NetCents Technology launches daily settlements for enterprise clients

The daily settlements are aimed at merchants that exceed $100,000 in monthly cryptocurrency processing volume

NetCents - NetCents Technology launches daily settlements for enterprise clients
Clayton Moore, the group's founder and chief executive, said the move would “better attract, retain, and grow” the firm’s enterprise merchant-base

NetCents Technology Inc (CSE:NC) (OTCMKTS:NTTCF), the cryptocurrency payments group, said that it has begun daily settlements for merchants that exceed $100,000 in monthly cryptocurrency processing volume.

In a statement, the Vancouver-based company said that through the Merchant Acquisition Program (MAP) it launched in 2019, it has successfully targeted enterprise merchants that exceed the $100,000 monthly threshold for daily settlements.

This initiative helped the company exceed $1 million in monthly processing volume, said the company.

READ: NetCents Technology exceeds C$1M in monthly processing volume last month

"To better attract, retain, and grow our enterprise merchant-base, we're thrilled to begin offering daily settlements to meet our merchants' needs better," said NetCents CEO Clayton Moore.

"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," he added.

Management believes that the promise of cryptocurrency and the blockchain technologies that underpin these transactions represent a “tidal shift” in money and commerce.

The adoption of cryptocurrency for transactional use has been stifled because of a limited feature set, and a complicated user experience, noted the company.

"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,” Moore said.

NetCents has developed a blockchain platform which appeals to merchants and consumers looking for a better way to transact online with cryptocurrency. Its technology allows merchants and firms to accept cryptocurrency payments from customers by providing them – the recipients – with instant settlements.

According to the company, NetCents transaction volume is growing at a clip of 40% a month.

Shares recently traded up 10% to C$0.38 each in Toronto. 

Contact the author Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

Quick facts: NetCents

Price: 0.89 CAD

Market: CSE
Market Cap: $62.6 m

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