SAN ANTONIO, July 15, 2014 (GLOBE NEWSWIRE) -- Payment Data Systems (OTCQB:PYDS), an integrated electronic payments solutions provider announced today that it achieved all-time records for transactions processed in the second quarter of 2014.
Credit card processing volumes second quarter of 2014 were the highest in the history of the company for any previous quarter. Credit cards dollars processed during second quarter of 2014 were up 14% over the same time period in 2013. Credit cards transactions processed during second quarter of 2014 were up 56% over the same time period in 2013.
The second quarter of 2014's electronic check transaction volumes were up 45% and returned check transactions were up 27% as compared to first quarter of 2014. This growth was driven from the addition of new customers.
Total dollars processed for the second quarter of 2014 set a new record for the company exceeding $790,000,000 and breaking the previous record that was achieved in first quarter of 2014 of $550,000.000.
Michael Long, CEO, said, "As of yesterday we have already processed 178% more ACH transactions than we did in all of last year and our credit card processing continues to set new all-time records for both the first and second quarter of 2014. I am very pleased with the growth we are experiencing this year. It has led to dramatic increases in our financial metrics and should lead to increased shareholder value. We will report an all-time quarterly record for revenue when we announce our earnings in August."
Our quarterly earnings for the first quarter of 2014 are anticipated being released in our 10Q report on or about August 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.
Source:Payment Data Systems, Inc.