The company said it has been running promotional test campaigns, both merchant direct and through Partners, to test the efficacy of various promotional incentives in driving merchant sign up, integration, and the processing of cryptocurrency transactions.
Through this testing, NetCents said it identified that due to the wide-range of merchant and partner industries, the ability to conduct partner-specific and varied promotions was key to the campaign's ongoing success.
READ: NetCents paves the way for mainstream cryptocurrency adoption by offering daily settlements to merchants
The company works with its Partners to develop and launch programs that encourage downstream merchants to begin accepting cryptocurrency as a method of payment. To meet increasing and varied demand from its partners on these promotional programs, NetCents has now automated most features of the promotion system so it can manage numerous campaigns simultaneously.
Most importantly, Partners now have a toolkit to create customized promotion campaigns that fit their merchant base's needs and requirements.
Promotion features now include:
- Partners can incentivize merchants with reduced or free processing for a set period to drive increased merchant signups from their existing merchant-base.
- New merchants can sign up directly for a NetCents merchant account using a campaign link or entering the promotion code on the signup form, automatically enrolling them in the promotion campaign.
- NetCents can target existing merchants who are not integrated or active. The merchant can enroll themselves in a promotion from the Merchant Gateway, allowing the Company to maximize its existing merchant-base.
- Campaigns can be set to apply restrictions on who can use a promo code, such as new registrations or merchants that haven't processed any live transactions.
- Admins can activate a promotion for a Merchant, bypassing restrictions, to enroll merchants that have processed a test transaction or failed to enter the code during registration.
- Promotions can now be configured to have a maximum processing volume and/or timeframe allowing for greater fine-tuning of campaigns.
The company said its technology is deployable across millions of terminals worldwide, and these enhancements will incentivize and facilitate the onboarding of thousands of merchants in a more scalable way.
NetCents said its research has determined that the bottleneck in cryptocurrency use for transactions is no longer the consumer, but it is the merchant. The company is making strides to eliminate that bottleneck.
"According to McKinsey, the Global Payments industry is a $1.9 trillion-dollar industry. Consumers rarely stop to consider how much of their purchasing dollar goes to payment costs vs. the goods themselves," said CEO Clayton Moore in a statement.
"Our technologies are being built to increase speed, reduce cost, and increase security of a massive industry; these new tools will help us scratch the surface. Cryptocurrency and Blockchain technologies are the obvious use case to displace the legacy infrastructure that is no longer appropriate for our new 'cashless' society."
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