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.

“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.