SAN ANTONIO, Aug. 6, 2015 (GLOBE NEWSWIRE) -- Payment Data Systems (OTCBB:PYDS) (OTCQB:PYDS) (OTCQB:PYDSD), an integrated electronic payments solutions provider, announced today that it is continuing to experience high growth in transactions processed.
Total dollars processed for July 2015 set a new record for the company exceeding $309,000,000 and breaking the previous record that was achieved in January 2015.
Credit card processing volumes July 2015 were the second highest in the history of the company for any previous month. Credit cards dollars processed during July of 2015 were up 11% over the same time period in 2014. Credit cards transactions processed during July 2015 were up 2% over the same time period in 2014.
Electronic check transaction volumes for the July 2015 were the third highest in the history of the company for any previous month. Electronic check transaction volumes during July 2015 were up 5% over the same time period in 2014. Returned check transactions processed during first July 2015 were down 16% over the same time period in 2014.
Michael Long, CEO, said, "We are excited about the early transaction results for the third quarter of 2015.We believe that we will continue to experience high growth in transactions processed and associated revenues and income for the remainder of the year. 2015 should continue to be an exciting year for our company and we look forward to the third and fourth quarter as those quarters are typically our best of the year as charitable giving increases during that time frame."
Mr. Long, continued, "I am pleased that we will begin trading on NASDAQ on Tuesday, August 11th. We continue to believe our stock is undervalued and is trading below valuation multiples that our industry receives."
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.
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Source:Payment Data Systems, Inc.