SAN ANTONIO, Texas, Feb. 22, 2017 (GLOBE NEWSWIRE) -- Payment Data Systems (NASDAQ:PYDS), an integrated electronic payment solutions provider, today announced transaction processing results for the fourth quarter and year ended December 31, 2016.
Fourth Quarter 2016 Processing Results
Total dollars processed for the fourth quarter of 2016 exceeded $735.0 million. ACH (electronic check) transaction processing volumes for the fourth quarter were flat compared to the third quarter of 2016 and returned check processing increased 3% over the same time period. Credit card processing volumes for the fourth quarter of 2016 for dollars processed were down 10% and credit cards transactions processed were down 10% compared with the third quarter of 2016.
2016 Annual Processing Results
Total dollars processed for 2016 exceeded $2.9 billion marking the second highest level in the history of the company, but reflecting a decrease of 6% compared to 2015. ACH transaction processing volumes for 2016 decreased 14% compared to 2015. Credit card processing volumes for 2016, down 5% compared to 2015, were also the second highest in company history. Credit card transactions processed increased less than 1% compared to 2015.
“Following the explosive growth experienced in the two prior years, we were pleased to achieve the second highest annual levels of dollars processed and credit card processing volumes since our Company’s inception,” said Louis Hoch, President and CEO. “We have multiple revenue generating initiatives underway that we expect will drive growth in transaction volumes and associated revenue in the coming quarters. Our sales pipeline is as deep as it has ever been and our newly implemented real-time debit card service is being well received by our customers. The associated volumes with that service is growing nicely month-over-month and it is positioned to be a strong revenue contributor for us in 2017.”
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 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. For additional information please visit www.paymentdata.com. Websites: www.akimbocard.com and www.ficentive.com. Find us on Facebook®.
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 Contact: Allyson Pooley Financial Profiles PYDS@finprofiles.com
Source:Payment Data Systems, Inc.