- Net Element specializes in mobile payments and value-added transactional services
- The company supports electronic payments acceptance in a multi-channel environment
- Net Element recently announced that its PayOnline subsidiary is partnering with Bank Sputnik
Payment processor Net Element, Inc. (NASDAQ: NETE) specializes in mobile payments and value-added transactional services. A worldwide technology-driven group, the company provides its platform for small to medium enterprises (SME) in the United States and select developing markets. On Deloitte’s 2017 Technology Fast 500™, Net Element was ranked as one of the fastest growing companies in North America.
The company supports electronic payments acceptance in a multi-channel environment, including point-of-sale, e-commerce and mobile devices. Net Element has positioned itself strategically for growth in emerging countries and the U.S.
Net Element recently announced that its PayOnline subsidiary is partnering with Bank Sputnik to offer a complete multi-channel payment facilitator solution (http://ibn.fm/aQv8uv). This solution is for SMB (small and midsize business) merchants in the Russian Federation. Established in 1990, Bank Sputnik is a global bank that provides a comprehensive range of banking services to legal entities and individuals.
Of note is that this payment solution expands PayOnline’s offerings beyond electronic commerce. Moreover, this payment facilitator solution provides a suite of tools not available from any other transaction processing company in the region.
Net Element, by partnering with Bank Sputnik, is at the vanguard of a new operating paradigm in the payment processing industry. Capgemini highlights this paradigm in its report, ‘Top 10 Trends in Payments 2018: What You Need to Know’ (http://ibn.fm/wwiJp). It states, “Banks run the risk of losing market share unless they adapt and change their operating model and become part of the new collaborative payments ecosystem.”
Innovative service offerings, such as the above, should continue to drive growth for Net Element. The company reported 2017 full year revenues of $60.1 million. This represents an increase of roughly 11 percent over its 2016 revenues of $54.3 million. Net Element’s revenue increase in 2017 was significantly driven by its North America Transactions Solutions division.
Net Element’s PayOnline features customizable payment flows. It also features a full-stack Application Programming Interface and value-added solutions. Additionally, PayOnline provisions a single, master merchant identification. As a result, it ensures that merchants and their clients benefit from an automated, real-time and seamless onboarding experience.
In a news release, Andrey Krotov, Net Element’s chief technology officer, stated, “PayOnline exceeds the unique needs of software platforms and merchants looking to enable payments in a multi-channel environment.”
Net Element’s global business strategy is to take advantage of its omni-channel platform. This is to deliver flexible offerings to developing markets with varied banking, regulatory and demographic conditions. In the United States, one way the company is working to grow transactional revenue is through innovating SME productivity services employing blockchain technology solutions.
For more information, visit the company’s website at www.NetElement.com
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