Payment Data Systems Announces Record Processing Quarter
Payment Data Systems (OTCBB:PYDS), an integrated electronic payments solutions provider announced today that the third quarter of 2011 set a record for transactions processed by the company.
Third Quarter Processing Results
The third quarter's ACH (electronic check) processing volumes were the highest in the history of the company. The third quarter's ACH transaction volumes were up 598% and ACH returned check transactions were up 771% as compared to second quarter of 2011.
Credit card processing volumes for third quarter were also the highest of any quarter in the previous two years. Credit cards dollars processed during the month were up 23.5% over second quarter of 2011 and up 61% over same period in 2010.Michael Long, CEO, said, "Obviously, we are excited about our tremendous growth in transactions processing. This growth has led to a dramatic, positive increase in revenues, gross profit, operating income and net income. We look forward to reporting record earnings for the 3rd quarter." Third quarter 2011 earnings are anticipated being released on or about November 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. For additional information, visit www.paymentdata.com. Contact Michael Long for Investor Relations information at 210.249.4040 or email at email@example.com. Website: http://www.paymentdata.com, www.ficentive.com, www.zbill.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 and 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.
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