GreenBox POS Opens New Bulk ACHChannel Surpassing $50M in Monthly Merchant Volume
GreenBox POS (NASDAQ: GBOX) ("GreenBox" or the "Company"), an emerging fintech company, announced today it has launched a massive new payment vertical, offering bulk Automated Clearing House ("ACH") processing abilities to merchants. Utilizing its blockchain technology and smart contract technology, GBOX will be able to transfer funds electronically for ACH debit and ACH credit transactions.
According to Nacha, in 2020 the ACH Network processed 26.8 billion payments, marking the sixth consecutive year in which it added more than 1 billion new payments. Those include Direct Deposit via ACH of salaries, dividends and Social Security and other government benefits, and Direct Payment via ACH for bill payments including utilities and mortgages, as well as charitable giving, tuition, subscription services, and person-toperson (P2P) and business-to-business (B2B) payments. The total value of these payments exceeded $61.9 trillion.
The low execution cost of ACH payments make them a truly advantageous payment alternative for merchants, offering significant cost savings to traditionalcredit cards and debit cards, which typically charge 3%-4% in processing fees.
Since the new program's commencement, GreenBox clients have already committed to over $50,000,000 in monthly ACH processing and the number is climbing. 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.
"ACHbulk 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," said Fredi Nissan, GreenBox POS Chief Executive Officer. "This is yet another example of GreenBox delivering against our strategic plan to continue providing meaningful value to our shareholders and customers alike."