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Net Element, Inc. (NASDAQ: NETE) Subsidiary and Payment Club Raise $7M to Expand Subscription-Based Payment Processing Service

  • Payment Club operates cashless processing services on subscription-based model
  • Payment Club co-founders raise $7 million for expansion plans

Net Element, Inc. (NASDAQ: NETE) subsidiary Unified Payments is launching subscription-based payment processing services through a partnership with Payment Club, Inc. that raised $7 million to finance the latter’s expansion plans (http://nnw.fm/eLiP8). Net Element develops multi-channel electronic payment solutions, among which is Unified Payments, a flexible mobile point-of-sale system that enables small and mid-sized businesses to accept cashless payments.

Payment Club provides payment processing services on a subscription-based model. Its co-founders recently announced completion of a $7 million financing deal. With the financial boost, Payment Club intends to expand its operations across the United States, hire key staff and open up facilities in which business owners and operators can learn more about the company’s transparent payment processing solution.

“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,” Anthony Kutscher, president and co-founder of Payment Club, stated in a news release.

Kutscher started Payment Club with co-founder and company vice president Alex Ilinski in response to the needs of small and mid-sized business owners who were facing high and complicated fee structures for services which often did not meet their needs or allow them to leverage the benefits of new payment technologies. Ilinski and Kutscher have been in the payments industry for over 20 years.

“Having witnessed our model deliver exceptional outcomes and drive demand, we knew we needed to partner with the reliable technology provider and raise capital to reach more clients faster,” added Ilinski.

The subscription-based model has seen tremendous growth across a number of industries, with research showing that the subscription economy is growing nine times faster than the S&P 500 (http://nnw.fm/4iUD0). Customers are becoming more comfortable with paying subscriptions for access to goods and services, rather than owning them outright.

Vlad Sadovskiy, president of integrated payments for Net Element, said, “Payment Club is an exceptional company that is revolutionizing the way merchants pay for accepting cashless transactions, and we look forward to a long-term partnership with the Payment Club team as they grow the business.”

Unified Payments earlier this month partnered with Payment Club to create a payment processing service that will allow businesses to pay by monthly subscription (http://nnw.fm/3Tn8K). At the time, Sadovskiy said that the newly introduced subscription-based processing model will solve one of the biggest problems facing small businesses by allowing easy and affordable cashless payments.

Unified Payments is a flexible and mobile tool that that can be used by a wide variety of vendors, such as kiosk-type shops, limousine drivers and tow truck and delivery drivers.

For more information, visit the company’s website at www.NetElement.com

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