SAN ANTONIO, March 10, 2014 (GLOBE NEWSWIRE) -- Payment Data Systems (OTCBB:PYDS), an integrated electronic payments solutions provider, announced today that it is continuing to experience high growth in transactions processed.
February 2014's electronic check transaction volumes were down 4% and returned check transactions were down 11% as compared to January 2014. Both metrics would have been positive if February wasn't a short month.
While February's metrics were slightly down from January, our current quarter transaction counts have already exceeded the volume we processed in the whole fourth quarter of 2013.
Total dollars processed for February 2014 was $17,600,000.
Credit card processing volumes during February 2014 were up 15% over the same time period in 2013. Credit cards transactions processed during February 2014 were up 57% over the same time period in 2013.
Michael Long, CEO, said, "I am very pleased to report that we have already surpassed the transaction volumes we processed in the fourth quarter of 2013 with almost a full month left in the current quarter to generate more transaction volume. The growth trend is continuing and should continue for the foreseeable future. The first quarter will result in positive influences in cash flow, revenues (all time record), gross profits and net income."
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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Source:Payment Data Systems, Inc.