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."
Our third quarter results for 2012 are anticipated being released in our 10Q quarterly report on or about November 14, 2012.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, 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.