Net Element, Inc. ( NASDAQ : NETE ) ("Net Element" or the "Company"), a provider of global mobile payment technology solutions and value-added transactional services, today announces that its Unified Payments subsidiary entered into a partnership with Planet Payment, Inc. ( NASDAQ : PLPM ), a leading provider of international and multi-currency payment processing services, in which Unified Payments will offer Planet Payment's Multi-Currency Pricing to its portfolio of online merchants.
Multi-Currency Pricing enables online merchants to more effectively expand into foreign markets by allowing their international customers to view pricing and pay in their own currency. This capability represents a considerable market opportunity, as global eCommerce sales are expected to top $27 trillion in 2020, with Asia-Pacific remaining the world's largest retail eCommerce market, according to a report from eMarketer.com
"Planet Payment is eager to partner with a prominent payment services provider like Unified Payments," said Chris Greenstein, director U.S. Sales & Acquirer Relations at Planet Payment. "As global eCommerce sales continue to rise; we believe it is imperative for merchants in the U.S. to broaden their reach. Multi-Currency Pricing allows them to expand in the right way, by offering customized pricing that international customers will appreciate."
Delivered through the convenience of a single U.S. merchant account, Multi-Currency Pricing lets online merchants sell in their customers' currencies while continuing to be paid in U.S. dollars -- without affecting current funding schedules. Additionally, merchants can price the same item in multiple currencies, including Euros, Japanese Yen, Mexican Pesos, Euros or Canadian Dollars, allowing e-tailers to maximize their global reach.
"We are excited to form this partnership with Planet Payment to bring our online merchants the ability to price in multiple currencies and expand their global reach," commented Vlad Sadovskiy, president of Unified Payments. "When entering new markets, it is crucial to cater to your target audience. Multi-Currency Pricing lets our online merchants do just that, by providing them with the tools to create an enhanced shopping experience for their international customers."
Contributed | what does this mean?