Skrill To Directly Challenge PayPal With Launch Of Marketplaces

Skrill is going after digital marketplaces today with the launch of its own payments solution

“At Skrill, we pride ourselves on investing and developing innovative and specialist solutions that help to address our customers’ complex payment challenges. Our proposition for digital marketplaces offers a scalable, global solution, delivered through a single integration. This means marketplaces can concentrate on running their business, knowing that their payments are in safe hands,” noted Chantal Willis, Vice President of eCommerce at Skrill.

Skrill is U.K. based and better known through out Europe, but is does have a somewhat unique statues as s one of the small number of payment services eBay allows sellers to accept for marketplaces transactions.

The new marketplaces product  will allow sellers to start paying each other directl, without using a services like the dominant PayPal as an intermediary in the transaction.

The service is competing  digital merchants looking for an alternative for  managing online payments without having to intervene in the flow of funds themselves and thus having to deal directly with compliance issues. The third-party site reduces regulatory risks and can result in lower fees.

Payments can also be split, allowing commission to be deducted before funds are settled to sellers, which makes processing more efficient and cost effective. Sellers can be paid out in one batch using an automated process and can access funds via payment to their bank accounts or instantly through the Skrill Prepaid MasterCard.

For sellers joining the marketplace ecosystem, a rules-based engine enables a streamlined and paperless onboarding process, providing rapid integration to the existing infrastructure. Marketplaces can track the onboarding status of each seller in real time and get comprehensive analytics and reporting to provide insight into o transactions and payouts.

The straightforward checkout allows buyers to make repeat purchases without having to enter payment information each time.