Payment Data Systems, Inc. (OTCBB: PYDS), an integrated electronic payments solutions provider today announced that, on an unaudited basis, the month of October, we processed the highest credit card dollar volume for any month this year. November processing totals were also impressive. With the increased volume that occurred in October and November, we are certain that the totals for the fourth quarter will be the best of the year and will represent a 15-20% increase over last quarter’s volumes.
We are excited to realize this growth during a time that the U.S. economy is experiencing great challenges in terms of recession and high unemployment. We believe our growth is attributable, in large part, to the makeup of our client base which is predominately large recurring billers like insurance companies and the fact that we have fewer retail merchants in terms of volume. We also attribute the increases to our continuing sales efforts including those that are being generated by our value-added resellers.
Michael Long, Chairman and CEO of Payment Data Systems, said, “In spite of the economic conditions that are affecting millions of our citizens, our business continues to grow and remain vibrant. As previously announced our transaction volume for the third quarter was the highest volume we have experienced for any quarter for this year. As we look into the remainder of the year and beyond we remain very enthusiastic about our ability to grow all segments of our businesses of merchant card processing, prepaid and corporate incentive, and online bill pay.”
Long continued, “Due to this growth in transaction volume coupled with our strong and continued commitment to control SG&A expenses, we anticipate the fourth quarter of 2010 should be our best quarter of 2010 for revenue and income generation from operations. The merchant acquiring segment of PDS continues to grow, and we are now processing payments for nearly 300 churches and church organizations. Our prepaid card operation, FiCentive, is continuing to earn new corporate clients for its printed on-demand corporate card incentive programs and has implemented two general purpose card programs recently, the Redpack Mi Promesa card program and the Elite Life card program. We are excited about the revenue opportunities that both of these programs create for Payment Data Systems. The new programs and print on-demand feature are also opening up new vertical markets for us.”