PAYMENTS
Skrill
Formerly known as Moneybookers, Skrill today is considered to be a popular ecommerce platforms which amongst other things offers a convenient platform for money transfer and online payments across various countries and destinations in the world. It has over the years become a reliable and low cost option for individuals and others to transfer money from one place to another. The company is owned and operated by Skrill Limited. It is a company that is based at United Kingdom. It is registered as an entity which offers Money Service Business.

History Of Skrill

Skrill was incorporated on July 27, 2001 as Moneybookers. However, in March 2007 Moneybookers was purchased by Investcorp perhaps for an amount of Euro 105 million. Over the past few years the growth story of Skrill has been quite satisfactory and also has exceeded market expectations and predictions. In 2014 Skrill had a total revenue of around Euro 279 million. It has a reasonably big customer base and according to reliable sources the figure could be around 25 million and there could around 120,000 merchant accounts. The future also looks quite good given the fact that the company has been proactive over the past few years.

Today Skrill has been able to integrate its facilities with some major online payment gateways like EBay, Skype and even Facebook, though perhaps for other purposes. The entire rebranding exercise of moving from Moneybookers to Skrill was completed in 2013 and since then the growth has been quite impressive.

A Look At Services

Skrill allows its customers to hold their accounts in many currencies of the world. However, once the transaction has been made in a currency, it is not possible to change the same. Customers are allowed to buy a prepaid Skrill card and it can be linked to four major currencies of the world, i.e. USD, PLN, GPB and Euro. This is for ordinary account holders and premium account holders get other benefits including their ability to deal with multiple currencies. They are also eligible for loyalty points and other such takeaways.

Security Concerns

Like all firms, especially those who offer online fund transfers and other such facilities, there are concerns expressed in some quarters as far as the security features are concerned. Though they use the best of security features and also end to end encryption facilities, a few instances of wrong credits have occurred. A few instances of funds not reaching the beneficiaries have also been reported. But such instances are very few and far between.

There are also a few instances where the monitoring and supervisory authorities have hauled up Skrill for delay in credit and also holding back funds of customers beyond the permitted limit. This perhaps has led to a none-too-enviable ranking by the authorities. This certainly is a matter of concern and it is obvious that the management of Skrill is seized of the problem and they are doing what it takes to remedy the situation.

In fine, there is no doubt that Skrill has over the years has become a reasonably well accepted online money transfer platform. It does have some issues with regard to security features but they are also being sorted out in the right earnest.