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NEW YORK and MIAMI, Nov. 8, 2013 (GLOBE NEWSWIRE) --
Net Element International (Nasdaq:NETE) ("Net Element" or the "Company"), a technology-driven group specializing in mobile payments and value-added transactional services in emerging countries, is pleased to announce today that TOT Group, Inc. ("TOT Group"), Net Element's mobile payments and transactions processing subsidiary, has entered into a strategic payment processing relationship with merchant processing and other financial services provider,
Excel Business Solutions, a subsidiary of Excel Corp. (OTC Bulletin Board: EXCC).
Excel Business Solutions seeks to expand its base of merchants, by working closely with Independent Sales Organizations ("ISO"s) and small to medium sized merchants seeking competitively priced credit and debit card processing and a high level of customer service. Under the terms of this agreement, Excel will bring their expertise in forging merchant relationships while TOT Group will provide Excel with a minimum of $450,000 over the next five months to deploy a line of exciting, innovative payment products including mobile payments technology, proprietary brands and exclusive marketing channels.
"We are excited to leverage TOT's key payment processing brands such as Process Pink and bring the value of our enhanced services and depth to a much broader audience across multiple retail channels," said David Popkin, CEO of Excel Corp. "Our goal is to enable payment solutions that help businesses improve their growth, financial goals and operational efficiencies. TOT shares our mission and commitment to support small to medium size businesses and find solutions to their processing needs. The relationship is expected to increase revenue growth for Excel, and at the same time allow us to introduce TOT's cutting-edge technology to our merchants."
"One of our keys to growth is partnering with proven business builders that share our passion for serving SMBs combined with the ability to deliver a new generation of innovative products and brands that are differentiated in the market place – all while keeping focused on helping small business connect with consumers and drive transactions," says Tim Greenfield, President of Mobile Commerce and Payment Processing. "Our other TOT brands such as Aptito – our next generation cloud-based point of sale payments platform -- will also benefit because we are gaining access to a vast number of merchants."