Market research currently indicates (Q4, 2018 Rapid Transfer at Paysafe Group) that just 22% of smaller US-based online merchants currently permit direct bank transfers. Given this information, Paysafe Group announced an ambitious agenda to partner with Skrill USA. Now that the deal is in place, customers using Skrill digital wallet can easily use the online bank transfer option provided by Paysafe Rapid Transfer to fast-track their payments.
The Rapid Transfer payment option is currently available across 18 European countries. The inclusion of the US market via Skrill digital wallet has opened the doors for Paysafe’s Rapid Transfer and Skrill USA customers. The proprietary ID and verification service offered by Paysafe allows Skrill clients to initiate instant online payments from their bank account, with no need to navigate out. Skrill has been operating since 2001, and is a market-leading entity with various payment services available to customers for sending and receiving funds, online gaming, and building global business operations.
Features of the New Partnership
Now US-based customers can easily make payments via ACH and wire transfer services. This new payment system is ideal for customers who prefer online banking to other traditional options. A Paysafe report published in 2018, ‘Lost in Translation’ found that as many as 30% of US consumers are concerned about ecommerce fraud. The provision of secure payments services is thus a viable alternative to users. Thanks to the Rapid Transfer option, no additional registration is required and merchants get to enjoy added convenience.
Other benefits of Rapid Transfer are included, such as seamless uploading of funds from online bank accounts to online digital wallets. Since inception in Europe in Q3 2016 Rapid Transfer has made a big impact in Spain, Italy, Austria, France, Germany and the United Kingdom. Since then, the services have expanded to include various Eastern European markets, Baltic states, Belgium and the Netherlands, et al.
Paysafe Group is a world-class provider of end-to-end payment solutions. By providing quick and easy transactions for clients, Paysafe Group has become a leader in payment processing, online cash solutions, and card issuance. Today, Paysafe Group boasts two decades of industry-leading experience and annualized transaction volumes of $85 billion. It operates globally, with 40 currencies and features 200 different payment options. Paysafe Group is mobile friendly, and bridges the gap between land-based payments and online payments.