Dave Chester Appointed as Unified Payments CEO

7/21/15

David Chester

Net Element, Inc. (NASDAQ: NETE) announces the appointment of David Chester to lead Net Element's US subsidiary, Unified Payments as its CEO.

Chester joins the company with 30 years' experience in the payments field and long standing relationships with sponsoring banks, national retailers, direct marketers, eCommerce, independent sales organizations (ISO's) and national catalogers.

Most recently as COO of JetPay from 2009 to 2015, Dave managed day-to-day operations of its payments group, including oversight of authorization, settlement, inquiries, customer service and new customer conversions.

In this role he was instrumental in selling and retaining such national customers as Apple Vacations and Expedia as well as local enterprises like YMCA's, upmarket hospitality and Independent Sales Organizations (ISO's). He also oversaw meeting EMV requirements within deadlines.

Prior to JetPay, he served as president of Susquehanna Bank subsidiary Central Atlantic Merchant Services, vice president of national and regional sales for First National Bank Omaha merchant division, and vice president of national sales at National Processing Company (NPC).

"I'm excited to work with the Unified team to expand the company's presence nationally from their core Northeast customer base," commented Chester. "Their acquisition of PayOnline is particularly exciting because of the technology we can put to work to achieve these objectives."

"Dave is as experienced as anyone in the payments field and has a demonstrated record of success," commented Oleg Firer, Net Element CEO. "His management capabilities fit perfectly with our strategy to leverage technology and expand nationally."

About Unified Payments

Unified Payments, a division of Net Element is one of the leading providers of credit and debit card-based payment processing services in the United States. It enables merchants to accept cashless transactions for their merchandise and services by providing transaction processing, risk management, fraud detection, 24 hours / 7 days a week merchant assistance, support and chargeback services.

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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