Net Element subsidiary Unified Payments has introduced subscription-based payment processing services for small businesses in the US.
The new service has been launched in alliance with Payment Club, estimated to add more than $1.5m in gross profits over the next four years. Against a fixed monthly fee, Payment Club provides subscription-based payment processing services to small businesses.
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The subscription-based billing solution is designed to enable Payment Club and other independent software vendors (ISVs), value added resellers (VARS) and independent sales organisations (ISOs) manage payment services in a transparent manner.
It includes smart POS devices for card present transactions, fully integrated POS systems and other features to enable businesses accept payments in a multi-channel environment.
Additionally, it features Net Element-developed online and mobile solutions designed for Payment Club. Net Element plans to eventually expand the services across all its platforms.
Net Element president of integrated payments Vlad Sadovskiy said: “Small businesses often complain about the fees they pay for accepting cashless transactions and the burden it places on their business.
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By GlobalData“At Unified Payments, we make it fast, easy and affordable to accept cashless payments using the newly introduced subscription-based processing.”
Payment Club business development EVP Alex Ilinski added: “This partnership brings both the technology stack that allows us to bring value-added offerings to our merchants and capital needed to grow our business.
“With an addition of Unified Prosperity Financing, we now have up to $7m available to grow the business.”
The introduction of the new subscription-based payment processing services is primarily driven by the growth of subscription services across various industries.
The total addressable market for subscription economy technology providers is expected to reach $102bn by 2020, according to MGI Research.
