SAN ANTONIO, April 14, 2015 (GLOBE NEWSWIRE) -- Payment Data Systems (OTCBB:PYDS), an integrated electronic payments solutions provider, announced today that it achieved record transaction processing in the first quarter of 2015.
Credit card processing volumes first quarter of 2015 were the third highest for any quarter in the history of the company. Credit cards dollars processed during first quarter of 2015 were up 8% over the same time period in 2014. Credit cards transactions processed during first quarter of 2015 were up 3% over the same time period in 2014.
Electronic check transaction volumes in the first quarter of 2015 were the second highest for any quarter in the history of the company. Electronic check transaction volumes during first quarter of 2015 were up 61% over the same time period in 2014. Returned check transactions processed during first quarter of 2015 were up 39% over the same time period in 2014.
Total dollars processed for the first quarter of 2015 exceeded $797,900,000 and is the second highest for any quarter in the history of the company.
Michael Long, Chairman and CEO, said, "The first quarter of a year is typically our slowest quarter of the year due to seasonal trends from charitable giving and other factors, but this quarter turned out to exceed our expectations. We actually processed more billable transactions in the first quarter than we did in the fourth quarter of 2014. The growth was three percent, but it positions us well for the rest of the year to maintain high growth as we enter into the typically stronger quarters in the remainder of our fiscal year."
Long continued, "As of today, we have filed our application for listing with NASDAQ. We have also concluded our search for two additional independent board members and hope to announce approval of the new board members soon. Having a Board with a majority of independent directors is a requirement for listing with NASDAQ. We believe we have satisfied all the financial metrics required for listing with NASDAQ, with the exception of share price. With deliberate and detailed research, we believe NASDAQ is the best opportunity to increase our liquidity and potentially lead to enhanced shareholder value."
Louis Hoch, President and COO, said, "The transition of Akimbo Financial to our prepaid card processing platform has progressed faster than our expectations. Due to the synergistic cost savings, we expect Akimbo to be cash flow positive and accretive to our earnings by June of this year."
Our quarterly earnings for the first quarter of 2015 are anticipated being released in our 10Q report on or about May 15, 2015.
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.
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.