SAN ANTONIO, April 25, 2016 (GLOBE NEWSWIRE) -- Payment Data Systems, Inc. (NASDAQ: PYDS), an integrated electronic payments solutions provider, announced today its transactions processing volumes for the first quarter of 2016.
Credit card transaction processing volume and credit card dollars processed in the first quarter increased 6% and 5%, respectively, over the same time period in 2015.
ACH (eCheck) transaction volume during first quarter of 2016 decreased 11% from the first quarter of 2015. Returned check transactions processed during first quarter of 2016 were down 28% over the same time period in 2015, however, the resulting decline in returned check revenue will be mostly offset by an increase in eCheck verification service transactions.
Total dollars processed for the first quarter of 2016 exceeded $737 million.
“Our first quarter credit card processing volume marked the fourth highest we have processed to date,” said Michael Long, CEO. “We are pleased with credit card transaction growth and the increased adoption of our new eCheck verification service. The service, which reduces the rate of returned e-checks from consumers, has significantly improved transaction quality for our merchants and provides a steady stream of high-margin revenue for Payment Data Systems.
“That said, our total transactions and dollars processed were down versus the first quarter of last year. As we noted in our fourth quarter 2015 results release, based on a strong customer pipeline, we expect to resume growth in both transaction volumes and revenue in the second half of 2016 and we are excited about the growth prospects ahead for 2016 and beyond.”
About Payment Data Systems, Inc.
Payment Data Systems, Inc. (NASDAQ: PYDS), a leading integrated payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus and card issuers. The Company operates credit, debit/prepaid and ACH payment processing platforms to deliver convenient, world-class payment solutions and service to their clients. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the prepaid sector. Payment Data is headquartered in San Antonio, Texas, and has offices in New York, New York; and Long Beach, California.
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 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.
Investor Contacts: Julie MacMedan Elizabeth Brossy Financial Profiles, Inc. PYDS@finprofiles.com
Source:Payment Data Systems, Inc.