SAN ANTONIO, Oct. 28, 2016 (GLOBE NEWSWIRE) -- Payment Data Systems (NASDAQ:PYDS), an integrated electronic payments solutions provider, announced today transaction processing volumes for the third quarter of 2016.
Third quarter 2016 credit card processing volumes decreased 2% compared to the same time period in 2015. Credit card dollars processed during the third quarter of 2016 decreased 9% compared to the same time period in 2015.
Electronic check transaction (ACH) volumes during third quarter of 2016 were down 15% over the same time period in 2015, but increased 8% compared to the second quarter of 2016. Returned check transactions processed during the third quarter of 2016 were down 24% over the same time period in 2015, but increased 22% compared to the prior quarter.
Total dollars processed for the third quarter of 2016 exceeded $759.3 million, representing the highest quarterly total dollars processed to date for 2016.
“The sequential increases for ACH and returned check transactions reflect our recent efforts to resume the explosive growth that we experienced in 2014 and 2015,” said Louis Hoch, President and CEO. “We have increased overall transaction volumes and dollars processed in the third quarter compared to the previous quarter, which is a positive trend that we expect to continue into the fourth quarter of 2016 and in 2017. We are actively engaged in promoting new revenue generating services with our existing customers and continue to market to prospective clients. We have completed the integration of our payment gateway directly with debit networks, enabling our existing ACH customers to perform real-time debits, and providing near real-time credit transactions to most bank accounts in the U.S. We expect this will drive increased transaction volumes and associated revenue over the coming quarters.”
About Payment Data Systems, Inc.
Payment Data Systems (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 its 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.
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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.
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Source:Payment Data Systems, Inc.