As we continue to grow, we use a number of key internal metrics that we use internally to measure our success. We’ve been updating you with some of these with our social media accounts but would like to provide you with more depth and insight into these metrics.
This post will focus on the merchant side of the NetCents ecosystem. The key metrics that we track for the NetCents merchant gateway are transaction volume, average transaction value, processing volume, and new merchant sign-ups.
Let’s start by providing you with the definitions of the metrics.
- Transactions or Transaction Volume: this is the number of transactions that we process through the NetCents merchant gateway
- Average Transaction Value: this is the average amount of each of the transactions
- Processing Volume: this is the total dollar value processed through the merchant gateway
- Merchant Sign-Ups: these are the number of direct merchant sign-ups through the NetCents website to start accepting cryptocurrency payments for their business
Now that August has started, we have another month of data to share with you. In July, we again saw an increase in the number of transactions processed, up 8% from June. We processed more transactions this month than any previous month since we launched the cryptocurrency merchant gateway.
The average transaction value dropped in July over June. In June, our average transaction value was $115.66 USD and in July, it was $100.20 USD. There are a couple of things to note here.
- Even with a 13.4% decrease in average transaction value, we are still far outperforming the average value of a Visa transaction which is $80 USD.
- Retail sales are cyclical. A slowdown in the summer is on-par with the overall industry and not wholly unexpected.
Had our average transaction value remained constant, we would have had an increase in overall processing volume for the 7th straight month. This growth in the number of transactions in a slow season bodes well for Fall and Winter seasons when retail sales pick up again.
The final metric that we assess is our new merchant sign-up rate which we are continuing to see growth in. We had an increase in new merchant sign-ups of 146% month over month, showing the demand from merchants to accept cryptocurrency payments continues to grow.