SAN ANTONIO, Sept. 17, 2014 (GLOBE NEWSWIRE) -- Payment Data Systems (OTCQB:PYDS), an integrated electronic payments solutions provider announced today that it had high growth in transactions for the month of August.
Due to fewer processing days in August the electronic check transaction volumes for August 2014 were down 13% and returned check transactions were down 13% as compared to July 2014.
Credit card processing volumes in August 2014 were the fourth highest in the history of the company. Credit card dollars processed during August 2014 were up 14% over the same month in 2013. Credit card transactions processed during August 2014 were up 56% over the same month in 2013.
Total dollars processed for August 2014 exceeded $255,000,000.
Michael Long, CEO, said, "The traction we are experiencing this quarter has continued to build upon our successes of last quarter. We should report all-time record quarterly revenues for the third quarter and our profits for the third quarter should be the largest of the year so far."
Mr. Long continued, "In Home Depot's press release dated September 8, 2014, the company stated,
"…the world's largest home improvement retailer, today confirmed that its payment data systems have been breached, .."
Due to Home Depot using the phrase 'payment data systems' in their press release, we have received a number of shareholder and industry inquires about our involvement in the Home Depot data breach. It is important for our shareholders and for the payment industry to understand that Payment Data Systems was not involved or compromised in any way. Payment Data Systems is not the payment processor for Home Depot and as a result has no potential liability for the Home Depot data breach."
Mr. Long also added, "Since we have established a steady growth trajectory, we no longer think it is necessary to provide monthly transaction volume updates as we have since late last year. We have made the decision to scale back the number of future press releases to one per quarter as it relates to transaction volumes. The next release for these purposes will be in early October."
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.
Find us on Facebook®
Home Depot® is a registered trademark of The Home Depot, Inc.
FORWARD-LOOKING STATEMENTS DISCLAIMER:
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.