New offering targets the multi-billion dollar travel and hospitality industry
MIAMI, FL , Oct. 10, 2018 (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 multi-channel environment including point-of-sale (“POS”), e-commerce and mobile devices, announced that it has entered into a partnership with VIP Systems, an advanced technology integrator in the hospitality industry to launch VIP Payments, a seamless payment processing offering aimed at the travel and hospitality industry. 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 travel and hospitality industry is one of the largest and fastest growing industries in the world. According to Deloitte’s 2018 travel and hospitality industry outlook report, the industry’s total retail value is set to exceed $500 billion in 2018 with millennials set to become the biggest spenders in the coming years.
Unified Payments’ turn-key hospitality solution includes everything needed for businesses 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. VIP Payments is addressing this need by offering a customer-centric seamless integrated payment solution that will address this convergence and make it simple to transact.
VIP Payments benefits include:
- Multi-channel payment acceptance
- Guest-centric modules promote additional services and generate new revenue sources
- 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 partner with VIP Systems to launch seamless payments acceptance for the travel and hospitality industry,” commented Vlad Sadovskiy, president of integrated payments for Net Element. “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.”
“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,” 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., the Company 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 omni-channel 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 Technology Fast 500™. In 2017 we were recognized by 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’s plans to expand the services it provides to VIP Systems across its various platforms will materialize. 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.