NetworkNewsWire
Editorial Coverage: In the increasingly complex payments
industry, companies have to provide new products and services to
prove their relevance. Net Element, Inc. (NASDAQ: NETE)
(NETE
Profile) is providing novel payment solutions to the
events industry while also expanding its existing services into
Russia, carving a space in previously underserved niches.
Amazon.com (NASDAQ: AMZN) uses its superior
bargaining position to pass along the benefits of its corporate
power to smaller businesses in the form of discounts on card
transactions for those using its payment system. While
Apple, Inc. (NASDAQ: AAPL) continues to its mark
through technological innovation, testing out a payment system that
allows customers to order and pay for products on the way to pick
them up, Alibaba Group (NASDAQ: BABA) has made
payment an integral part of a broader digitization strategy.
Another industry player, Evo Payments, Inc. (NASDAQ:
EVOP), offers payment processing with easy cross-border
transactions to businesses around the world.
Payment Becomes More Varied
The global payments industry is thriving. As economies grow and
consumer culture spreads around the globe, more and more financial
transactions are carried out every day. Established businesses are
looking for better ways to process those transactions, while new
companies are looking for ways to easily process payments and
improve both their systems and the customer experience.
The ways payments are made are also becoming progressively
varied. Cash, once the standard resource, is increasingly rare as
credit and debit cards, mobile payment systems and other forms of
electronic transfer take its place. Blockchain and cryptocurrencies
offer alternative payment systems that, though not yet mainstream,
are starting to reach out of the internet and onto the high
street.
In this context, payment companies need to innovate to stay
relevant.
An Integrated Payment System
Global technology company Net Element,
Inc. (NASDAQ: NETE) is among those offering new ways
to manage payments. A specialist in mobile payments and value-added
transactional services, the company operates through a number of
subsidiaries to provide payment solutions to a range of
industries.
One of those subsidiaries is Unified Payments, rated as the fastest growing company in America by
Inc. 500 magazine in 2012. Its award-winning payment solutions
provide customized options for small and mid-sized businesses.
Using payment-specific devices, computers and mobile payment
systems, it gives clients a wide range of options to receive
payments.
Unified Payments recently launched an intelligent
payment solution designed for the events industry. This
enhances existing payment services to provide a better platform for
merchants. Its integration of point-of-sale systems, self-order
kiosks, chargeback protection and multi-channel payment acceptance
creates a complete and smoothly connected payment system.
Innovative programs such as “Fast Pass Funding” same-day service
and “Zero Pay,” a cash payment discount program that lets merchants
keep 100 percent of sales revenues from the events, provide added
bonuses for those using the Unified Payments system.
With the events industry worth over $330
billion in 2016, and continuing to grow year after year, this
is a huge opportunity for a payments provider like Net Element.
Events companies will need payment solutions to deal quickly and
efficiently with all kinds of payments, and that means finding
effective modern solutions such as those offered by Unified
Payments.
Blockchain-powered Payment
Net Element has also embraced one of the most powerful new tools
for payment processing – blockchain.
Blockchain is a form of database that has become increasingly
popular for payment systems. Originally developed a decade ago as
the foundation of bitcoin, it’s a decentralized ledger system. When
something is changed on a blockchain system, previously completed
ledger records are affected, and past entries cannot be altered or
removed without the awareness and permission of others working on
the blockchain. It makes for more secure payments and record
keeping, significantly reducing the chances of error or fraud.
Net Element’s recently released payments platform, Netevia, is
built on this technology. Part of a set of recently announced
blockchain solutions, it will provide a system in which merchants
and customers are connected via the technology. Netevia itself
simplifies payments across multiple sales channels through a single
point of integration, tying together multiple payment systems.
Various channels, including point-of-sale, e-commerce and mobile
devices can all be brought together through Netevia.
Netevia isn’t just a single payment solution. It’s a system that
integrates with multiple payment platforms to make everyday
commercial interactions. Customers can customize it to suit their
needs while benefiting from Netevia’s security and fraud prevention
resources.
Net Element Chief Technology Officer Andrey Krotov explains:
“Netevia was designed by developers with developers in mind. We put
together all the building blocks needed for developers and
merchants to integrate payments into their everyday commerce. The
Netevia platform delivers a blueprint and easy to use tools for
global commerce and monetization, saving developers and merchants
time and money with one provider and one integration across all
sales channels.”
Net Element earlier this week announced (http://nnw.fm/SKbg1) an extension of the Netevia
platform to include a smart solution for enabling secure vendor
payments (https://netevia.com/payable-solutions/) . With a
lineup of advantages, including a mobile app and transaction
security, Netevia streamlines B2B payments – a market estimated at
$7.7 trillion a year, according to Statista.
Reaching into Russia
As well as providing new payment solutions to existing markets,
Net Element is spreading its resources to new parts of the
world.
PayOnline, another Net Element subsidiary, recently announced a
partnership with
Bank Sputnik in the Russian Federation. As a result of this
deal, PayOnline will be offering a comprehensive multi-channel
payment facilitator solution to small and medium-sized business
owners in the Federation. The tools offered by this solution are
not currently available from any other transaction processing
company in the region, providing Russian merchants with options
that they did not previously have. In return, PayOnline gains
access to a market largely untapped by its western competitors. The
Russian digital payments sector was worth $27.9
billion in 2016 and is expected to reach $39.5 billion in 2018.
This makes the partnership an extremely lucrative opportunity for
Net Element.
Like Net Element’s other products and subsidiaries, PayOnline
provides merchants with access to a range of solutions to improve
their payment processing. This includes a credit card auto account
updater, multi-currency pricing, secured payments through
tokenization of card data, advanced fraud detection tools, and
smart transaction routing.
Access to the PayOnline system in Russia will be made easier by
an API-driven platform. Each merchant can be enrolled into the
program, approved, boarded and ready to start taking payments
within only a few minutes.
“This innovative, turnkey solution offers frictionless
onboarding for merchants with integrated, value-added services,”
said Andrey Krotov, CTO of Net Element. “With customizable payment
flows, full-stack API and value-added solutions, PayOnline exceeds
the unique needs of software platforms and merchants looking to
enable payments in a multi-channel environment.”
The Bigger Payment Processing Picture
As global commerce continues to grow, payment processing is
becoming an increasingly valuable sector, with a number of
companies vying to become dominant players.
Online retail giant Amazon.com (NASDAQ: AMZN)
is currently pushing to get
more retailers using its payment system, in a bid to undermine
competitors such as PayPal, according to Bloomberg News. In a
strategy that’s familiar to long-term Amazon watchers, the company
has put expansion ahead of immediate profits. Its huge financial
clout lets it negotiate reduced fees on credit and debit card
transactions because the finance industry wants Amazon’s money. Now
the company is offering to pass that discount on to small
businesses using Amazon Pay, giving them good reason to use its
system.
Apple (NASDAQ: AAPL) is expanding the appeal of
its Apple Pay system by offering novel benefits to individual
customers. The company has developed an advance order system that
users can access to place an order and make a payment on the way to
a vendor, allowing them to pick their purchase up with less hassle
and delays. The system is being tested
with drinks orders at the BottleRock music festival in Napa
Valley. If it works there, it could provide a significant boost
to Apple and the mobile payments industry.
The Chinese Alibaba Group (NASDAQ: BABA) is
making advancements in payment as part of its New Retail strategy.
The company aims to digitize the entire
retail operation through a range of digital solutions that
includes mobile payments. As electronic payment systems take over,
it will be easier for the company to fully integrate its retail
operations and to make itself one of the leaders in the digital
payment field.
Evo Payments (NASDAQ: EVOP) provides payment
processing for international businesses. Its integrated global
solutions simplify payments across borders, a valuable asset for
vendors working in the global economy. Its recently announced
partnership with MONETA Money Bank extends its reach in the Czech
Republic, as it seeks to provide services around the globe.
New payment systems are bringing benefits for businesses and
customers, and as the global payments industry continues to evolve,
Net Element has demonstrated its ability to identify and address
key market needs.
By offering innovative approaches to this seemingly mundane
transaction, innovative companies have the potential to take
advantage of increased consumer spending.
For more information on Net Element, please visit
Net Element,
Inc. (NASDAQ: NETE).
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