- A leader in the growing cryptocurrency merchant payment sector
- Seeing record transaction volume growth
- Developed a universal cryptocurrency payments infrastructure
What NetCents Technology does:
Rapidly growing NetCents Technology Inc (CSE:NC) (OTCMKTS:NTTCF) has developed a blockchain platform designed for merchants and consumers looking for a better way to transact online with cryptocurrency.
The digital payments specialist says its platform allows businesses to "seamlessly integrate cryptocurrency processing into their payment model without taking on the risk or volatility of the crypto market".
In simple terms, the group's tech allows merchants and firms to accept cryptocurrency payments from customers by providing them - the recipients - with instant settlements. The platform is divided into three interrelated components: the user portal, the merchant portal, and the firm's own proprietary digital exchange platform.
The platform is NetCents' own proprietary payment processing software and the company holds intellectual property (IP), which includes copyright in the development of its technology.
The platform allows users to set up their own NetCents wallet; transfer monies - Fiat currency: namely legal tender whose value is backed by the government that issued it - from their bank account to their user account; transfer cryptocurrency from an external wallet to their NetCents Wallet; choose to either buy products and/or services online or in-store; transfer monies to other parties, and buy or sell cryptocurrencies.
How is it doing:
In early February, the company announced that it has agreed to white label the NC Exchange in a move it says will increase its market share and future growth by providing vendors with a cost-effective business solution.
The company said the white label product will allow its partners to connect and distribute cryptocurrency products more competitively to their users and clients by providing a platform to trade and manage their digital assets using highly secure infrastructure with advanced user interfaces and order types, as well as a user-friendly mobile app for convenience and easy access to markets.
The news and targeting of expanded market share follows comments made in January by CEO Clayton Moore, who noted that that the cryptocurrency payments company is “in a stronger position for growth than at any point in our history” as the firm plans to launch what it is calling the NetCents Card Program, which would let users add a NetCents card to their Google and Apple wallets and use it virtually.
NetCents has already been on a growth trajectory, noting that it had continued to expand its merchant base in December, signing up 330 merchants in the business-to-business (B2B), luxury retail, and high-ticket value retail industries that process large transactions frequently. “These merchants' categories have driven the company's growth this year, and their average transaction value ranges between $25,000 and $500,000 per transaction,” said the company.
This follows on for a strong 2020 as a whole, with the company reporting in October that it had exceeded $27 million in transactions within its platform during the year, exceeding its post-coronavirus expectations.
Inflection points:
- More deals/ partnerships
- Greater transaction volumes
What the boss says:
In late January, CEO Clayton Moore said the global upheaval of 2020 had accelerated the growth of cryptocurrencies, which in turn had been a boon for NetCents.
“2020 was a year of growth for all aspects of the company,” Moore wrote. “We have greatly increased our processing volume, partners, merchants, and users. The growth that we achieved in 2020 has set the stage for us in 2021 as we continue to build and expand in the key areas that brought us success in 2020.”
He added that the company had also established European operations in 2020 to serve its growing international merchant base.
“In order to service our growing international merchant base, NetCents established European operations in 2020,” Moore wrote. “We set up a German subsidiary and European banking in order to provide the same level of service to our European merchants as we do our North American. We were in the process of setting up a permanent Munich office and building out a dedicated team based in Munich, unfortunately, with the global lockdown, those plans were put on hold until COVID restrictions are lifted. The moment this happens, we will resume this project.”
The pandemic made 2020 an unprecedented year but one that shifted the balance of payment in the direction of cryptocurrency, Moore wrote.
“Fundamentally, digital is transforming society and the past year has hastened this transformation,” Moore wrote. “As a company, we have been building the know-how and talent to capitalize on this transformation. We're proud of the work our team is doing to help our merchants, users and partners to realize growth and increase their revenue. Our developments over the past year have brought us ever closer to realizing our mission of bringing cryptocurrency mainstream and becoming the underlying technology that powers cryptocurrency transactions.”
