- Tourism and travel industry revenues expected to reach $1.3 trillion by 2025
- Partnership’s VIP Payments solution adaptable to popular hotel, travel industry software to enable card-present and mobile-enabled payments
- Payment solution also designed to handle multiple currencies in booming era of tourist travel
Net Element, Inc. (NASDAQ: NETE) has taken a significant step in adapting its payment processing technology to the specific challenges of the tourism and hospitality industry through its recently announced partnership with VIP Systems, an advanced technology integrator already working in the hospitality industry space (http://nnw.fm/R48hV).
“VIP Systems is a leading technology integrator with vast experience deploying complex point of sale solutions for some of the biggest brands in the travel and hospitality industry; adding payments to its offerings will create new revenues for VIP Systems and enable us to create more guest-centric value-added offerings,” Vlad Sadovskiy, Net Element’s president of integrated payments, stated in the announcement of the venture.
“This partnership brings together technology and value-added offerings that are set to streamline processes and create additional revenue for our clients at the point of sale,” VIP Systems Executive Vice President Edward Genin added. “Since inception, VIP Systems has been committed to providing its clients with the best quality integration services. The partnership with Net Element is another example of our commitment to this mission.”
VIP Systems is a preferred provider of tech solutions for well-known brands such as Marriott International, Choice Hotels International, Simon Property Group, Hotwire Communications, Morgans Hotel Group, InterContinental Hotels Group and Related Group.
Net Element operates a payments-as-a-service transactional model and a platform for value-added services that benefit small- to medium-sized businesses in the United States and select emerging markets. Internationally, the company’s strategy is to leverage its omni-channel platform to provide flexibility where diverse banking, regulatory and demographic conditions exist.
The partnership’s product is named the VIP Payments solution, designed as tech that works seamlessly with computerized Property Management Systems (PMS) utilized by businesses, particularly hotels, to govern property, personnel and legal operations through a single software system. It manages online and mobile payments compatibly with leading global distribution systems (GDS) utilized by travel industry service providers to manage real-time vacancies in rooms, etc., including the Amadeus and Sabre brands.
VIP Payments is designed to provide businesses with financial transaction security, as it simultaneously offers consumers the payment flexibility that is essential to modern society’s penchant for personal preference by accepting an array of mobile, multi-channel and multi-currency payment platforms. The technology can work with smart point-of-sale devices for card-present transactions, as well as online and mobile transactions in multiple currencies.
It also has customer loyalty modules that promote additional services and generate new revenue sources, provides same-day settlements and delivers online reporting.
The travel and tourism industry has enjoyed a recent boom, in part because of a wanderlust indulged by the millennials who have comprised a significant source of revenue in the industry during recent years. The 2018 travel and hospitality industry outlook report published by Deloitte predicts that the industry’s revenues will top $500 billion this year, and market analyst Research Nester, predicting a CAGR of 4.7 percent from $814 billion in 2014, anticipates industry investments swelling to $1.3 trillion by 2025 (http://nnw.fm/CG5tV).
For more information, visit the company’s website at www.NetElement.com
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