Payment Data Systems (OTCBB:PYDS), an integrated electronic payments solutions provider announced today that July 2011 set a record for transactions processed by the company.
July’s ACH (electronic check) processing volumes were the highest in the history of the company. The month’s ACH transaction volumes were up 85% and ACH returned check transactions were up 144% compared to June of 2011.
July’s credit card processing volumes were also the highest of any month in 2011 and 2010. Credit cards dollars processed in July were up 26% over June of 2011 and up 64% over July of 2010.
Michael Long, CEO, said, “Payment Data is currently enjoying unprecedented transaction growth for both ACH and credit card processing. This high growth in transactions processed is being accomplished through dramatically increasing customer volumes and new customer additions which should produce recurring revenue.”“Furthermore, we do not foresee this as an anomaly but rather a foundation that will serve us well into the future. Clearly we have begun to move the indicators within the company into the green zones.” “I recently provided guidance for the third quarter earnings. I see nothing that changes that guidance and this recent news only serves to reinforce the guidance. August numbers are already projecting excellent growth over the outstanding numbers that we experienced in July. For the third quarter of 2011 we are anticipating sales of over one million dollars along with positive earnings that will be derived from operations.” Q2 2011 earnings are anticipated being released on or about August 15, 2011. About Payment Data Systems, Inc. Payment Data Systems is an integrated payment solutions provider to merchants and billers. The organization provides an extensive set of products to deliver world-class payment acceptance. Payment Data has solutions for merchants, billers, banks, service bureaus and card issuers. The strength of the company is its ability to offer specifically tailored solutions for card issuance, payment acceptance and bill payments.