Today’s world is full of online payment systems and softwares. Along with being secure, it is more convenient as well as the services these softwares provide.
You need to review a broad range of solutions and spend time if you want an efficient Payment Gateway product for your business. It doesn’t have to be difficult and can be as straightforward as matching their characteristics. Also, you can get a quick understanding of how each product works.
PayPal and Skrill are the two mighty beasts in this category of online transactions and payments. By contrast, everybody else is a miniature and lives around the edges of online payments, given that BitCoin is not even on the radar for the majority of marketers right now.
PayPal vs Skrill
The main difference between PayPal and Skrill is that PayPal does not expose the financial information of the consumers directly to the merchants whereas it is not the case in Skrill. Skrill is not as safe as PayPal considering the data of the users.
While the thing is that PayPal is a lot more expensive than Skrill, so PayPal has its concerns too. Safety of PayPal matches its costly nature while Skrill is better priced but, safety is an issue there.
Comparison Table Between PayPal and Skrill
| Parameter of Comparison | PayPal | Skrill |
| Language Support | Almost all languages are supported by PayPal. | Skrill supports its services in 7 major Europian languages |
| Currencies | PayPal offers 20 currencies which is half of what Skrill offers. | Skrill offers the transaction in 40 currencies. |
| Verification Strategy | In PayPal, you have to deposit a small sum into your account to get verified. | For verification in Skill, the user has to withdraw a small amount from the account. |
| Registration time | Approximately 2 days | 1 day for registration and verification |
| Charges applicable on | PayPal charges you for receiving money. | Skrill demands the charge for sending money. |
| Gambling | PayPal requires advance approval. | Skrill is totally allowed and even encouraged. |
| MasterCard Debit Card offered | MasterCard Debit Card is offered only for US customers. | It is offered to all customers. |
| Merchant transaction fee | The merchant transaction fee is 4.5%(+ fixed sum) | It is 2.99%(+ fixed sum) in the case of Skrill. |
What is PayPal?
A simple and fast way to send and request money online is supported by PayPal. To family, friends, online stores, and auction sites like eBay, you can transfer amounts (abroad).
All you really need for giving money to family or friends is the recipient’s email address. You can submit payments using the Send and Request Money option by registering your credit card or bank account with your PayPal account. The amount will be credited to the account of the beneficiary and can then be passed to or used to make a payment to a bank account.
- Biggest eWallet provider: PayPal has become the best established and largest e-wallet provider on the internet with the acquisition of eBay. As a result, most retailers accept the higher fees and offer PayPal as their payment service so that as many customers as possible can be met.
- Safety: With its official bank status as a Luxembourg-based bank, PayPal is a stable and very secure provider of e-wallets. It does not explicitly disclose the consumer’s financial details to the retailers, which makes it a favorite of consumers.
What is Skrill?
Skrill (formerly Moneybookers) is a digital wallet provider that makes and stores money for a variety of online payment and money transfer services. It is available with a registered email address to any internet user over the age of 18. It charges very low or free fees for various kinds of transactions. By signing in and making purchases at least once a year, you can use most of their services for free as long as you are active there.
- Use for Online Gambling: Most of the online gambling websites offer Skrill as their top preference for money transfer service.
- Customer Support: It has high customer support as compared to any other online money transfer platform and has a very high customer satisfaction score.
Main Differences Between PayPal and Skrill
- PayPal supports almost all the language whereas Skrill only supports 7 major European languages for its services.
- PayPal only offers 20 currencies which is much less than that of Skrill. Skrill provides its products and transactions in 40 currencies from all over the world.
- In terms of a method for verification, you have to deposit a small amount in PayPal, and in Skrill, you have to withdraw a small amount from the account.
- For registration and verification methods, it takes almost two days to get verified in PayPal whereas it takes one day in Skrill.
- PayPal charges users for receiving money and in Skrill, charges are applicable for sending money.
- PayPal is not offered by most online gambling providers while Skrill (Moneybookers) is their first preference to work with.
- MasterCard Debit Card is offered only for US customers in the case of PayPal but it is offered to all from Skrill.
- The merchant transaction fee in PayPal is 4.5% (+ fixed sum) whereas, in the case of Skrill, it is 2.99% (+ fixed sum).
- The customer support is not at all amazing in PayPal. It is quite inactive. On the other hand, customer support teams for Skrill are much better than PayPal.
Conclusion
The analysis will help you figure out each software’s strengths and weaknesses, and make up your mind about which one suits your needs better. In addition to the key features, the best product is always the solution, which is simple and intuitive.
For example, the overall score for Skrill is about 9.0 against the score of 9.5 for PayPal Payments Pro. However, The tremendous benefit of Skrill (Moneybookers) over PayPal when it comes to their payments is plain to see. On the other hand, if we take safety into account, PayPal is the clear winner. It is much safer to use due to its verification and protection strategy.
Skrill still does not stand much closer to PayPal. However, if you want to have a decent service at a low cost, you can go with the Skrill but here, you have to give up on security.
References
- https://heinonline.org/hol-cgi-bin/get_pdf.cgi?handle=hein.journals/ucdbulj16§ion=14