NetCents Technology Inc (CSE:NC) (OTCMKTS:NTTCF) said Wednesday that it had signed-up its 50th partnership agreement with Agape Global Services Inc, which offers premium credit card processing services.
Vancouver-based NetCents, which offers products that allow businesses to accept instant cryptocurrency payments, said the milestone validated its business model.
The digital payments specialist’s blockchain platform allows businesses to seamlessly integrate cryptocurrency processing into their payment model without taking on the risk or volatility of the crypto market.
In a statement, NetCents Technology CEO Clayton Moore said: "The 50th agreement means that our partners who are a combination of independent sales organizations, processors and gateways combine to give NetCents a reach to roughly 7 million merchants, who process over a billion dollars annually in the traditional processing space. That is an accomplishment."
The NetCents Technology boss said both merchant onboarding and processing volume have now steadily increased.
Platform gains traction
The company said its processing volume in October was 12% greater than the month before and 7.6 times greater than in February.
NetCents said this growth signals continued increasing demand from both merchants and consumers for cryptocurrency payments as the company has now processed millions of dollars in cryptocurrency transactions.
“The company feels very strongly that by continuing to follow this path, it will continue to become the underlying technology for crypto-currency payments akin to the Automated Clearing House (ACH),” said Moore.
The ACH electronic network for financial transactions facilitates bank-to-bank payments, credit and debit transactions in North America.
“Last year, the ACH Network processed $23 billion in payments. The value of ACH payments last year was $51.2 trillion," added Moore.
Delivering on a twofold strategy
The company said its focus over the past 24 months has been two-pronged. Firstly, it was to design, develop and build out the technical infrastructure to allow crypto-based payments to become mainstream. The company said it released over 12 different significant upgrades and improvements to the NetCents platform.
Secondly, the company focused on imbedding itself into the traditional payment space by making the processing technology easier and more cost-effective for merchants to implement and use while simultaneously making it simpler for consumers to use.
NetCents is a next-generation online payment processing platform, offering consumers and merchants online services for managing electronic payments. The company is focused on capturing the migration from cash to digital currency by using blockchain technology to provide payment solutions that are simple to use and secure.
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