SAN ANTONIO, April 3, 2014 (GLOBE NEWSWIRE) -- Payment Data Systems (OTCBB:PYDS), an integrated electronic payments solutions provider announced today that each payment processing business unit achieved all-time records for transactions processing in the fourth quarter of 2014.
Credit card processing volumes first quarter of 2014 were the highest in the history of the company for any previous quarter. Credit cards dollars processed during first quarter of 2014 were up 15% over the same time period in 2013. Credit cards transactions processed during the first quarter of 2014 were up 61% over the same time period in 2013.
The first quarter of 2014 saw an increase in electronic check transaction as volumes were up 48% and returned check transactions were up 8% as compared to fourth quarter of 2013. This growth was driven from the addition of new customers.
Total dollars processed for the first quarter of 2014 set a new record for the company exceeding $550,000,000 and breaking the previous record that was achieved in fourth quarter of 2013 of $425,000,000.
Michael Long, CEO, said, "Already in the first quarter of 2014 we have processed 13% more ACH transactions than we did in all of last year. I am pleased to announce we will report an all-time record for revenue for the first quarter of 2014. Our growth in transactions processed has led to a dramatic, positive increase in revenues, gross profit and operating income for the first quarter. We expect this positive trend to continue for the foreseeable future."
Our quarterly earnings for the first quarter of 2014 are anticipated being released in our 10Q report on or about May 15, 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.