In the vast and robust sector that is online payment systems, two companies continuously rise above all the competition: PayPal and Skrill. While there are dozens if not hundreds of online payment systems, few can compare to these two powerhouses, with even Stripe, Dwolla and Payoneer falling short of the leaders. Still, with both PayPal and Skrill both looming over the rest of the options, we have to ask: which is better?
Everyone knows PayPal. It’s every online shopper’s best friend, appearing on almost every site imaginable from ASOS to Samsung and Currys PC World to the Disney Store. To activate an account you simply put your details in once and from there on out purchasing items online can be done with the click of a button. There’s no need to share personal information with merchants either, as PayPal takes care of all the nitty-gritty details and keeps all data safe and secure.
Arguably, it’s PayPal’s outstanding popularity that encourages many merchants to invest in creating an account. Unfortunately, things often don’t turn out to be quite so easy for merchants who wish to use PayPal. Over the years, there’s been a breakdown of communications between PayPal as a service and merchants who use the system. There are reports of PayPal locking accounts before contacting the account holders, as well as a worrying lack of customer service, and so in recent years, many merchants have been seeking alternatives.
Online payment system Skrill is one such alternative, and while it may be small compared to PayPal, it is swiftly becoming a giant in the market. While PayPal targets online retailers, Skrill has gone for a slightly different audience, though it is proving just as successful.
Over the last decade, online casinos have become incredibly popular, attracting millions of gamers from around the globe. As financial transactions are a key element of online casinos, the need for a quick, competent, secure payment systems that customers and casino operators alike could work with became more apparent. In stepped Skrill, a worldwide payment service offering 40 currencies, free cross-border transactions and seriously quick registrations.
These are just some of the reasons why the iGaming industry may prefer Skrill to PayPal, though the fact that the online payment system doesn’t have quite as big a reputation as its competition is probably also a factor. After all, the more well-known something becomes, the bigger the chances of negative connotations being associated with it. Found on almost every big brand online casino (and often offering a wide variety of bonuses and offers for new and existing members) it is as if Skrill has developed a niche that increases its appeal within this particular market, while avoiding potentially damning wider public opinion.
So, as we come to the end of our online payment system comparison, one thing has become clear: preferred systems seem to depend upon what we are using them for. As a consumer interested in online retailers, PayPal is probably your best option. However, if you’re an online gamer, a casino operator or a merchant in that sort of sector, then Skrill seems like a far better option. That said, there’s no reason why you can’t have accounts with both, ensuring all your bases are covered.