Todayโs world is full of online payment systems and software.
Along with being secure, it is more convenient and the services this software provides.ย
You need to review a broad range of solutions and spend time if you want an efficient Payment Gateway product for your business.
It doesnโt 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 most marketers right now.
Key Takeaways
- PayPal and Skrill are digital payment platforms that send and receive money online.
- PayPal is widely accepted and available in most countries, while Skrill is less popular and available in fewer countries.
- PayPal charges higher fees for international transactions, while Skrill offers lower fees.
PayPal vs Skrill
PayPal is a global payment platform that allows individuals and businesses to send and receive payments online, it supports transactions in multiple currencies. Skrill is an online payment system and digital wallet that enables users to securely send and receive money, make online purchases, and pay bills.
While the thing is that PayPal is much more expensive than Skrill, it has its concerns too. The safety of PayPal matches its costly nature, while Skrill is better priced, but safety is an issue.
Comparison Table
| 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 are half of what Skrill offers. | Skrill offers transactions in 40 currencies. |
| Verification Strategy | In PayPal, you must 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.ย |
| 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 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?
PayPal supports a simple and fast way to send and request money online.
To the family, friends, online stores, and auction sites like eBay, you can transfer amounts (abroad).
All you need to give money to family or friends is the recipientโs 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 beneficiaryโs account and then passed to or used to pay 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 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 consumerโs financial details to the retailers, which makes it a favourite of consumers.
What is Skrill?
Skrill (formerly Moneybookers) is a digital wallet provider that makes and stores money for various online payment and transfer services.
It is available with a registered email address to any internet user over 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 online gambling websites offer Skrill as their top preference for money transfer services.
- Customer Support: It has high customer support compared to any other online money transfer platform and a high customer satisfaction score.
Main Differences Between PayPal and Skrill
- PayPal supports almost all languages, whereas Skrill only supports 7 major European languages.
- 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 verification method, you have to deposit a small amount in PayPal, and in Skrill, you have to withdraw a small amount from the account.
- Registration and verification methods take almost two days to get verified in PayPal, whereas it takes one day in Skrill.ย
- Payments users for receiving money; in Skrill, charges are applicable for sending money.
- Most online gambling providers do not offer PayPal, 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.
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Sandeep Bhandari holds a Bachelor of Engineering in Computers from Thapar University (2006). He has 20 years of experience in the technology field. He has a keen interest in various technical fields, including database systems, computer networks, and programming. You can read more about him on his bio page.
