- GreenBox POS will begin offering bulk Automated Clearing House (“ACH”) processing capabilities to merchants utilizing its innovative blockchain and smart contract technologies
- ACH payments offer an affordable alternative when compared to traditional debit and credit cards
- GreenBox POS CEO Fredi Nisan stated that bulk ACH processing offers a new, profitable multi-billion-dollar revenue stream for the company
- The launch will secure the company’s ability to continue providing meaningful value to its shareholders and customers while also growing its processing volumes
When GreenBox POS (NASDAQ: GBOX), a fast-rising provider of customized payment solutions leveraging advanced, secure blockchain and smart contract token technologies, launched the third generation of its proprietary blockchain-based platform (“Gen3”) early last year, its objective was clear – to unlock the door to rapid scalability.
Gen-3 positioned the company vertically within the payment processing space, enabling it to capture a significant share of the transaction volume. For instance, the company last November reported a year-to-date transaction volume of $1.4 billion as of September 30, 2021 (https://ccw.fm/3KCGr).
Additionally, Gen3 allowed GreenBox to create a tokenized ecosystem, fast-track the onboarding of new merchants, offer white label banking solutions, and enter new verticals (https://ccw.fm/0tubz). Consistent with the latter outcome, the company celebrated the launch of a massive new payment vertical, announcing January 18 that it would offer Automated Clearing House (“ACH”) processing capabilities to merchants.
GreenBox will leverage its blockchain technology as well as smart contract technology to transfer funds electronically for ACH debit and ACH credit transactions.
Already, GreenBox clients have committed more than $50 million in monthly ACH processing since the program began; the number is growing by the day. “Generally, the average ACH ticket is approximately $150.00, with margins ranging from 20-30 cents per transaction. What’s more is that these new ACH processing abilities also allow the company to capture the business of and support clients in higher-risk categories, earning an additional 20-30 basis points per transaction,” GreenBox’s POS Chief Executive Officer, Fredi Nisan, said in the news release.
ACH is a network payment system that facilitates the transfer of billions of dollars through the United States financial system daily. It handles credit transfers, including but not limited to social security benefits, direct deposit of paychecks, dividend payouts, and tax refunds, as well as debit transfers such as subscription and mortgage payments and utility bills. It boasts low execution costs, making ACH payments an attractive and advantageous payment alternative for merchants – it offers substantial cost savings to conventional credit and debits cards.
In 2020, ACH processed 26.8 billion payments whose total value crossed the $61.9 trillion mark, according to Nacha, a nongovernment agency that governs the network (https://ccw.fm/Sx7WS).
“ACH bulk processing offers a profitable, new, multi-million-dollar revenue stream for GreenBox. Our clients have long been demanding it, and now we can offer it with our superb technology,” commented GreenBox POS CEO Fredi Nisan. “This is yet another example of GreenBox delivering against our strategic plan to continue providing meaningful value to our shareholders and customers alike.”
The launch of the new ACH bulk processing initiative aligns perfectly with GreenBox’s goal of increasing its overall processing volume. Speaking during a December corporate update call, company COO Vanessa Luna noted, “Processing volume is one of the key pillars of our organization, and it is, in fact, the one that [we] measure our success on” (https://ccw.fm/rhVWj).
Guided by the focus on growing processing volume, GreenBox has continued to execute various mergers and acquisitions and has, in fact, scheduled additional strategic acquisitions for 2022. “The purchases,” Luna said, “create a stable infrastructure to support payment processing and contribute to the bottom-line goal.” At the same time, GreenBox aims to continually expand its licensing and broaden its network and processing capabilities.
For more information, visit the company’s website at www.GreenBoxPOS.com.
NOTE TO INVESTORS: The latest news and updates relating to GBOX are available in the company’s newsroom at https://ccw.fm/GBOX
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