NetElement (NASDAQ:NETE) announced the launch of subscription based payment processing offering that is aimed at small business in the United States. The global technology and value-added solutions group that supports electronic payments is hoping that its new offering gains traction through a partnership agreement with Payment Club. As quoted in the press release: The subscription … Continued
NetElement (NASDAQ:NETE) announced the launch of subscription based payment processing offering that is aimed at small business in the United States.
The global technology and value-added solutions group that supports electronic payments is hoping that its new offering gains traction through a partnership agreement with Payment Club.
As quoted in the press release:
The subscription economy has taken commerce by storm. From music and television to beauty and groceries, consumers have grown comfortable with storing their credit cards on file to receive products and services on a recurring basis from brands they love. According to MGI Research, the total addressable market for Subscription Economy technology providers will reach $102 billion by 2020.
Unified Payments’ newly created subscription-based billing engine allows Payment Club and many Independent Software Vendors (ISVs), Value Added Resellers (VARS) and Independent Sales Organizations (ISOs) to bill and manage any payment services and software licenses in a convenient and transparent way. The turn-key solution includes everything needed for businesses to accept payments in a multi-channel environment including smart point-of-sale devices for card present transactions, fully integrated point of sale systems, as well as online and mobile solutions developed exclusively for Payment Club by Net Element. The Company plans to expand these services across it’s platforms including Netevia.
Payment Club offers subscription-based payment processing services for a flat monthly fee. The transparent billing structure with no hidden fees and value-added service options make this program very attractive for small businesses and stands out from the competition. As part of Unified Payments’ “Team Unified” partnership program and Financing program, the Company has arranged for $5 million credit facility for the Payment Club to fuel its growth initiatives.
Payment Club membership benefits include:
- Multi-channel payment acceptance
- Fast, friction-less boarding
- 24/7 support
- Low monthly flat fee
- Value-added service options
“Small businesses often complain about the fees they pay for accepting cashless transactions and the burden it places on their business,” commented Vlad Sadovskiy, president of integrated payments for Net Element. “At Unified Payments, we make it fast, easy and affordable to accept cashless payments using the newly introduced subscription-based processing.”
“We worked hard for many months on assuring the potential success of this project and we are both impressed and delighted with our relationship with Net Element and its management team,” commented Anthony Kutcher co-founder and president of Payment Club. “This partnership brings both the technology stack that allows us to bring value-added offerings to our merchants and capital needed to grow our business,” added Alex Ilinski, EVP of business development for Payment Club. “With an addition of Unified Prosperity Financing, we now have up to $7 million available to grow the business.”