With digital and electronic payments on the rise, the payment gateway on your eCommerce website can either make it or break it for your online business.
By 2022, eWallets are expected to account for 47% of global eCom payment methods, representing a 30% increase compared to 2018. The total transaction value of digital payments globally is also expected to grow annually at a rate of 12.8%.
Consumers are the main driving force behind these changes and are increasingly expecting online transactions to become more seamless, secure, and convenient. To meet their needs and demands, small and mid-sized eCommerce businesses can really benefit from a reliable partner.
Skrill can provide you with a payment gateway that outmatches many of the current solutions in terms of fees, payment options, currencies, and more.
Here are 10 reasons why many small companies choose Skrill for their business.
1. Significantly lower fees
For small and mid-sized businesses, payment gateway fees can make a significant difference. Skrill offers you notably lower fees on transactions than other big payment gateway providers out there.
If you make use of Skrill's special offer, valid between March 1, 2020, and March 1, 2021, you get to benefit from 0.9% fees on debit/credit card transactions (VISA, Mastercard, and Maestro) and 0.5% fees on Rapid Transfer transactions.
Other gateway providers may apply standard fees between 2.5% and 4%.
Depending on the number of transactions that your business processes, that can add up to a lot of savings.
2. More than 40 currencies supported
Cross-border eCommerce is growing every year and is expected to reach close to $1 trillion in 2020. With this, more and different buyers are bound to show up at your website.
Adopting Skrill for your shopping cart will enable you to access and manage transactions in more than 40 currencies worldwide. Multi-currency support allows your customers to pay in their preferred local currency, rather than forcing them to pay in foreign currencies with a conversion fee on top.
3. Over 100 local payment options
As with their choice of currencies, users want to be accommodated for with a selection of payment methods. Whether it's their bank, their preferred eWallet, debit, or credit card, offering more payment options guarantees greater ease of use for customers and more sales for you.
Moreover, alternative payment methods (APMs) are expected to become the leading payment method globally by 2023.
On top of offering 100+ payment options, Skrill is fully certified with global payment providers like Visa and Mastercard.
4. High security
You might not know it, but Skrill used to be called Moneybookers and has been around for over 20 years. Along with offering solutions to eCommerce businesses, for years we’ve also provided payment processing services in the online gambling industry. Due to the high-risk nature of online transactions in that industry, our solutions had to meet the highest anti-fraud and security standards.
Good security is very important for online retailers, as they face the highest proportion of credential stuffing attacks compared to other businesses. This high amount of attacks is due to the desire of merchants to offer a good customer experience which sometimes comes at the cost of security.
We pride ourselves on being fully compliant with the Payment Card Industry Data Security Standard (PCI) and offering excellent online payment security to our clients. In contrast, according to a 2019 Payment Security report by Verizon, only about 36.7% of companies globally are in compliance with PCI standards.
5. Chargeback protection
Thanks to our high-security standards, you can also benefit from the chargeback protection that we offer. Chargeback is a frequent source of grievance and loss for merchants. A study conducted by Javelin found that in 2017 alone, chargebacks amounted to $31 billion in losses, $19 billion of which were losses by merchants.
To protect you from chargeback fraud, we offer you indemnification on all payments through our Quick Checkout service, excluding credit and debit cards.
6. Quick integration
Integrating Skrill into your website requires absolutely no coding skills. We partner with over 20 of the main eCommerce shopping cart solutions, such as WooCommerce, Magento, Shopify, PrestaShop, and many more. You can enable Skrill with one contract and one integration – easy to manage and maintain.
And if by any chance you need something else, we also offer custom integrations.
7. Great user experience
Shopping cart and checkout abandonment are one of the greatest challenges for eCommerce merchants. Up to 70% of shoppers have been found to abandon their carts. Some of the most common reasons for this are:
- Unexpected costs like shipping, taxes, and fees
- No guest checkout option
- A too complicated checkout process
- Order total is not visible upfront
- Site is not trusted
While on mobile, poor and confusing checkout design and slow website or app performance are the leading causes of cart abandonment.
Skrill helps you reduce instances of checkout abandonment through mobile optimized and quick checkout functionalities. What's more, with our Rapid Transfer service, users can check out without registering for a Skrill account - they only need their personal banking credentials.
8. Multilingual customer support
Maybe English isn't your native language and you don't feel comfortable speaking it?
Thanks to our multilingual customer support, you're likely to be able to speak in your native tongue when trying to resolve issues with our customer support. We place great importance on making it easy for our customers to resolve problems quickly and with ease.
10. Millions of existing users
Over time, we have acquired millions of active users (wallet holders) worldwide. Adopting Skrill for your business means that all of those users will be able to make transactions on your website effortlessly.
This, along with the other benefits listed above, is an immediate way in which you can increase your conversion rate.
Ready to try Skrill for your business?
If all of the above sounds good to you, maybe you'd like to give Skrill a try?
To get started, go ahead and sign up for a business account. One of our account managers will get in touch with you shortly to help you with the setup.