Payment Data Systems Announces Transaction Processing Results for the Fourth Quarter and Year Ended December 31, 2017
February 05 2018 - 4:15PM
- All-time records for credit and debit card
processing volumes for both the Fourth Quarter and for Year 2017
-
Payment Data Systems (NASDAQ: PYDS), an integrated electronic
payment solutions provider, today announced the transaction
processing results for the fourth quarter and year ended December
31, 2017.
Fourth Quarter 2017 Processing Results
Credit card processing volumes for the fourth 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 card
dollars processed during the fourth quarter of 2017 were up 274%
over the same time period in 2016. Credit card transactions
processed during the fourth quarter of 2017 were up 199% over the
same time period in 2016. Credit card dollars processed
during the fourth quarter of 2017 were up 90% over the third
quarter of 2017. Credit cards transactions processed during the
fourth quarter of 2017 were up 102% over the third quarter of
2017.
Electronic check transaction volumes during the fourth quarter
of 2017 were down 13% over the same time period in 2016. Returned
check transactions processed during the fourth quarter of 2017 were
down 18% over the same time period in 2016. Electronic check
transaction volumes during the fourth quarter of 2017 were up 7%
over the third quarter of 2017. Returned check transactions
processed during fourth quarter of 2017 were flat as compared to
the third quarter of 2017.
Total dollars processed for the fourth quarter of 2017 exceeded
$818.5 million, the highest volume in any quarter over the last two
years.
2017 Annual Processing Results
Credit card dollars processed for 2017 increased 78% compared to
2016, the highest in Company history. Credit card transactions
processed increased 34% compared to 2016, and also set an all-time
record.
ACH transaction processing volumes for 2017 decreased 15%
compared to 2016. Returned check transactions processed during 2017
deceased 13% compared to 2016.
Total dollars processed for 2017 exceeded $2.8 billion, marking
the third highest level in the history of the company, reflecting a
decrease of 3% as compared to 2016.
“We are thrilled to achieve the highest annual and quarterly
levels of credit card processing volumes since our Company’s
inception. This dramatic growth will lead to the Company
posting record revenues for the fourth quarter and annual revenues
for 2017. 2018 should also bring continued growth, and lead
to even higher record revenues. As a result, we anticipate
that fourth quarter revenues will exceed $5.5 million,” said Louis
Hoch, President and CEO.
Commenting further on the significant achievement, Vaden
Landers, EVP & Chief Revenue Officer for Payment Data said,
“the value of companies who are meeting and solving for all
varieties of payment acceptance needs through deep integrations is
at a level never before seen in our industry. Payment Data Systems,
through its recent combination with Singular Payments, and combined
with its leadership position in the ACH, pre-paid and other
strategic sectors, is quickly gaining traction with software
developers. These developers are embracing the reality that while
they must deliver a robust payment offering to their downstream
clients, becoming an ISO or Payment Facilitator represents more of
a distraction than an opportunity.” Landers concluded, “Our
PayFac-in-a-Box solution allows these tech innovators entre into
the payments world through a suite of API’s, through which they can
access as much or as little feature sets and functionality as is
necessary to execute on their unique and very individual business
models. We are excited about the future, and anticipate adding
substantially to our growing roster of software providers over the
remainder of 2018 and beyond.”
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 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, the volatility of our stock
price, the need to obtain additional financing, risks associated
with new tax legislation, 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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