MIAMI, FL--(Marketwired - Mar 21, 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 its Unified Payments subsidiary entered into a partnership with Planet Payment, Inc. (NASDAQ: PLPM), a leading provider of international and multi-currency payment processing services, in which Unified Payments will offer Planet Payment's Multi-Currency Pricing to its portfolio of online merchants.
Multi-Currency Pricing enables online merchants to more effectively expand into foreign markets by allowing their international customers to view pricing and pay in their own currency. This capability represents a considerable market opportunity, as global eCommerce sales are expected to top $27 trillion in 2020, with Asia-Pacific remaining the world's largest retail eCommerce market, according to a report from eMarketer.com
"Planet Payment is eager to partner with a prominent payment services provider like Unified Payments," said Chris Greenstein, director U.S. Sales & Acquirer Relations at Planet Payment. "As global eCommerce sales continue to rise; we believe it is imperative for merchants in the U.S. to broaden their reach. Multi-Currency Pricing allows them to expand in the right way, by offering customized pricing that international customers will appreciate."
Delivered through the convenience of a single U.S. merchant account, Multi-Currency Pricing lets online merchants sell in their customers' currencies while continuing to be paid in U.S. dollars -- without affecting current funding schedules. Additionally, merchants can price the same item in multiple currencies, including Euros, Japanese Yen, Mexican Pesos, Euros or Canadian Dollars, allowing e-tailers to maximize their global reach.
"We are excited to form this partnership with Planet Payment to bring our online merchants the ability to price in multiple currencies and expand their global reach," commented Vlad Sadovskiy, president of Unified Payments. "When entering new markets, it is crucial to cater to your target audience. Multi-Currency Pricing lets our online merchants do just that, by providing them with the tools to create an enhanced shopping experience for their international customers."
About Planet Payments
Planet Payment is a provider of international payment and transaction processing and multi-currency processing services. The Company provides its services to approximately 189,000 active merchant locations in 22 countries and territories across the Asia Pacific region, the Americas, the Middle East, Africa and Europe, primarily through its acquiring bank and processor customers, as well as through its own direct sales force. Our point-of-sale and e-commerce services help merchants sell more goods and services to consumers, and together with our ATM services, are integrated within the payment card transaction flow, enabling our acquiring customers, their merchants and consumers to shop, pay, transact and reconcile payment transactions in multiple currencies, geographies and channels. For more information visit www.planetpayments.com.
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 and retail 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. Net Element was named in 2016 by South Florida Business Journal as one of the fastest growing technology companies. 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 whether the relationship with Planet Payment will be beneficial to 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.