MIAMI, FL--(Marketwired - Jan 12, 2017) - Net Element, Inc. (NASDAQ: NETE) ("Net Element" or the "Company"), a provider of global mobile payment technology solutions and value-added transactional services, today announces that Sutochno.ru, the leading C2C short-term accommodation booking service in Russia, is now a client of PayOnline.
Sutochno.ru features over 70,000 property listings, which last year attracted more than 700,000 guests who used the platform to book short-term accommodations throughout Russia. Sutochno.ru differentiates itself from Airbnb by being more country specific and offering a more attractive pricing model for guests. Additionally, while Airbnb takes commissions from the guests, Sutochno.ru only charges the hosts a commission and an optional fee to have a priority position in the list of available properties.
"We are excited to partner with PayOnline for our payment processing needs. PayOnline provides us with a complete solution for all of our payment needs such as pre-authorization, escrowing and payment processing via all types of cards," commented Yuri Kuznetsov, founder of Sutochno.ru. "Together with PayOnline we are developing innovative mechanisms specific to our business that will add convenience, security and enhance the user experience."
"We are honored to see Sutochno.ru amongst our merchants; PayOnline has invested heavily in product development, and it is rewarding to see how merchants can utilize the capabilities of our platform to meet their business needs and provide an excellent experience to the end consumer," commented Marat Abasaliev, CEO of PayOnline.
Sutochno.ru is a Russian based peer-to-peer marketplace allowing consumers to list their residential properties for other consumers to book on a short-term basis. The company was launched 5 years ago, currently serves over 700,000 guests on an annual basis and has over 70,000 active listings. Further information is available at www.sutochno.ru.
About Net Element
Net Element, Inc. (NASDAQ: NETE ) operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise ("SME") in the US and selected emerging markets. In the US it aims to grow transactional revenue by innovating SME productivity services such as its cloud based, restaurant point-of-sale solution Aptito. Internationally, Net Element's strategy is to leverage its omni-channel platform to deliver flexible offerings to emerging markets with diverse banking, regulatory and demographic conditions such as UAE, Kazakhstan, Kyrgyzstan and Azerbaijan where initiatives have been recently launched. Further information is available at www.netelement.com.
Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential," and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Net Element and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to whether the relationship with Sutochno.ru will positively impact the Company. Additional examples of such risks and uncertainties are : (i) Net Element's ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Net Element's ability to maintain existing, and secure additional, contracts with users of its payment processing services; (iii) Net Element's ability to successfully expand in existing markets and enter new markets; (iv) Net Element's ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Net Element's business; (viii) changes in government licensing and regulation that may adversely affect Net Element's business; (ix) the risk that changes in consumer behavior could adversely affect Net Element's business; (x) Net Element's ability to protect its intellectual property; (xi) local, industry and general business and economic conditions; (xii) adverse effects of potentially deteriorating U.S.-Russia relations, including, without limitation, over a conflict related to Ukraine, including a risk of further U.S. government sanctions or other legal restrictions on U.S. businesses doing business in Russia. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Net Element with the Securities and Exchange Commission. Net Element anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Net Element assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law.