SAN ANTONIO, Jan. 19, 2016 (GLOBE NEWSWIRE) -- In a release issued under the same headline earlier today by Payment Data Systems, Inc. (NASDAQ:PYDS), please note that in the section “Fourth Quarter 2015 Processing Results,” the total dollars processed for the fourth quarter of 2015 exceeded $833.0 million, not $833.0 billion as previously stated. The corrected release follows:
Payment Data Systems (NASDAQ:PYDS), an integrated payment solutions provider, today announced transaction processing results for the fourth quarter and year ended December 31, 2015.
CEO Commentary
“In 2015, we posted another record year across all key operating metrics, and for the first time exceeded the $3 billion mark for total dollars processed,” said Michael Long, CEO. “We were pleased with our fourth quarter metrics and the rapid adoption of our new verification service that significantly reduced return check rates for our customers. This service is a win-win for our customers and for us, improving quality for merchants and providing a solid revenue stream for Payment Data Systems.”
Long added, “We expect to report record revenue for 2015. Looking ahead, our growth plans call for continued and aggressive expansion of our core payments business by securing new clients, and expanding our high growth prepaid and incentive card business, which includes our recently introduced Akimbo prepaid card products, by developing new offerings.”
Fourth Quarter 2015 Processing Results
Total dollars processed for the fourth quarter of 2015 exceeded $833.0 million, consistent with the same period a year ago. ACH (eCheck) transaction processing volumes for the fourth quarter were down 1% compared to the fourth quarter of 2014, reflecting the October 2015 introduction of a new eCheck verification service that helps merchants prevent returns before processing and reduces fraud. The introduction of this service reduced return processing by 22% compared to the same period last year, however, revenue from the new verification service significantly exceeded the lost revenue from return eCheck processing fees. Credit card processing volumes for the fourth quarter of 2015 set a new record, with credit cards dollars processed up 6% and credit cards transactions processed up 5% compared with the fourth quarter of 2014.
Record 2015 Annual Processing Results
Total dollars processed for 2015 set a new record, exceeding $3.3 billion, and increased 18% compared to 2014. ACH transaction processing volumes for 2015 also set a record and increased 13% compared to 2014. Credit card processing volumes for 2015 were the highest in company history, with credit card dollars processed up 9% and credit card transactions processed up 3% compared to 2014.
About Payment Data Systems, Inc.
Payment Data Systems, 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; and San Francisco, California. For additional information please visit www.paymentdata.com.
Websites: www.paymentdata.com, www.ficentive.com, www.zbill.com, www.streamprepaid.com, www.akimbocard.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.