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.”
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 firstname.lastname@example.org. Website: http://www.paymentdata.com 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.