- All-time records for credit and debit card processing volumes for both the Fourth Quarter and for Year 2017
SAN ANTONIO, Feb. 05, 2018 (GLOBE NEWSWIRE) -- Payment Data Systems (NASDAQ: PYDS), an integrated electronic payment solutions provider, today announced the transaction processing results for the fourth quarter and year ended December 31, 2017.
Fourth Quarter 2017 Processing Results
Credit card processing volumes for the fourth quarter of 2017 were up dramatically as compared to last year, and were the highest in the history of the company for any previous quarter. Credit card dollars processed during the fourth quarter of 2017 were up 274% over the same time period in 2016. Credit card transactions processed during the fourth quarter of 2017 were up 199% over the same time period in 2016. Credit card dollars processed during the fourth quarter of 2017 were up 90% over the third quarter of 2017. Credit cards transactions processed during the fourth quarter of 2017 were up 102% over the third quarter of 2017.
Electronic check transaction volumes during the fourth quarter of 2017 were down 13% over the same time period in 2016. Returned check transactions processed during the fourth quarter of 2017 were down 18% over the same time period in 2016. Electronic check transaction volumes during the fourth quarter of 2017 were up 7% over the third quarter of 2017. Returned check transactions processed during fourth quarter of 2017 were flat as compared to the third quarter of 2017.
Total dollars processed for the fourth quarter of 2017 exceeded $818.5 million, the highest volume in any quarter over the last two years.
2017 Annual Processing Results
Credit card dollars processed for 2017 increased 78% compared to 2016, the highest in Company history. Credit card transactions processed increased 34% compared to 2016, and also set an all-time record.
ACH transaction processing volumes for 2017 decreased 15% compared to 2016. Returned check transactions processed during 2017 deceased 13% compared to 2016.
Total dollars processed for 2017 exceeded $2.8 billion, marking the third highest level in the history of the company, reflecting a decrease of 3% as compared to 2016.
“We are thrilled to achieve the highest annual and quarterly levels of credit card processing volumes since our Company’s inception. This dramatic growth will lead to the Company posting record revenues for the fourth quarter and annual revenues for 2017. 2018 should also bring continued growth, and lead to even higher record revenues. As a result, we anticipate that fourth quarter revenues will exceed $5.5 million,” said Louis Hoch, President and CEO.
Commenting further on the significant achievement, Vaden Landers, EVP & Chief Revenue Officer for Payment Data said, “the value of companies who are meeting and solving for all varieties of payment acceptance needs through deep integrations is at a level never before seen in our industry. Payment Data Systems, through its recent combination with Singular Payments, and combined with its leadership position in the ACH, pre-paid and other strategic sectors, is quickly gaining traction with software developers. These developers are embracing the reality that while they must deliver a robust payment offering to their downstream clients, becoming an ISO or Payment Facilitator represents more of a distraction than an opportunity.” Landers concluded, “Our PayFac-in-a-Box solution allows these tech innovators entre into the payments world through a suite of API’s, through which they can access as much or as little feature sets and functionality as is necessary to execute on their unique and very individual business models. We are excited about the future, and anticipate adding substantially to our growing roster of software providers over the remainder of 2018 and beyond.”
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.