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NetCents Technology continues to grow international merchant base while making inroads to B2B industries

The company said 67% of its merchants are now located outside the US, up from 27% in 2019

NetCents - NetCents Technology Inc says it continues to grow its international merchant base and has begun inroads to new merchant industries, notably business-to-business (B2B)
NetCents says the average value of a transaction for B2B merchants now is $25,000

NetCents Technology Inc (CSE:NC) (OTCQB:NTTCF), a cryptocurrency payments technologies company, continues to grow its international merchant base and has begun making inroads to new merchant industries, notably business-to-business (B2B).

In a statement Friday, the company said it has experienced a rapid geographic diversification of its merchant base in 2020 compared to 2019 when 27% of NetCents merchants were located outside the US. 

This year that number has jumped to 67%, with 81% of new merchants using the merchant gateway located internationally.

READ: NetCents Technology names senior Swiss attorney Jannis Flachsmann to its Advisory Board

Along with the international expansion, as a result of the coronavirus (COVID-19) pandemic and shifting merchant and consumer demand, NetCents said it has greatly diversified its target merchant industries base. 

Before March, its merchant base was heavily concentrated in luxury, travel, tourism, and retail. Over the past five months, the company said it has successfully focused its business development efforts on growing its market share in the B2B, services, and gaming industries.

As a result, NetCents said it has seen a jump in overall transaction value as the average value of a transaction for these B2B merchants is $25,000 versus $111. The company's average transaction size is now $300, a nearly 300% year-over-year increase. Also, 4.4% of the company's transactions exceed $500 and nearly 1% exceed $5,000. 

The company expects these numbers to continue to increase as, on average, there is a new B2B merchant added to the platform every other day.

To continue such growth and service for its new merchants, Vancouver-based NetCents said it has made the following enhancements to its platform in 2020:

  • Daily settlements for Enterprise and US-based merchants
  • Integration into the ACH network to eliminate the cost associated with merchant settlements for both the company and merchant
  • US$1.4 billion credit facility to frontload merchant settlements while allowing the company to use the merchant order flow as a supply for a short-term crypto portfolio to profit from arbitrage opportunities
  • Enterprise Invoicing Suite to equip merchants such as monthly subscription services, agencies, accounting and law firms, telephone bookings and the like with tools that enable them to track their payment cycle when invoicing clientele
  • Expanding European operations with the upcoming formation of a wholly owned German subsidiary and banking relationships to support its growing European merchant base

"There are some long-term trends that were barely visible before the pandemic that have now accelerated because of this new way of doing business," NetCents CEO and founder Clayton Moore said in the statement.

Some of those trends include alternative stores of wealth, cashless/touchless transactions, and digital reserve currency.

"The NetCents technology stack has been developed to benefit from all of these trends, and we look forward to solving problems for the hundreds of new clients we are onboarding," Moore added.

Contact the author: [email protected]

Follow him on Twitter @PatrickMGraham

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Price: 0.94 CAD

CSE:NC
Market: CSE
Market Cap: $76.11 m
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