NetCents sees significant growth in merchant accounts and expects demand to accelerate

CEO Clayton Moore said the growth in merchants was from diverse industries, but the firm is focusing on the business-to-business, luxury retail, and high-ticket value retail industries

NetCents - NetCents sees significant growth in merchant accounts and expects demand to accelerate
The company said its concerted marketing efforts have paid off with new merchants and users flocking to the 'platform in a short period'

NetCents Technology Inc (CSE:NC) (FRA:26N) (OTCQB:NTTCF), a cryptocurrency payments company, revealed on Wednesday that it continued to expand its merchant base in December with “rapid growth” in new sign-ups.  

The Vancouver-based company said it had signed 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. 

In November, the company launched its omnichannel marketing strategy, including a holiday promotional campaign with a $1 million prize for transaction processing for a lucky client. The efforts have paid off with new merchants and users flocking to the platform in a short period. The company also noted that it logged “record growth figures” in its user accounts.

READ: NetCents Technology takes another step closer to launching its crypto-backed VISA card in 2021

NetCents said its marketing team now functions as a “customer engagement team,” encompassing digital advertising, CRM, content marketing, social media marketing, support, PR functions and information technology. “This allows the technical team to support marketing efforts and eliminates technical barriers,” said the company.

"It's great to see the evolution of NetCents and where it's grown. We built the system to be agnostic so that anyone with a wallet can use our platform wherever they are in the world. What I'm finding interesting as the company grows is that we see an increase in users coming directly to NetCents and signing up,” NetCents Technology founder CEO Clayton Moore said in a statement.

“We've seen 650 this month alone. Our growth in merchants from all industries is great for the company and the overall industry, but it is these specific B2B and high-transaction value merchants that process instantly - that is where we are focusing our efforts. Their transaction sizes are significant, which is driving our monthly growth."

Separately, the company said it has granted incentive stock options to purchase a total of 1,250,000 shares at an exercise price of $1.20 per common share for a period of five years to certain directors, officers, employees, and consultants in line with the provisions of its stock option plan.

NetCents Technology has developed a blockchain platform designed for merchants and consumers looking for a better way to transact online with cryptocurrency. The firm’s technology allows merchants and firms to accept cryptocurrency payments from customers by providing them 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 company is also poised to launch its crypto-backed VISA card in 2021.

Contact the author Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive

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Price: 0.84 CAD

Market: CSE
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