- Net Element is enhancing its payments-as-a-service transactional platform to address the needs of small and medium-sized businesses in the U.S., as well as in select emerging markets
- An innovative events industry extension was launched in May to tap into the rapidly growing field
- Net Element has also announced a Netevia platform extension in the form of a smart vendor payment solution for B2B companies
Over the past couple months, Net Element, Inc. (NASDAQ: NETE) has increased its portfolio of payment solutions aimed at both huge markets and underrepresented market segments. The global technology and value-added solutions provider focuses on electronic payment acceptance in multi-channel environments.
On May 23, Net Element announced the launch of a unified payment solution for the events industry. The new solution enhances existing payment options through intelligent point-of-sale integration, as well as self-order kiosks and multi-channel payment acceptance.
The new solution will greatly benefit the rapidly growing events market. According to the Event Industry Council, this niche has generated more than $330 billion in direct spending in 2016, an increase of 18 percent since 2012 (http://nnw.fm/1VdvR). The industry has a massive impact on the U.S. economy, as it creates 5.9 million jobs and generates over $845 billion in business sales.
On June 12, Net Element announced yet another new development – a smart vendor payment solution for business-to-business (B2B) companies. The solution comes in the form of a Netevia platform extension. It enables secure vendor payments and also reduces the cost of payment processing. Payments are delivered electronically and can be processed solely by the designated vendor. Added controls increase the security and flexibility of transactions.
By enabling these additional functionalities, Netevia is becoming an efficient market platform for small and medium-sized companies looking for modern card-payment oriented solutions, according to the president of integrated payments for Net Element, Vlad Sadovskiy.
B2B ecommerce is another area currently undergoing rapid expansion. According to a Forrester report (http://nnw.fm/44gtP), B2B ecommerce transactions in the U.S. are set to hit a volume of $1.2 trillion by 2021, accounting for 13 percent of all B2B sales in the U.S., with a compound annual growth rate of 7.4 percent over the next three to four years.
Reports also suggest that half of the B2B buyers today are millennials (http://nnw.fm/WiN2O). This demographic is recognized for its specific purchasing preferences: millennials no longer tolerate cumbersome purchasing processes and are interested in reducing human interactions and digitalizing parts of the process as much as possible. Self-service capabilities and 24/7 ecommerce options will be seen as determining for the success of B2B vendors in the years to come.
This is where Net Element solutions can prove to be extremely beneficial. The company’s payments-as-a-service platform primarily targets small and medium-sized companies in the U.S. and a number of emerging markets. Additionally, blockchain technologies and other innovative solutions are constantly being explored for the purpose of growing transactional revenue and offering added value to customers.
For more information, visit the company’s website at www.NetElement.com
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