Mobile payment technology company Net Element, Inc. (NASDAQ: NETE), through its PayOnline subsidiary, this morning announced the launch of “Instant Credit,” a new feature that allows online merchants to sell goods and services on credit. Through this service, consumers will have the option to interact directly with integrated credit institutions to secure instant access to loans, giving merchants the means to achieve higher conversion rates at checkout and increase average ticket size. Industry research indicates that a large number of Russian consumers buy expensive goods and services on credit, but this payment option is only available on a small number of online sites. “The solution will be especially useful for the online sale of digital technology and household appliances, travel services, educational institutions, and other enterprises with a high average ticket size,” noted Maria Goryacheva, product director for PayOnline. “For maximum effect, and to reduce the risk of high-priced items being left in the online shopping cart, it is important to let consumers know they have the option to buy online goods on credit early in the shopping process.” PayOnline’s new “Instant Credit” feature is available online and through mobile app to all merchants registered as legal entities and in compliance with the laws of the Russian Federation.
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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, 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 where initiatives have been recently launched. It maintains offices in Miami, FL and in Russia. Further information is available at www.netelement.com.
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