to provide photo verification, proof of address, and other sensitive personal information to Skrill in order to verify their identities. This verification process appears to go on for an excessive amount of time in some cases, leaving merchants twisting in the wind without their withheld funds. This procedure, like the establishment of a cash reserve, is a reasonable policy for Skrill to have in place, but it appears that Skrill’s enforcement of it is generally lacking. This mishandling of suspected merchant misconduct is an especially egregious issue for a company that openly markets its services to high risk merchant types such as online gaming, Forex, and digital content.
Complaints & Service
Key Points - Complaints & Service
|Live customer support?||No|
|Most common complaint:||Fund holds|
Related CPO Content
Key Points - BBB
Skrill is not an accredited business with the Better Business Bureau. As of the review, the company holds a “D” rating with the BBB and has had 62 complaints filed against it in the last 36 months. The bulk of these complaints (39 of them) involved problems with Skrill’s products or services. Thirteen stemmed from billing or collections issues, two from advertising or sales issues, and eight from delivery issues. Of the total complaints, 21 have been successfully resolved, while 40 either were resolved to the dissatisfaction of the merchant or did not receive a final response from the merchant. One complaint received no response whatsoever. The company’s failure to respond to this complaint is the main factor lowering the BBB’s score for Skrill, and in this case, we are inclined to agree with the BBB’s rating.
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About Phillip Parker
Phillip Parker is a former merchant services agent turned small business advocate and the author of "Fee Sweep," which teaches merchants how to dramatically lower their processing rates, eliminate junk fees, and avoid fine-print scams. He founded CardPaymentOptions.com to help merchants enact positive change in the credit card processing industry. Schedule a Consultation with PhillipSchedule a Consultation with Phillip