- Net Element subsidiary Netevia processed $1.62 billion in transactions during first half of 2018, with $1.4 billion occurring in North America
- Company’s PayOnline subsidiary part of reorganization involving international business, mobile payments solutions
- Net revenues rose 15 percent during the first half of the year, with gross profits expected to rise another $6.5 million during the next four years
Payment processing technology company Net Element, Inc. (NASDAQ: NETE) is seeing rising revenues from its North American market and is weighing options for monetizing mobile operations on a global scale through its agent contracts, while additional value-added efforts have branded it a company that continues to identify growth initiatives with independent equity research firm SeeThruEquity (http://nnw.fm/jmMJ1).
An edited transcript of Net Element’s August 15 earnings conference call released recently (http://nnw.fm/zKx3a) notes the dominance of domestic transactions in the company’s revenue report amid anticipated declines in the global payment solutions’ international arena of operations due to the elimination of branded content business as Net Element takes an opportunity to reorganize its international business and join its mobile payments operations with multi-channel subsidiary PayOnline.
The company’s North American Transaction Solutions segment saw net revenue growth over the prior year, according to the earnings report, with a six percent increase for the second quarter and a 15 percent increase for the six-month period. The United States accounted for 88 percent of the quarter’s total revenues, and 87 percent of the six-month total.
A solid sign of the success of Net Element’s Netevia processing platform is that the value of the financial transactions that the company processed grew from $1.18 billion in the first half of 2017 to $1.62 billion in the comparable period of 2018, with $1.4 billion of that amount occurring in North America. The number of transactions processed by the company grew from 35.7 million to 50.2 million.
Net Element’s expertise lies in providing multiple payment channel options to small and medium-sized businesses and their customers while adapting its platform to the particular needs of brick and mortar, unbanked and web-based businesses trying to get optimal results from their revenue streams.
Netevia employs single-use credit card numbers for electronic transactions as a means of combatting fraud when its customers share card information across the internet in e-commerce, for example. The company’s mobile Unified Payments subsidiary is helping smaller-sized businesses combat onerous card transaction fees by employing a subscription model that reduces many of the complications associated with services that aren’t fully responsive to the end user.
“Utilizing a transparent subscription-based pricing model combined with the latest technology solutions, Payment Club can provide positive options to frustrated merchants and streamline their payment processes,” Payment Club President Anthony Kutscher stated in a news release (http://nnw.fm/8DDy9).
CEO Oleg Firer told participants in last month’s conference call that the company is also on track to launch services such as blockchain technology solutions that have been in the works.
“Combined, these strategic initiatives are expected to add over $6.5 million in gross profit over the next 4 years. We’re on track to deliver another year of growth and financial improvement and are pleased with our results as we continue to focus on long-term growth plans,” he said.
For more information, visit the company’s website at www.NetElement.com
More from NetworkNewsWire
NetworkNewsWire (NNW) is a financial news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with NNW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
For more information, please visit https://www.NetworkNewsWire.com