MIAMI, FL — (Marketwired) — 07/28/15 — (NASDAQ: NETE) (“Net Element” or the “Company”) today announced the release by of an updated version of . The new version of Pay-Travel will provide an enhanced industry solution for secure, automated payment processing, clearing and reconciliation for the travel and tourism industry. The solution is fully integrated with leading Global Distribution Systems (“GDS”), which includes Amadeus and Sabre and available for online and mobile application payments acceptance.
PayOnline introduced Pay-Travel platform to the travel industry in 2009 and is focused on providing online payment acceptance services to travel agencies, ticket offices and airlines. Today, Pay-Travel is used to accept payments online and in mobile applications by major ticket offices and airlines in Russia, including: Ural Airlines, Max-Avia, Altair, Sinbad, Pososhok.ru, CheapBilet and Biletberry.
Pay-Travel integrates the existing financial instruments already used by the travel industry into a best-in-class, multi-channel, GDS-independent platform, which allows users to effectively manage all aspects of their payment needs in a flexible, easy-to-use solution.
About 60% of the world–s 1 billion tickets are sold through GDS, with Amadeus being the largest player in the GDS space with 41% market share, Sabre is second with 28%.
By using proprietary “AVIA2SPLIT” technology in Pay-Travel, airline ticket sales are processed directly with GDS, avoiding acquiring bank fees and travel broker commissions processed by acquiring banks. By splitting acquiring flow Pay-Travel–s solution helps travel agencies and airlines to significantly reduce acquiring costs.
Extended hold authorization period
Increased convenience of payment management for representatives of ticket offices
Maximum level of security of payments utilizing 3-D Secure protocol
“In a rapidly evolving travel industry, travel players are continually looking for ways to streamline and improve their business,” said Marat Abasaliev, chief executive officer of PayOnline. “We believe Pay-Travel can help the travel industry significantly increase efficiencies and reduce reliance on manual processes. All this can be achieved on the cost effective payment platform. Pay-Travel has the flexibility to handle any type of payment, the highest level of security, and the ability to integrate with existing front and back office products.”
Net Element, Inc. (NASDAQ: NETE) operates a payments-as-a-service platform for small to medium enterprise (“SME”) in the US, Russian Federation and other international markets. In the US it aims to grow transactional revenue by innovating SME productivity services such as its cloud based, restaurant 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, India and Latin America. It maintains offices in Miami, FL and in Russia. Further information is available at .
PayOnline provides flexible high-tech payment solutions to companies doing business on the Internet. They have wide experience in integration and customization of payment solutions for websites and mobile apps. They are able to arrange payments on the website of any commercial organization that increases convenience with highest possible level of successful transactions. Thousands of companies in CIS, Europe and Asia use PayOnline to accept payments online. PayOnline offices are located in Russia and in the Republic of Cyprus. For more information, please visit: or .
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 Company–s pending acquisition of PayOnline will be finalized, whether the enhanced Pay-Travel platform will have any direct or indirect benefits to PayOnline or the Company, 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.
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