NetCents Technology Inc (CSE:NC) (OTCQB:NTTCF) (FRA:26N), a cryptocurrency payments company, revealed on Thursday that it has exceeded $27 million in transactions within the company’s platform in 2020.
"We are pleased with our growth in 2020, with each month exceeding our post coronavirus (COVID-19) expectations and results improving significantly throughout the year," NetCents Technology founder CEO Clayton Moore said in a statement.
"We are now seeing continued results of the marketing efforts and strategies implemented over the past year, and our current efforts are laying the groundwork for the 2021 growth," he added.
NetCents chalked up the rapid growth to the continued focus on the company's business-to-business (B2B) merchant base globally. Over 70% of approved new merchants added to the platform are in the B2B category, with an average transaction value of over $25,000, said the company.
“In September, one of our new B2B merchants processed over $1 million in transactions in their first month processing with NetCents,” said the company.
The company’s research shows the following:
- The global B2B market is worth six times more than B2C market. In 2019, the B2B market was valued at $12.9 trillion in transactions;
- Recent research by Forrester shows that B2B e-commerce will reach $1.8 trillion in the US and account for 17% of all B2B sales by 2023;
- B2B digital leaders drive five times more revenue growth than their peers;
- In a survey of B2B decision-makers, over 80% of respondents said they would prefer to use self-service tools for reordering, rather than talking to a sales representative; and
- Over half of B2B companies experienced increased web traffic since launching an online checkout page.
NetCents said it has made “significant strides” in “accelerating its European growth.” The company’s management team had convened in Germany for a number of high-level meetings that are likely to pave the way for NetCents opening its first satellite office in Europe.
"We have turned the corner as far as crypto being a respected product, and now bank executives are beginning to understand that digital currencies can provide users more security than the current financial infrastructure," said Moore. "We continue to make substantial progress on our strategic goals."
NetCents, is a transactional hub for all cryptocurrency payments, and companies can seamlessly integrate cryptocurrency processing into their payment model simply by signing up for a NetCents merchant account.
The Vancouver-based company has developed a blockchain platform for merchants and consumers looking for a better way to transact online with cryptocurrency and its technology allows merchants to accept cryptocurrency payments from customers by providing them with instant settlements.
Contact the author Uttara Choudhury at [email protected]
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