Vancouver, British Columbia--(Newsfile Corp. - July 24, 2020) - NetCents Technology Inc. (CSE: NC) (FSE: 26N) (OTCQB: NTTCF) ("NetCents" or the "Company"), a cryptocurrency payments technologies company, is pleased to announce that it continues to grow its international merchant base and has begun inroads to new merchant industries, notably Business to Business (B2B).
The Company has experienced a rapid geographic diversification of its merchant base in 2020 when compared to 2019. In 2019, 27% of the Company's merchants were located outside of the United States compared to 67% in 2020 with 81% of new merchants using the merchant gateway located internationally.
Along with the international expansion, as a result of COVID-19 and shifting merchant and consumer demand, the Company has greatly diversified its target merchant industries. Before March, the Company's merchant base was heavily concentrated in Luxury, Travel, Tourism, and Retail. Over the past five months, the Company has successfully focused its business development efforts on growing its market share in the B2B, Services, and Gaming industries.
As a benefit of these dynamics NetCents has enjoyed a jump in the overall transaction value as the average value of a transaction for these B2B merchants is $25,000 vs. $111. The Company's average transaction size is now $300, a nearly 300% increase over the same period in 2019. 4.4% of the Company's transactions exceed $500 and nearly 1% exceed $5,000. The Company expects these numbers to continue to increase as, on average, there is a new B2B merchant added to the platform every other day.
To continue this growth and service these new merchants, the Company has made the following enhancements to its platform in 2020:
Daily settlements for Enterprise and US-based merchants
Integration into the ACH network to eliminate the cost associated with merchant settlements for both the Company and merchant
1.4 Billion USD credit facility to frontload merchant settlements while allowing the Company to use the merchant order flow as a supply for a short-term crypto portfolio to profit from arbitrage opportunities
Enterprise Invoicing Suite to equip 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
Expanding European operations with the upcoming formation of a wholly owned German subsidiary and banking relationships to support the Company's growing European merchant base
"There are some long-term trends that were barely visible before the pandemic that have now accelerated because of this new way of doing business," stated Clayton Moore Founder and CEO of NetCents Technology.
Alternative Stores of Wealth - "Investors that are worried inflationary stimulus packages on government run currencies are buying assets that aren't controlled by the government, and have a limited supply."
Cashless / Touchless Transactions - "Stores refusing to handle cash is forcing consumers to adopt technologies that we provide."
Digital Reserve Currency - "United States opening the discussion about a digital reserve currency supported by the treasury - has amplified a global discussion about digital reserve currencies."
"The NetCents technology stack has been developed to benefit from all of these trends, and we look forward to solving problems for the hundreds of new clients we are onboarding," concluded Mr. Moore.
Welcome to the future!
About NetCents
NetCents Technology Inc, the transactional hub for all cryptocurrency payments, equips forward-thinking businesses with the technology to seamlessly integrate cryptocurrency processing into their payment model without taking on the risk or volatility of the crypto market. NetCents Technology is registered as a Money Services Business (MSB) with FINTRAC.
For more information, please visit the corporate website at www.net-cents.com
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On Behalf of the Board of Directors NetCents Technology Inc.
"Clayton Moore" Clayton Moore, CEO, Founder and Director
NetCents Technology Inc. 1000 - 1021 West Hastings Street Vancouver, BC, V6E 0C3
Cautionary Note Regarding Forward-Looking Information
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates, and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
