SAN ANTONIO, Oct. 15, 2015 (GLOBE NEWSWIRE) -- Payment Data Systems (NASDAQ:PYDS), an integrated electronic payments solutions provider announced today that it achieved records for transactions processing in the third quarter of 2015.
Credit card processing volumes for the third quarter of 2015 were the highest in the history of the Company for any previous quarter. Credit card dollars processed during third quarter of 2015 were up 14% over the same time period in 2014 while credit card transactions processed were also up 3% compared to the third quarter of 2014.
Electronic check transaction volumes for the third quarter of 2015 were the third highest in the history of the company and increased 6% compared to the third quarter of 2014. Returned check transactions processed during first quarter of 2015 were down 9% compared to the same time period in 2014.
Total dollars processed for the third quarter of 2015 exceeded $864,700,000 and is the highest for any quarter in the history of the Company.
Michael Long, CEO, said, "In recent years it seems that in virtually every quarter to date we have been able to report record growth when compared to the same quarter in the prior year. This certainly helps us to remain excited about the growth and the potential for the future. This quarter is no exception. We also continue to believe our stock remains undervalued when compared to mutiples that our industry is currently realizing. We are excited about the fourth quarter of this year. Historically, the fourth quarter is our best of the year due to our large group of charity related customers that experience a high amount of end of year giving."
The Company's earnings for the third quarter of 2015 will be released in its 10Q report around November 16, 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.
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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.