8 Key Benefits of the Skrill Digital Wallet

As an online company that sells products or services internationally, it is important to offer a variety of different payment options to your customers. The more payment options you have, the more likely you are to acquire new customers and retain existing ones. The importance of offering more payment options is further amplified by the rising demand for frictionless checkouts.

According to one estimate, the average number of digital wallet users increases by 140 million each year. Some estimates suggests this number has increased since the start of the global pandemic.

Skrill's digital wallet offers a wide range of benefits for your customers. With it, they can pay within seconds using only an email address and a password. They can also pick from a variety of payment methods, such as card, bank, or local payment options.

Want to know more about the Skrill Digital Wallet? Here is how you can benefit from it.

The Benefits of Using a Skrill digital wallet

The Skrill digital wallet offers both you and your customers a number of benefits. These include:

• Chargeback protection
• A multitude of payment options
• One-touch payments
• Improved conversion rates
• An account that manages multiple types of currencies
• High security and fraud management
• Quick integration
• Access to millions of Skrill Wallet holders

For a detailed breakdown of these benefits, see the sections below.

#1 Chargeback protection

Using our digital wallet provides you with chargeback protection on all payments, excluding credit and debit cards.

Due to fraud, chargeback is a frequent source of loss for online merchants. For example, in the U.S., for every dollar lost due to fraud, companies incur another $3.78 in costs on average. This is due to processing and bank fees, elevated chargeback ratios, operational expenses, and more. With chargeback protection, you are protected from such losses.

#2 A multitude of payment options

From digital wallets to cryptocurrencies, the use of alternative payment methods (APMs) is on the rise. Enabling your customers to pay with their preferred method of payment is a sure way to increase your overall sales and return purchases.

With the Skrill digital wallet, you can offer your customers over 100 local payment methods to choose from for easier cross-selling across borders.

#3 One-touch payments

According to Paysafe’s Lost in Transaction report, 53% of online stores say that frictionless checkout is the future. In the same survey, 64% of businesses say that integrating new technology that enhances customer experience is a priority to them.

Skrill 1-Tap offers frictionless checkout and improves customer experience. It allows your customers to make repeat payments with a single touch. With 1-Tap they can pay at any time, in a matter of seconds, on any device.  This saves customers from having to re-enter their personal and payment details.

#5 An account that manages multiple types of currencies

When you open a business account with Skrill, you will be able to accept payments in over 40 different currencies. Thanks to multi-currency support, your customers are given the option to pay in a local currency of their choice. This reduces conversion fees for them while you can handle all types of currencies within one single account, without difficulty.

#6 High security and fraud management

Whether it’s chargeback fraud or other fraudulent practices, the Skrill digital wallet is up to the highest security standards.

All of our products are in compliance with the Payment Card Industry (PCI) security standard. This means that you will benefit from the highest form of protection and don't risk suffering fraud and other malpractices.

#7 Quick integration

With one contract and a single API, integrating the Skrill digital wallet into your checkout is very simple. Thanks to our detailed guides and documentation, the process is very straightforward, and our technical support is here to help you with the integration.

#8 Access to millions of Skrill wallet holders

Skrill has millions of active users globally. By adding Skrill to your checkout, you can grow and connect with our existing wallet holders and expand your pool of customers.