- Net
Element payment processing tech options assist industries according to
individualized needs
- Partnership
with Russian bank set to boost country’s aging financial network
- Most
recent reports show growing net revenues as company prioritizes market
needs close to home
In a world where emerging business enterprises are
continually searching for ways to move money when the businesses don’t fully
conform to the rigid expectations of the banking and lending community, payment
processing technology providers such as Net Element, Inc. (NASDAQ: NETE) are
helping to keep markets flowing on a global scale and providing a foundation
for investors to stand on as they uphold entire industries.
Net Element’s decision to join its mobile payments
operations with multi-channel subsidiary PayOnline increased its ability to
serve small and medium-sized businesses and their customers with a growing
number of payment options. The company works to adapt its platform so it can
fit the individual needs of store front businesses and unbanked and web-based
enterprises — all of which serve their customers in a variety of different
ways.
While the company has scaled back its European activities,
its recently announced partnership with Sputnik Bank in Russia to provide
third-party bank processing to other banks throughout the country (http://ibn.fm/SefZV) shows its
ability to work in the international arena and its drive to establish financial
services wherever the need presents itself.
“We believe this is the first bank to provide a wholesale
service to other Russian banks and if executed properly could be a huge
success,” the company stated in a news release. “In the future, this entity
could even be spun off into its own independent fintech company like many of
the banks in the US have done.”
The news release added the company’s belief that all of
Russia’s banks use in-house systems, many of which have not been upgraded to
modern standards since the systems were created in the wake of the Soviet
Union’s dissolution in the early ‘90s.
“Sputnik is expected to move its own in-house system over to
this venture and will sell the processing service to small banks, third-party
vendors, value-added resellers, credit organizations and sales organizations.
Due to economies of scale of bank and payment processing, one large entity can
more efficiently manage a system and the smaller banks will be able to
outsource their IT at what is expected to be a much lower cost,” the company
continued.
Closer to home, Net Element’s VIP Payments solution offers
technological capabilities to hotel and tourism industry enterprises (http://ibn.fm/qLgmf); Netevia
offers a subscription-based, transparent online payments solution for brick and
mortar businesses’ e-commerce and B2B needs (http://ibn.fm/oDv91); Aptito provides support to the
restaurant industry (http://ibn.fm/roG0r);
and Unified Mobile Payments is designed with the kiosk and truck vendor in
mind (http://ibn.fm/uB0ji).
“We work directly with payment card networks and banks so
that our merchants do not need to manage the complex systems, rules, and
requirements of the payments industry,” the company stated in its most recent
10-Q quarterly report.
Net Element’s 8-K report issued during the same period
states that the company had a net revenues increase of $16.46 million for the
three months ended June 30 of this year, which was an increase of two percent
over the second quarter of 2017. The company’s net revenues for the six months
leading up to the most recent reporting was up nine percent over the previous
year to $32.45 million.
For more information, visit the company’s website at www.NetElement.com
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