SAN ANTONIO, Texas, July 30, 2019 (GLOBE NEWSWIRE) -- Usio, Inc. (NASDAQ:USIO), an integrated electronic payment solutions provider, today announced the transaction processing results for the second quarter of 2019.
Second Quarter 2019 Compared to 2018 Processing Results:
|Credit Card Dollars Processed||+ 8%|
|Credit Card Transactions Processed||+13%|
|Electronic Check Transaction Volume||+14%|
|Returned Check Transactions Processed||+ 4%|
|Prepaid Card Load Volume||+95%|
|Prepaid Card Transaction Volume||+74%|
Total dollars processed for the second quarter of 2019 exceeded $876 million.
Both credit card dollars processed, and credit card transaction counts were the highest in the Company's history with the increase primarily attributable to the success of our growth initiatives, particularly our card processing within the Integrated Payments (Payment Facilitation) segment due to increased penetration of the healthcare industry.
"Credit card volumes are once again at record levels. We also generated year-over-year growth across our ACH, prepaid and card processing segments this quarter," said Louis Hoch, President and CEO of Usio. "We believe our ability to develop innovative technology that elegantly solves the increasing complexities of today's electronic payments infrastructure is driving our growth."
In addition to reporting record credit card processing volumes for the quarter, the company announced that it continues to make progress penetrating the targeted healthcare and similar bill-centric verticals through its PayFac strategy. A $300 million revenue behavioral medicine and a $900 million revenue long-term care company, which collectively operate 143 facilities, are just two of the more recent examples of our success in closing business in this rapidly growing sector.
We are reporting growth statistics in our prepaid card division for the first time. The growth in load volume is largely attributed to an increase in corporate funded loads, which saw an increase of 678% when comparing Q2 2019 to Q2 2018. Consumer funded loads increased by 48% using the same quarterly comparison. This demonstrates the success in our efforts to grow our corporate incentive and expense solutions, while continuing to see growth in both our Akimbo and white-label consumer programs.
About Usio, Inc.
Usio, Inc. (Nasdaq:USIO), 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 services 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. Usio is headquartered in San Antonio, Texas, and has offices in Austin, Texas and Franklin, Tennessee, just outside of Nashville.
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, 2018. 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.