Before the opening bell, Net Element, Inc. (NASDAQ: NETE) announced the launch of its proprietary gift card application for smart payment terminals. The United Payments gift card application, which made its initial debut last month at the Money 2020 event in Las Vegas, offers small and medium-sized businesses an intuitive way to provide a full suite of gift card-related services to customers, including issuance of new cards, adding value to cards, transferring value between cards, accepting payments using gift cards and checking card balance.
Building on Net Element’s existing omni-channel gift and loyalty platform, the Unified Payments gift card application is fully integrated with “terminal” and “register” applications marketed by leading merchant services provider Poynt. It can also be integrated with any other payment acceptance application developed using Poynt’s payment framework.
“We are pleased to introduce this new software application for smart payment terminals just in time for the 2016 holiday season,” Oleg Firer, chief executive officer of Net Element, stated in this morning’s news release. “In less than a month, and in close cooperation with our partners, our software engineers were able to successfully design, program and test the application on Poynt’s smart payment terminal… Our Unified Payment gift card application is available to all sales partners and merchants nationwide.”
Net Element’s newest application offers numerous benefits for employees, merchants and customers. The application’s intuitive interface can be implemented without any additional training for cashiers, and management has the means to oversee all gift card transactions through Poynt’s smart payment terminal large screen display and online through Net Element’s SalesCentral reporting system. For merchants, the Unified Payments gift card program offers a flexible method to securely increase cash flow by boosting brand awareness while promoting sales and encouraging impulse purchasing.
Just last year, a report by a contributor to CreditCards.com published by Nasdaq (http://nnw.fm/Gj9Ok) highlighted the widespread popularity of gift cards and other prepaid debit cards. According to the report, the number of payments made with prepaid cards rose 18.5 percent annually from 2006 to 2012, marking the fastest growth rate of all types of payments during that timeframe. Net Element’s decision to launch the Unified Payments gift card application ahead of the holiday season could also prove to be extremely prudent. According to the National Retail Federation, gift cards were the most requested holiday gift item in 2015 for the ninth consecutive year, and all signs point toward a continuation of this trend in 2016.
For more information, visit www.NetElement.com
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