SAN ANTONIO, Texas, May 02, 2018 (GLOBE NEWSWIRE) -- Payment Data Systems (NASDAQ:PYDS), an integrated electronic payment solutions provider, today announced record transaction processing results for the first quarter of 2018.
First Quarter 2018 Processing Results
- Total dollars processed during the first quarter increased 305% over the same period in 2017.
- Credit card transactions processed during the first quarter of 2018 were up 307% over the same period in 2017.
- Credit card dollars processed during the first quarter of 2018 were up 5% over the fourth quarter of 2017.
- Credit card transactions processed during the first quarter of 2018 were up 6% over the fourth quarter of 2017.
- Total dollars processed for the first quarter of 2018 exceeded $782.9 million.
“We are thrilled to report that we have achieved the highest quarterly levels of credit and debit card processing volumes since our Company’s inception. We not only grew year over year, but sequentially as well,” said Louis Hoch, President and CEO.
Electronic check transaction volumes during the first quarter of 2018 were up 5% over the fourth quarter of 2017, representing the third consecutive quarter of growth. Returned check transactions processed during first quarter of 2018 were up 6% as compared to the fourth quarter of 2017. Electronic check transaction volumes during the first quarter of 2018 were down 2% versus the same time period in 2017. Returned check transactions processed during the first quarter of 2018 were down 2% versus the same time period in 2017.
“Our Electronic check transaction processing grew for the third consecutive quarter, demonstrating a trend we have been keenly focused on achieving. Our record transaction processing volumes further validate our growth strategy and approach relating to the seamless integration of our robust payment solutions across developer platforms in core verticals such as healthcare, property management, government/utilities and other bill pay verticals,” Mr. Hoch continued, “We believe that our company is exceptionally well positioned with no debt and clean capital structure. Our mandate is to continue delivering leading edge technology and customizable solutions, growing our customer base on a consistent and continual basis and we are committed to executing on these growth divers to achieve our goals.”
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; Long Beach, California; St. Augustine, Florida and Nashville, Tennessee. Websites: www.paymentdata.com, www.singularpayments.com, www.payfacinabox.com, 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 forward-looking statements which are covered by safe harbors. Those statements include, but may not be limited to, all statements regarding management's intent, belief and expectations, such as statements concerning our future and our operating and growth strategy. These forward-looking statements are identified by the use of words such as "believe," "intend," "look forward," "anticipate," "schedule", and "expect" among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company's business that could cause actual results to vary, including such risks related to the realization of the anticipated opportunities from the Singular acquisition, the management of the Company's growth, the loss of key resellers, the relationships with the Automated Clearinghouse network, bank sponsors, third-party card processing providers and merchants, the security of our software, hardware and information, the volatility of our stock price, the need to obtain additional financing, risks associated with new tax legislation, and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission including its annual report on Form 10-K for the fiscal year ended December 31, 2016. 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.
Joe Hassett, Investor Relations