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NetCents Technology targeting new revenue stream as it adds invoicing suite to merchant gateway

Last updated: 14:47 16 Mar 2020 EDT, First published: 07:47 16 Mar 2020 EDT

Cryptocurrency
Earlier this month, NetCents revealed it had achieved over $2 million in monthly processing volume for February, a 48% increase on January

NetCents Technology Inc (CSE:NC) (OTCMKTS:NTTCF), the cryptocurrency payments specialist, said it has further enhanced its software to allow for recurring billing, opening up a C$200 billion opportunity for the group.

The firm said the move has enhanced its merchant gateway product for an entirely new customer base.

READ: NetCents Technology sees 48% hike in transaction processing in February this year versus January

"This new product suite is ideally suited to software-as-a-service (SaaS) platforms, and platform-as-a-service (PaaS) customers," the Vancouver-based tech group said in a statement.

"These types of companies currently generate over $200 billion in transactions annually, and that number is growing at 17.5% annually. It is only logical that their customers would be interested in a crypto payment solution for these expenses."

"As part of our 2020 focus to provide a complete merchant experience, we have launched daily settlements, initiated the integration of the Lightning Network, and now are introducing a full-service Invoicing Suite," Clayton Moore, founder and CEO of NetCents Technology, told investors.

"The ability to service rapidly growing monthly subscription platforms along with traditional call centers and B2B agencies positions us to capture new market share, greatly increasing our monthly transaction volume through recurring payments."

Nearly two weeks ago, the group revealed it had achieved over $2 million in monthly processing volume for February, which was a 48% increase on January, as it continues to expand the business.

New invoicing suite

Bringing subscription-type billing to cryptocurrency payments, NetCents' new invoicing suite equips 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, according to the firm.

Key features and business intelligence tools include:

  • API integration
  • Integration with accounting and CRM systems
  • Set invoicing frequency and due dates
  • Customer and client management / database
  • Full invoice tracking (opened, forward, bounce, spam filter)
  • Re-issue or cancel invoice, save invoice draft, and export to PDF
  • Accounts receivable reporting, including Days Payable Outstanding (DPO) and average invoice payment time
  • Invoices payable insights - coming due, 1-30 days overdue, 31-60 days overdue, 61-90 days overdue, over 90 days overdue
  • Payment status reporting

NetCents said that it aims to create and deploy a specific marketing regimen to identify, target, and close those potential clients best suited to adopt this payment suite.

Shares in Canada were unchanged at C$0.40 each.

Contact the author at giles@proactiveinvestors.com

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