Net Element, Inc. (“Net Element” or the “Company”), a global technology and value-added solutions group that supports electronic payments acceptance in a multi-channel environment including point-of-sale (“POS”), e-commerce and mobile devices, provides an update on its partnership with VIP Systems. VIP Systems is a preferred technology integrator for Marriott International, Choice Hotels International, Simon Property Group, Hotwire Communications, Morgans Hotel Group, InterContinental Hotels Group, and Related Group to name a few.
The partnership with VIP Systems is gaining traction with the addition of Hyde Beach House in Hollywood, Florida as a client for Net Element’s fully integrated payments ecosystem, Netevia. Hyde Beach House is a modern waterfront beach resort consisting of 342 units.
Net Element’s Unified Payments offers a turn-key hospitality solution that includes everything needed for hotels to accept payments in a multi-channel environment including integration to Property Management Systems (PMS) and fully integrated smart point-of-sale devices for card-present transactions as well as online and mobile solutions.
Payment processing for the travel and hospitality industry has become increasingly complex with the advance of technology and rising demand from customers in today’s digital world. The growth of mobile, multi-channel and multi-currency payment acceptance is driving the need to upgrade to a fully-integrated multi-channel solution. Unified Payments is addressing this need by offering Netevia, a customer-centric seamless integrated payment solution that addresses this convergence.
Benefits for Travel and Hospitality Merchants:
- Multi-channel payment acceptance
- Guest-centric modules promote additional services and increase revenues
- Seamless integration to most industry related software and point of sale solutions
- B2B payment services optimize and automate vendor payments
- Integrated for online and mobile payments with leading GDS, including Amadeus and Sabre
- Multi-currency payments acceptance
- Online reporting
- Customer loyalty program
- Same-day settlements
“We are excited to see our partnership with VIP Systems gaining traction and look forward to many more wins in the Travel and Hospitality Industry,” commented Vlad Sadovskiy, president of integrated payments for Net Element.
“Since inception, VIP Systems has been committed to providing its clients with the best quality of integration services making connectivity, integration and product utility simple, easy and accurate. The partnership with Net Element is another example of our commitment to this mission,” commented Edward Genin, executive vice president of VIP Systems. “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.”
About VIP Systems
VIP Systems is a premier IT service provider with a proven track record in over thirty markets. VIP Systems holds the highest level of PCI DSS Service Provider designation and maintains a team of Certified Information Systems Security Professionals (CISSP®), the globally-recognized standard of achievement in the field of information security. VIP Systems enhances the guest experience by providing exceptional remote and on-site customer support 24/7/265, while improving operational efficiency by providing one solution for circuit acquisition, voice, data, Wi-Fi, network infrastructure, point-of-sale system and application integration. Further information is available at www.vipsystems.us.
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 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 2017 and 2018 Technology Fast 500™. In 2017, Net Element was recognized by the South Florida Business Journal as one of 2016’s fastest-growing technology companies. Further information is available at www.NetElement.com.
Securities 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 but are not limited to whether the Company will be successful in signing additional accounts through its partnership with VIP Systems and whether its partnership with VIP Systems will be beneficial.. 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; and (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.