Before the massive network of member-owners and happy merchants, before booking over $10 billion in annual payment volume, and before rolling out some of the industry’s most sophisticated and seamless payment and CRM solutions in the industry, we knew we were special.
COCARD has been a leader in payment processing since its inception, long before any other company recognized it. We knew we had a different approach, based on aggressive adoption of new technologies, peerless customer service, and empowering our members by giving each one a real stake in our success. The difference in 2024, twenty-five years after the company was founded, is that now everyone else knows it too.
COCARD is proud to announce that in a changing business environment, when some companies struggled with flagging performance or felt scared to take risks, COCARD set records yet again. Our member-owners and the merchants we serve had the most successful year in our history.
Better yet, 2024 is set to smash those records yet again.
Payment Volume: ↑68 million (7%)
Total Payment Volume, Past 12: $11 Billion
In the United States, total American consumption grew by just over 2% in 2023. While that was a stronger performance than many were expecting, COCARD, our members and the clients we serve blew that number out of the water.
Excluding December, our total payment volume grew by $68 million in 2023, putting us well over $10 billion in processing volume for the full year. Even more exciting for our members, residuals grew by a whopping 16% in 2023, reflecting both sales and retention success as well as much higher among most of our clients.
2023’s numbers were great, and we’re proud of our continued growth in a changing economic climate. That said, last year’s performance is nothing compared to the growth that we’ll see in 2024. That’s because, near the end of last year, COCARD made one of the biggest strategic moves of our 25-year history.
MiCamp Partnership (Launching COCARD to New Heights)
When you consistently lead in a cutting-edge industry, adding more value for your member-owners and offering clients a superior experience, big players start to take notice. COCARD’s unparalleled technology suite, elite team of high-producing members who own a stake in the company they serve, and peerless security and customer service have earned that kind of attention.
One of the most exciting developments of 2023 happened near the end of the year, when COCARD and MiCamp Solutions, a massive player in financial services, announced a deepened strategic partnership and equity alliance. MiCamp and COCARD had previously begun synergizing their efforts, seeing the opportunity to complement their strengths and the compatibility of their vision.
This strategic alliance has exponentially expanded both companies’ market share, member network, and payment volume, which will now combine for over $40 billion across 46,000 merchants! The two companies know that they reached individual success on the strength of their brand identity, structure, and loyal member/client relationships; none of those things will change for either company moving forward.
The deepened partnership is about more than expanding our market and combining resources; it’s part of COCARD’s commitment to continue leading in the Digital Age. The expertise of two leading payment processing providers will now combine to better tackle tomorrow’s payment problems.
We will have the opportunity to broadly expand the data that drives our CRM solutions, better employing analytics and recommendations to drive the same merchant success that greatly outperformed the broader economy in 2024. We can combine R&D and customer feedback resources to develop better products that continue to put the competition on the back foot and put a smile on our clients’ faces.
Before 2024, COCARD was a trendsetter in the payments space, adopting new technologies, and security practices, and cultivating healthier and more rewarding relationships with our merchants and member-owners. After this alliance with MiCamp, and the massive resources and knowledge that come with it, we’ll be unstoppable.
COCARD: New Year, Same Philosophy
At COCARD, we believe the only thing consistent is change. We are constantly evolving, which is how we’ve managed to lead in a space that can feel like a rollercoaster of transformative technologies, tastes, and regulations. We’ve held fast to an ethos that when we beat competitors to the right solutions, give our merchants what they need to thrive, and make our members partners in our success, the sky is the limit.
2023 proved the wisdom of that philosophy. We set new records in terms of payment volume, and our members enjoyed a whopping 16% higher total residual payment than in 2022, which was a record year itself.
2024 brings new and exciting changes for the company. By partnering with MiCamp, we’ve reached the next level, expanding our reach, payment volume, and member/merchant network. We’ll also have the data and R&D resources necessary to build tomorrow’s leading technologies. As we prepare to celebrate our 25th anniversary, stay tuned for our biggest year yet.
Get in touch today to learn how COCARD can transform your payment suite!