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. Joel Leonoff is listed as the CEO of Skrill.
- Sales & Marketing: Skrill does not hire independent sales agents but has received some complaints about its sales practices.
- Costs & Contract: Skrill offers pay-as-you-go pricing with no early termination fees.
- Complaints & Service: Skrill has received more than 275 public complaints.
- BBB Rating: Skrill has a “B-” rating with the Better Business Bureau and has received 53 complaints in the past three years.
- Rates & Fees: How Merchants Got The Best Rates With 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
|Employs Independent Resellers||No|
|Advertises Deceptive Rates||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.
Costs & Contract
Key Points - Costs & Contract
|Early Termination Fee||Variable|
|PCI Compliance Fee||Variable|
|Equipment Lease Terms||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 7.50% 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 $5.50, and sending money to another Skrill user costs 1.9% of the transaction (maximum charge of $20). There is also a monthly inactivity fee of $3.00 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 poorly executed. 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
|Total Online Complaints||275+|
|Live Customer Support||No|
|Most Common Complaint||Fund Holds|
We are currently able to locate over 275 public Skrill complaints on this and other websites, many of which accuse the company of being a scam or a ripoff. Most of the complaints cite frozen accounts, withheld funds, unauthorized and fraudulent charges, poor or unreachable customer service, and deceptive selling practices by Skrill users. Many of these complaints have been posted by end users or personal users of the company’s services, but a good portion of them have been written by merchants. In general, merchants are suspicious of lengthy and excessive fund withholding by Skrill, particularly in conjunction with the excessive identity verification process required by the company. In addition, many merchants have reported that they were unable to reach anyone at Skrill for days on end.
Key Points - BBB
|Product & Service Complaints||34|
|Billing & Collection Complaints||17|
|Advertising & Sales Complaints||2|
|Guarantee & Warranty Complaints||0|
Note: We have adjusted this company’s BBB rating according to our own standards. To better understand why we adjust BBB ratings, please see our Rating Criteria.
Skrill is not an accredited business with the Better Business Bureau. As of the review, the company holds a “B-” rating with the BBB and has had 53 complaints filed against it in the last 36 months. The bulk of these complaints (34 of them) involve problems with Skrill’s products or services. Seventeen also stemmed from billing or collections issues and two from advertising or sales issues. Of the total complaints, 14 have been successfully resolved, while 39 either were resolved to the dissatisfaction of the merchant or did not receive a final response from the merchant. The company’s delay in responding to its complaints is the main factor lowering the BBB’s score for Skrill, and considering the overall numbers for its profile, we are inclined to adjust the BBB’s rating to a “C.”
About Phillip Parker
Hi, I’m Phillip Parker and I believe that the merchant account industry has been overrun by people who engage in fraud and deception in order to steal from hard working business owners. I created this website to help you avoid the bad players, save money on fees, and get peace of mind with your merchant account. If you would like to help support my work, check out my cost analysis service. I can evaluate your statement and tell you exactly how much you're overpaying for your merchant account. Get more information here.Schedule a Consultation with Phillip