SAN ANTONIO, Dec. 13, 2013 (GLOBE NEWSWIRE) -- Payment Data Systems (OTCBB:PYDS), an integrated electronic payments solutions provider announced today that it is experiencing high growth in transactions processed.
November 2013's electronic check transaction volumes were up 17% and returned check transactions were also up 17% as compared to October 2013.
Total dollars processed for November set a new record for the company exceeding $146,000,000 and breaking the previous record that was achieved in October 2013.
As of yesterday, the company's transaction totals have continued the trend of high growth. With still more than two weeks of the fourth quarter of 2013 remaining, the quarter's electronic check transaction volumes were already up 497% and returned check transactions were up 2,334% as compared to third quarter of 2013.
Michael Long, CEO, said, "The fourth quarter of 2013 will be our best of the year resulting in dramatic, positive influences to all our financial metrics for the quarter. The significant transaction growth we are experiencing should allow us to record our highest revenue for any quarter of 2013. We are excited about our newly acquired customers and believe the increase in transactions should continue for the foreseeable future and will carry into 2014."
About Payment Data Systems, Inc.
Payment Data Systems is an integrated payment solutions provider to merchants and billers. The organization provides an extensive set of products to deliver world-class payment acceptance. Payment Data has solutions for merchants, billers, banks, service bureaus and card issuers. The strength of the company is its ability to offer specifically tailored solutions for card issuance, payment acceptance and bill payments.
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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.
CONTACT: Michael Long Investor Relations 210.249.4040 firstname.lastname@example.orgSource:Payment Data Systems, Inc.