MIAMI, FL -- (Marketwired) -- 07/26/17 --
Net Element, Inc. (NASDAQ: NETE) ("Net Element" or the "Company"), a global financial technology and value-added solutions group that supports electronic payments acceptance in an omni-channel environment spanning across point-of-sale (POS), e-commerce and mobile devices, today announces that its PayOnline subsidiary has expanded its payment acceptance to include iDEAL (https://www.ideal.nl/en/), a popular e-commerce payment system and market share leader in the Netherlands.
According to a recent e-commerce report by Thuiswinkel.org and the Ecommerce Foundation, the iDEAL payment system is the most a widely used method of online payments in the Netherlands, accounting for 54% of all Dutch online payments and over 220 million transactions, as of 2015. Furthermore, Dutch online spending in 2016 grew over 23% to exceed 20 billion euros, and approximately 95% of the country's age 15+ population are shopping online. Entering this attractive market allows PayOnline to reach a wide audience and has the potential for increasing revenues.
With payment acceptance through iDEAL now available to PayOnline merchants registered in the European Union, PayOnline also plans to connect to similar European payment systems, such as SOFORT, which unites Internet shops, cloud providers for e-commerce, and banks in Germany, Austria, Switzerland, the Netherlands, Belgium, Poland, Hungary, Italy, Spain, France, Great Britain, Slovakia and the Czech Republic. These arrangements facilitated by PayOnline allow for greater consumer flexibility, adding expanded banking options with safe and secure payment transactions online.
iDEAL is a method of payment that allows customers to make online payments directly through their bank. The banks participating in the iDEAL payment network are ABN AMRO, ASN Bank, bunq, Friesland Bank, ING Bank, Knab, Rabobank, RegioBank, SNS Bank, Triodos Bank and Van Lanschot. Since its inception in 2005 in Netherlands, iDEAL has processed more than 1 billion online payments. This payment method is supported in 100,000+ online stores and online services. The iDEAL brand has been among the Top-10 for some years among some of the most recognizable and indispensable companies in
the Netherlands, and more than 60% of buyers prefer it to all other payment methods. Further information is available at www.ideal.nl/en/.
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.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the 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. These forward-looking statements include, without limitation, whether the relationship with iDEAL will result in increased revenues or will be beneficial to the Company, whether PayOnline will be successful in connecting similar European payment systems such as SOFORT, whether Net Element can secure any additional financing and if such additional financing will be adequate to meet the Company's objectives. 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: (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 and the subsequently filed 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.
+1 (786) 923-0502
Source: Net Element, Inc.
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