LONG BEACH, N.Y. and MIAMI BEACH, Fla., March 21, 2017 (GLOBE NEWSWIRE) -- Net Element, Inc. (NASDAQ:NETE) ("Net Element" or the "Company"), a provider of global mobile payment technology solutions and value-added transactional services, today announces that its Unified Payments subsidiary entered into a partnership with Planet Payment, Inc. (NASDAQ:PLPM), a leading provider of international and multi-currency payment processing services, in which Unified Payments will offer Planet Payment's Multi-Currency Pricing to its portfolio of online merchants.
Multi-Currency Pricing enables online merchants to more effectively expand into foreign markets by allowing their international customers to view pricing and pay in their own currency. This capability represents a considerable market opportunity, as global eCommerce sales are expected to top $27 trillion in 2020, with Asia-Pacific remaining the world's largest retail eCommerce market, according to a report from eMarketer.com.1
"Planet Payment is eager to partner with a prominent payment services provider like Unified Payments," said Chris Greenstein, Director U.S. Sales & Acquirer Relations at Planet Payment. "As global eCommerce sales continue to rise, we believe it is imperative for merchants in the U.S. to broaden their reach. Multi-Currency Pricing allows them to expand in the right way, by offering customized pricing that international customers will appreciate."
Delivered through the convenience of a single U.S. merchant account, Multi-Currency Pricing lets online merchants sell in their customers' currencies while continuing to be paid in U.S. dollars - without affecting current funding schedules. Additionally, merchants can price the same item in multiple currencies, including Euros, Japanese Yen, Mexican Pesos, Euros or Canadian Dollars, allowing e-tailers to maximize their global reach.
"We are excited to form this partnership with Planet Payment to bring our online merchants the ability to price in multiple currencies and expand their global reach," commented Vlad Sadovskiy, president of Unified Payments. "When entering new markets, it is crucial to cater to your target audience. Multi-Currency Pricing lets our online merchants do just that, by providing them with the tools to create an enhanced shopping experience for their international customers."
ABOUT PLANET PAYMENT
Planet Payment is a provider of international payment and transaction processing and multi-currency processing services. Planet provides its services to approximately 189,000 active merchant locations in 22 countries and territories across the Asia Pacific region, the Americas, the Middle East, Africa and Europe, primarily through its acquiring bank and processor customers, as well as through its own direct sales force. Planet's point-of-sale and e-commerce services help merchants sell more goods and services to consumers, and together with our ATM services, are integrated within the payment card transaction flow, enabling our acquiring customers, their merchants and consumers to shop, pay, transact and reconcile payment transactions in multiple currencies, geographies and channels
For more information visit www.planetpayment.com
About Net Element
Net Element, Inc. (NASDAQ:NETE) operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise ("SME") in the US and selected emerging markets. In the US it aims to grow transactional revenue by innovating SME productivity services such as its cloud based, restaurant and retail point-of-sale solution Aptito. Internationally, Net Element's strategy is to leverage its omni-channel platform to deliver flexible offerings to emerging markets with diverse banking, regulatory and demographic conditions such as UAE, Kazakhstan, Kyrgyzstan and Azerbaijan where initiatives have been recently launched. Net Element was named in 2016 by South Florida Business Journal as one of the fastest growing technology companies. Further information is available at www.netelement.com.
Net Element, Inc.
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