- E-commerce market expected to grow from $2.3 trillion in 2017 to $4.88 trillion by 2021
- Point-of-sale market expected to reach $116 billion by 2025
- Net Element’s new service, Fast Pass Funding, reduces funding times to as little as three hours
Global technology and value-added solutions group Net Element, Inc. (NASDAQ: NETE) announced on April 5, 2018, that its Unified Payments subsidiary has launched a same-day funding service, called Fast Pass Funding, through its proprietary Netevia platform (http://ibn.fm/Z5UQ6).
Fast Pass Funding is just one of many value-added services available to merchants through Net Element’s Netevia platform. The Fast Pass Funding service will enable eligible merchants to receive funding in as little as three hours during regular business days. This is a vast improvement on the previous average funding times of between 12 and 24 hours. Fast Pass Funding is also delivered to merchants using Aptito, Net Element’s proprietary cloud-based restaurant point-of-sale and management system.
Other value-added services offered through the Netevia platform include fast, easy merchant account opening and integration, payment conversion optimization, over 150 risk-monitoring filters and highly competitive pricing for payment acceptance services. In a recent news release, Vlad Sadovsky, president of Integrated Payments for Net Element, said, “We are pleased to take advantage of the latest capabilities provided by our new Netevia platform and we are excited about the additional upcoming features this platform will bring to us this year.”
With a focus on supporting electronic payments acceptance in a multi-channel environment, including point-of-sale, e-commerce and mobile devices, Net Element was ranked as one of the fastest-growing companies in North America by Deloitte’s 2017 Technology Fast 500™. The company offers a platform for payments-as-a-service transactions and value-added services to small to medium enterprises (SMEs) in the United States and other targeted emerging markets. The company aims to grow transactional revenue in the U.S. through innovative SME productivity services. These will be driven by blockchain technology in combination with Aptito, Net Element’s cloud-based restaurant and retail point-of-sale solution. Internationally, emerging markets with diverse banking, regulatory and demographic conditions will be offered Net Element’s omni-channel platform to deliver flexible payment solutions.
According to Grand View Research (http://ibn.fm/zzxgk), the global market for point-of-sale terminals is on pace to reach $116 billion by 2025, with a CAGR of 9.9 percent. Indications are that more and more consumers will turn to mobile device payment solutions in preference to plastic bankcards. This is driven by transactional speed and convenience, as well as the greater security offered by mobile payments. Net Element intends to take full advantage of the global growth of e-commerce and the surge in demand for wireless technologies in an effort to extend its global reach and grow its business.
Having reached $2.3 trillion in 2017, the worldwide e-commerce market is expected to more than double to reach $4.88 trillion by 2021 (http://ibn.fm/ZdtLR). To capitalize on this phenomenal growth, Net Element intends to develop innovative technologies to complement its Fast Pass Funding solution to service this market sector and integrate emerging business trends like blockchain technology. Jonathan Fichman, a director on the board of Net Element, added, “The company’s recently announced plans to create a blockchain payments platform and its recently released next generation cloud-based point of sale payments system will both be impactful innovations for the industry.”
For more information, visit the company’s website at www.NetElement.com
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