GreenBox POS Opens New Bulk ACH Channel Surpassing $50M in Monthly Merchant Volume
SAN DIEGO, CA, Jan. 18, 2022 (GLOBE NEWSWIRE) -- 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-to-person (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 traditional credit 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.
"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," 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."
About GreenBox POS
GreenBox POS (NASDAQ: GBOX) is an emerging financial technology company leveraging proprietary blockchain security and token technology to build customized payment solutions. The Company's applications enable an end-to-end suite of turnkey financial products, fraud detection and improving the efficiency of handling large-scale commercial processing volumes for its merchant clients. For more information, we invite you to visit the Company's website at www.greenboxpos.com.
Forward-Looking Statements Disclaimer
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set out in the Company's SEC filings. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.
Investor Relations Contact
Mark Schwalenberg, CFA
MZ Group - MZ North America
312-261-6430
[email protected]
www.mzgroup.us
