NetCents Technology (NC.C) started providing daily settlements for merchants that surpass $100,000 in monthly cryptocurrency processing volume today.
The company is using the merchant acquisition program (MAP), which they started last year, to successfully target enterprise merchants that exceed the $100,000 monthly threshold for daily settlements. The initiative is what helped push the company over the top, pulling in $1 million in monthly processing volume, as we wrote about in January.
“To better attract, retain, and grow our enterprise merchant-base, we’re thrilled to begin offering daily settlements to meet our merchants’ needs better. This level of service is a concrete manifestation of the “promise” made at the creation of cryptocurrencies – efficient, seamless, and fast transactions. NetCents is keen to deliver better financial services that are truly enabled by these revolutionary financial tools,” said Clayton Moore, founder and CEO of NetCents Technology.
Netcents’ merchant gateway has enjoyed some successes thus far, prompting the company to announce an average 41% month-over-month increase in processing volume and a projected 40% monthly growth rate. August processing volume was 539% greater than February – taking the company less than 5-days to surpass the entire previous month.
In the fourth quarter, the company achieved the following:
- 81-per-cent increase in processing volume in Q4 over Q3 and a 425-per-cent increase over Q2;
- 123-per-cent growth in new merchant sign-ups in Q4 over Q3;
- 31-per-cent increase in average transaction value in Q4 over Q3.
The company recognized at this point the need for a MAP in order to encourage more merchant participation, especially if they were going to entice an overseas population into engaging with their company.
What’s interesting though is that the team advancing MAP offers analysis of tens of thousands of businesses across North America, Europe and Australia and ranks them against a scoring system. This personalizes their outreach message by business or vertical, which is followed by the launch an educational content program on their respective market trends, including NetCents’ products and programs.
Management’s belief is that the adoption of cryptocurrency for transactional use has been slow because of a mix of its limited feature set and a complicated user experience.
“In 2020, we’re laser-focused on providing a complete merchant experience, and daily settlements are just the first of many enhancements to our system to continue providing our merchants with a best-in-class platform,” said Moore.
NetCents is intending their interface to be easy to use. Merchants will be able to settle funds directly into their bank accounts without the necessity of an intermediary. Once the rollout is complete, the company will provide cryptocurrency payment options to merchants in all supported countries, with settlement in their local fiat currency. As part of the merchant settlement expansion, the company will increase the merchant payout frequency from twice weekly to next-day payouts.
The thaw completed
The market responded to the company’s recent movements by rewarding investors with a 21.4% price bump, providing the suggestion that some companies are either in full recovery or have completely recovered from the crypto-winter.
It’s going to be interesting to see how this company develops over the coming year, and especially after Bitcoin’s halving.
—Joseph Morton