New value-added service strengthens the Company’s competitive advantage over rivals
MIAMI, FL, Aug. 08, 2019 (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 multichannel environment including point-of-sale (POS), e-commerce and mobile devices, today announces the launch of the Netevia Mastercard®, an exclusively-tailored business card for Unified Payments merchants.
The Netevia Mastercard®, powered by Aliaswire’s patented technology, is part of a unique platform that combines efficient and low-cost payment processing with the ability to save up to 44% on credit and debit card payment acceptance fees. Merchants can choose a percentage of card sales to be credited to the card instead of their bank account and use it for everyday business expenses.
According to the U.S Small Business Administration’s 2018 Small Business Profile Report, there are more than 30 million small businesses in the United States. Access to capital at a low cost and lower operating expenses are essential to these small businesses. The Netevia Mastercard provides a valuable solution to help merchants achieve both by improving their business credit scores and reducing payment acceptance fees.
Netevia Mastercard is an addition to the value-added technology stack that is seamlessly integrated into the Netevia payments acceptance ecosystem. The Netevia Mastercard combined with a Netevia payments acceptance account will help businesses manage their cash flow by removing the time between making a sale and having the funds available to spend for another purpose. The card offers enhanced business credit tools providing maximum spending opportunity for maximum rewards redemption, all the while building business credit with improved credit score and gaining access to capital at a lower cost.
Value-added benefits include:
- Seamless integration into Netevia payments acceptance ecosystem
- Cash-flow management tools
- Up to 1% processing fee rebate
- Build business credit
- 50% discount on QuickBooks Self-Employed and Turbotax
- 5% discount on car rentals from Avis and Budget
- 4% Rebates on select restaurants
“Netevia applies additional logic to reward active card members with increased credit lines, regardless of their prior credit history,” commented Mike Normandeau, vice president of commercial cards division for Net Element. “Merchants also benefit from establishing and building business credit, something particularly difficult to achieve in the small to mid-market segment.” The Netevia Mastercard can be used anywhere Mastercard is accepted with no MCC restrictions allowing merchants access to robust business card rewards when paying for everyday expenses.
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 2018 Technology Fast 500™. In 2017, Net Element was 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 whether the Netevia Mastercard will achieve mass-market adoption, whether this product and service offering will result in a competitive advantage over the company's rivals and whether the Netevia Mastercard will be a success or yield any benefits to the Company. 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; (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.
Net Element, Inc.
Tel. +1 (786) 923-0502
Source: Net Element, Inc.