Payment Data Systems Announces Transaction Growth for the Third Quarter of 2017
October 30 2017 - 9:00AM
Payment Data Systems (NASDAQ:PYDS), an integrated electronic
payments solutions provider announced today its transactions
processing volumes in the third quarter of 2017 set an all-time
record.
Credit card processing volumes in the third quarter of 2017 were
up dramatically as compared to last year, and were the highest in
the history of the company for any previous quarter. Credit cards
dollars processed during the third quarter of 2017 were up 77% over
the same time in 2016. Credit cards transactions processed during
the third quarter of 2017 were up 33% over the same time as
compared to 2016. Credit cards dollars processed during the
third quarter of 2017 were up 83% over the second quarter of 2017.
Credit cards transactions processed during the third quarter of
2017 were up 138% over the second quarter of 2016. The growth can
be attributed to the added volume from the recent Singular Payments
acquisition, which contributed one month of credit card processing
volumes and the continued growth in PINless debit processing.
For the fourth quarter of 2017, management expects continued growth
in PINless debit and three full months of contribution from the
Singular Payments acquisition.
Electronic check transaction volumes during the third quarter of
2017 were down 18% over the same time frame in 2016. Returned check
transactions processed during the third quarter of 2017 were down
16% over the same time period in 2016. Electronic check transaction
volumes during third quarter of 2017 were up 3% over the second
quarter of 2017. Returned check transactions processed during the
third quarter of 2017 were up 16% over the second quarter of
2017.
Total dollars processed for the third quarter of 2017 exceeded
$704,899,000.
Louis Hoch, President and CEO of Payment Data Systems, stated,
“The successful execution of our revenue growth plan is now
yielding results. We are pleased at the dramatic growth in the
credit card processing segment of our business, and are also
pleased to see the growth in our ACH business as compared to second
quarter’s downturn. We now have visibility into continued revenue
growth throughout the rest of 2017 and for all of 2018.”
Vaden Landers, former Chairman and Managing Partner of Singular
Payments, and now Executive Vice-President and Chief Revenue
Officer for Payment Data Systems added, “The two companies are now
fully integrated and we are poised for significant growth as we
move forward together with a unified strategy and approach to
meeting the needs of a rapidly changing, and diverse, payments
landscape. We will win as we deliver innovative payment solutions
to software developers, banks, and other Fintech players across the
payments spectrum.” Landers added, “I am very excited for this
opportunity to partner with the Payment Data team to leverage what
each company brings to the table in order to drive positive results
in both the near and long term.”
The company expects to announce earnings for the third quarter
of 2017 on or before November 15, 2017.
About Payment Data Systems, Inc.
Payment Data Systems, Inc. (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 their 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; Long Beach, California; St. Augustine, Florida and
Nashville, Tennessee.
Websites: www.singularpayments.com, www.payfacinabox.com, www.akimbocard.com and www.ficentive.com.
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FORWARD-LOOKING STATEMENTS DISCLAIMER
Except for the historical information contained herein, the
matters discussed in this release include forward-looking
statements which are covered by safe harbors. Those statements
include, but may not be limited to, all statements regarding
management's intent, belief and expectations, such as statements
concerning the acquisition of Singular Payments, our future and our
operating and growth strategy. These forward-looking statements are
identified by the use of words such as "believe," "intend," "look
forward," "anticipate," "schedule", and "expect" among others.
Forward-looking statements in this press release are subject to
certain risks and uncertainties inherent in the Company's business
that could cause actual results to vary, including such risks
related to the realization of the anticipated opportunities from
the Singular acquisition, the management of the Company's growth,
the loss of key resellers, the relationships with the Automated
Clearinghouse network, bank sponsors, third-party card processing
providers and merchants, the security of our software, hardware and
information, and compliance with complex federal, state and local
laws and regulations, and other risks detailed from time to time in
the Company's filings with the Securities and Exchange Commission
including its annual report on Form 10-K for the fiscal year ended
December 31, 2016. 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
Contact:
Preston Graham Preston@stonegateinc.com 972-850-2001
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