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Second Quarter 2018 Transactions Processed up 415%
Second Quarter 2018 Credit Card Dollars Processed up 291%
- Total Dollars Processed in the Quarter Highest in Three Years -
SAN ANTONIO, July 30, 2018 (GLOBE NEWSWIRE) -- Payment Data Systems (NASDAQ: PYDS), an integrated electronic payment solutions provider, today announced record transaction processing volumes for the second quarter of 2018.
|Second Quarter 2018 Processing Results|
|Q2 FY 18 v Q2 FY 17||Q2 v. Q1 2018|
|CARD PROCESSING||+ 291%||+ 7%|
|Credit Card Dollars Processed||+ 415%||+ 1%|
|Credit Card Transactions Processed|
|ACH||+ 17%||+ 1%|
|Electronic check transaction volumes||+ 30%||+ 6%|
|Returned check transactions processed|
Total dollars processed in the second quarter of 2018 was approximately $821 million, the highest quarterly volume in the last three years.
“Payment Data Systems’ innovative technology has enabled us to generate growth that is outpacing the overall electronic payments industry,” said Louis Hoch, President and CEO. “In card processing, we are rolling out new products that we believe will revolutionize the ISV-card processing relationship, simplifying the ability of independent software vendors to integrate and add merchants to their core technology while simultaneously lowering costs. We are encountering particularly enthusiastic reception in the health care market. In ACH, we have recorded the fourth quarter of sequential growth in our electronic check processing volumes. We are now focused on sustaining the momentum of the record volumes recorded in the first half to ensure 2018 is the banner year we have forecasted.”
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.paymentdata.com, www.singularpayments.com, www.payfacinabox.com, www.akimbocard.com, and 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 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, 2017. 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.