Payment Data Systems Announces Transaction Processing Volumes for the Third Quarter of 2016
October 28 2016 - 4:15PM
Payment Data Systems (NASDAQ:PYDS), an integrated electronic
payments solutions provider, announced today transaction processing
volumes for the third quarter of 2016.
Third quarter 2016 credit card processing volumes decreased 2%
compared to the same time period in 2015. Credit card dollars
processed during the third quarter of 2016 decreased 9% compared to
the same time period in 2015.
Electronic check transaction (ACH) volumes during third quarter
of 2016 were down 15% over the same time period in 2015, but
increased 8% compared to the second quarter of 2016. Returned check
transactions processed during the third quarter of 2016 were down
24% over the same time period in 2015, but increased 22% compared
to the prior quarter.
Total dollars processed for the third quarter of 2016 exceeded
$759.3 million, representing the highest quarterly total dollars
processed to date for 2016.
“The sequential increases for ACH and returned check
transactions reflect our recent efforts to resume the explosive
growth that we experienced in 2014 and 2015,” said Louis Hoch,
President and CEO. “We have increased overall transaction
volumes and dollars processed in the third quarter compared to the
previous quarter, which is a positive trend that we expect to
continue into the fourth quarter of 2016 and in 2017. We are
actively engaged in promoting new revenue generating services with
our existing customers and continue to market to prospective
clients. We have completed the integration of our payment gateway
directly with debit networks, enabling our existing ACH customers
to perform real-time debits, and providing near real-time credit
transactions to most bank accounts in the U.S. We expect this will
drive increased transaction volumes and associated revenue over the
coming quarters.”
About Payment Data Systems, Inc.
Payment Data Systems (NASDAQ:PYDS), a leading integrated payment
solutions provider, offers a wide range of payment solutions to
merchants, billers, banks, service bureaus and card issuers. The
Company operates credit, debit/prepaid and ACH payment processing
platforms to deliver convenient, world-class payment solutions and
service to its clients. The strength of the Company lies in its
ability to provide tailored solutions for card issuance, payment
acceptance, and bill payments, as well as its unique technology in
the prepaid sector. Payment Data is headquartered in San Antonio,
Texas, and has offices in New York, New York; and Long Beach,
California.For additional information please
visit www.paymentdata.com. Other
websites: www.akimbocard.com, www.ficentive.com. Find us
on Facebook®.FORWARD-LOOKING STATEMENTS
DISCLAIMER
Except for the historical information contained herein, the
matters discussed in this release include certain forward-looking
statements, which are intended to be covered by safe harbors. Those
statements include, but may not be limited to, all statements
regarding our and management's intent, belief and expectations,
such as statements concerning our future and our operating and
growth strategy. Investors are cautioned that all forward-looking
statements involve risks and uncertainties including, without
limitation, the factors detailed from time to time in our filings
with the Securities and Exchange Commission. One or more of these
factors have affected, and in the future could affect our
businesses and financial results in the future and could cause
actual results to differ materially from plans and projections. We
believe that the assumptions underlying the forward-looking
statements included in this release will prove to be accurate. In
light of the significant uncertainties inherent in the
forward-looking statements included herein, the inclusion of such
information should not be regarded as a representation by us or any
other person that our objectives and plans will be achieved. All
forward-looking statements made in this release are based on
information presently available to our management. We assume no
obligation to update any forward-looking statements, except as
required by law.
Investor Contacts:
Kristen Papke
Elizabeth Brossy
Financial Profiles, Inc.
ir@paymentdata.com
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