Payment Data Systems (OTCBB:PYDS), an integrated electronic payments solutions provider announced today that the third quarter of 2012 set a record for transactions processed by the company.
The third quarter's electronic check processing volumes were the highest in the history of the company. The third quarter's electronic check transaction volumes were up 224% and returned check transactions were up 25% as compared to second quarter of 2012.
Prepaid card issuance for the third quarter of 2012 was the highest in the history of the company and represented a gain of 177% over the second quarter of 2012.
Credit card processing volumes for third quarter were down 2% as compared to the second quarter of 2012, but were still the second highest in the history of the company. The fourth quarter is historically our best quarter for credit card processing due to the large amounts of charitable giving that typically occurs during that season.Michael Long, CEO, said, "The third quarter was a tremendous quarter for us. Not only does it demonstrate our ability to strengthen the company through our organic growth, but makes strong statements about the capabilities of our products to meet the needs of the marketplace. It also speaks to our viability and future outlook as this is our fifth consecutive quarter of growth. When we review our pipeline and the impending release of iRemotePay in the 4th quarter, we become more enthusiastic about our future." Long continued, "Our electronic check processing volumes more than doubled from the previous quarter and prepaid card issuance was dramatically higher than any other quarter in the history of the company. This growth has led to a dramatic, positive increase in revenues, gross profit, operating income and net income for the third quarter. We look forward to reporting record earnings for the third quarter."