SAN ANTONIO, Texas, Oct. 7, 2014 (GLOBE NEWSWIRE) -- Payment Data Systems (OTCQB:PYDS), an integrated electronic payments solutions provider, announced today that it achieved all-time records related to transactions processing in the third quarter of 2014.
Total dollars processed for the third quarter of 2014 set a new record for the company exceeding $796,000,000.
Credit card processing volumes third quarter of 2014 were the second highest in the history of the company for quarterly transaction volumes. Credit cards dollars processed during third quarter of 2014 were up 16% over the same time period in 2013. Credit cards transactions processed during third quarter of 2014 were up 59% over the same time period in 2013.
The third quarters of 2014's electronic check transaction volumes were up 2% and returned check transactions were up 19% as compared to second quarter of 2014.
Michael Long, CEO, said, "I am very pleased with the company's tremendous growth in transactions this year. It should be noted that in early September a number of our sales agreements came up for renewal; we were able to renew all affected agreements with higher profit margins. The new margins had positive effects on earnings during the last month of the third quarter and will also create positive changes in earnings for the fourth quarter and into the foreseeable future. The fourth quarter is traditionally our best quarter of the year for transactions processed. We expect charitable giving to be up this year and our large customer base of churches and charities should lead to record transactions in Q4. We look forward to closing out the year with record annual revenues and income."
Our quarterly earnings for the third quarter of 2014 are anticipated to be released in our 10Q report on or about November 14, 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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CONTACT: Michael Long Investor Relations 210.249.4040 firstname.lastname@example.orgSource:Payment Data Systems, Inc.