A few decades ago, wire transfers and MoneyGram were being used to make online purchases and send money transfers to each other, but today online payment services like PayPal and Skrill have paved the way for electronic transfers that take place instantaneously.
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What you can do with PayPal
You need to first create a PayPal account- registering is quick and easy. When you sign up, you need to mention the kind of statement you want- personal, business or premier. A personal account is used when you just need to use the account for occasional online purchases or eBay auctions. If however, you need to accept business payments, then either a premier account or a business account is required. A primary account is free, and many other transactions do not attract charges. You can always upgrade when you want.
How PayPal works
Once you register, you can send funds to anyone who has an email address, regardless of whether they have a PayPal account or no. The only criteria are that the person who receives the money must be associated with that particular email address. If you connect your PayPal account with either your bank account, debit card or your credit card, you can use many of its other features. You can buy or sell goods and services, transfer funds to other accounts and also make and receive donations. You can use your PayPal debit card or credit card to transfer money, which is immediately credited to the recipient’s account. You can also ask for a check in the mail or withdraw cash from an ATM.
PayPal is popular because it’s a trusted service, is convenient and most importantly conceals all banking and credit card information from the other party. This is ideal especially when you transfer money to strangers and also when you buy goods from unknown parties. No paperwork is involved.
How Skrill works
You can create a Skrill wallet in a concise time and ensure that all your payment details are in one location. Skrill allows payments and money transfers to be made using the Internet. All you need for receiving or sending money online or making payments is an email address and your password. You can access funds immediately using your Skrill card, make international transfers at local rates and can benefit from fast and low-cost payment options to merchants.
What’s different and what’s same
Both PayPal and Skrill offer debit cards, which is safer than carrying cash. Since PayPal provides debit cards only to U.S. users, it’s cheaper to use while in the U.S. Skrill card’s worldwide availability, and comprehensive functionality makes it easier to use. If you want to spend funds using your debit card, then Skrill is the way to go, but if you’re going to withdraw cash, then PayPal is better. Both offer payment gateway services that easily integrate with e-commerce sites. Skrill apparently charges merchant fees while PayPal gateway services are free.
PayPal accounts are used for small transfers and purchases on eBay, but for more significant transactions, Forex traders and online gambling, Skrill holds the key. PayPal is a safer e-wallet provider, but unlike Skrill doesn’t offer any VIP program or cashback promotions. Thus PayPal and Skrill payment methods work similarly, yet differently.