SAN ANTONIO, Sept. 19, 2017 (GLOBE NEWSWIRE) -- Payment Data Systems, Inc. (NASDAQ:PYDS), an integrated electronic payment solutions provider, today announced the launch of Same Day ACH Debits.
"We are pleased to announce our new ACH offering, which will facilitate a faster payment service that extends to all U.S. bank accounts, and enables businesses and consumers to send and receive payments and payment-related information on the same banking day through the ACH Network,” stated Larry Morrison, Senior Vice President of Payment Data Systems. “This service demonstrates Payment Data Systems’ continued commitment to enable technology that helps our customers better manage their payments.”
Payment Data Systems’ Same Day ACH credit payment option has been successfully operating for the last year, and today's announcement builds upon the existing same day credit capabilities by adding same day debits. These innovations offer a new option to pay bills faster, and ultimately gives consumers and businesses more flexibility in their payment processing needs, as well as better cash management.
Same Day ACH debit payments enable a variety of transactions such as an urgent bill payment, same day payroll, faster payments for Internet and point-of-sale purchases, and invoice payments. Until now, all ACH debits have been "next-day" payments; that is, transactions are completed one day after they are initiated.
According to NACHA, the governing body of the ACH network, “Virtually all types of ACH payments, including both credits and debits, are eligible for same-day processing. Only international transactions (IATs) and high-value transactions above $25,000 are not eligible. Eligible transactions account for approximately 99 percent of current ACH Network volume.”
Merchants can learn more about how to transmit same day ACH payments to Payment Data by visiting the webpage at http://paymentdata.com/achupdates.
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.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 the acquisition of Singular Payments, 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, 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.