Processing volumes for proprietary value-added solutions increased 140% during the first nine months of 2019 over the same period last year
MIAMI, FL, Oct. 03, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Net Element, Inc. (NASDAQ: NETE) ("Net Element" or the "Company"), a global technology and value-added solutions group that supports electronic payments acceptance in a multichannel environment including point-of-sale (POS), e-commerce and mobile devices, today announces that its proprietary value-added solutions continued to gain traction showing an increase of 140% in processing volumes for the first nine months of 2019 as compared to the same period last year.
Total processing volumes from value-added services increased to $50.9 million for the first nine months of 2019 from $21.16 million for the same period last year. The increase in processing volumes is due to the successful implementation of the Company’s organic growth strategy which includes adding a specialized direct sales department and improving customer and technical support. These initiatives have yielded consistent growth in the adoption of the Company’s proprietary value-added services by merchants.
“Our value-added services continue to gain traction with new and existing merchants,” commented Vlad Sadovskiy, president of integrated payments for Net Element. “We are successfully executing our organic growth strategy by consistently attracting new clients, increasing client retention and cross-selling our value-added services like Aptito and Unified mPOS.”
Net Element’s one-stop-solution empowers merchants to accept payments in over 100 methods in a multi-channel environment including at the point of sale, on-line and through mobile devices delivered via the latest technology from top equipment manufacturers such as Hewlett Packard, Poynt, Pax, Clover and through a proprietary portfolio of payment software solutions. These solutions make it easier for merchants to do business, reduce payment acceptance fees, help increase sales and improve overall customer satisfaction.
About Net ElementNet Element, Inc. (NASDAQ: NETE) operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise ("SME") in the U.S. and selected emerging markets. In the U.S. it aims to grow transactional revenue by innovating SME productivity services using blockchain technology solutions and Aptito, our cloud-based, restaurant and retail point-of-sale solution. Internationally, Net Element's strategy is to leverage its omnichannel platform to deliver flexible offerings to emerging markets with diverse banking, regulatory and demographic conditions. Net Element was ranked as one of the fastest-growing companies in North America on Deloitte's 2018 Technology Fast 500™. In 2017, Net Element was recognized by South Florida Business Journal as one of 2016's fastest-growing technology companies. Further information is available at www.NetElement.com.
Forward-Looking StatementsSecurities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential," and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Net Element and are difficult to predict. Examples of such risks and uncertainties include whether processing volumes will continue to grow, whether the Company will continue to add merchants and gain traction cross selling its products and services or whether increased merchant retention will continue. Additional examples of such risks and uncertainties include, but are not limited to: (i) Net Element's ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Net Element's ability to maintain existing, and secure additional, contracts with users of its payment processing services; (iii) Net Element's ability to successfully expand in existing markets and enter new markets; (iv) Net Element's ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Net Element's business; (viii) changes in government licensing and regulation that may adversely affect Net Element's business; (ix) the risk that changes in consumer behavior could adversely affect Net Element's business; (x) Net Element's ability to protect its intellectual property; (xi) local, industry and general business and economic conditions; (xii) adverse effects of potentially deteriorating U.S.-Russia relations, including, without limitation, over a conflict related to Ukraine, including a risk of further U.S. government sanctions or other legal restrictions on U.S. businesses doing business in Russia. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Net Element with the Securities and Exchange Commission. Net Element anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Net Element assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law.Net Element, Inc.