Payment Data Systems, Inc. (PYDS), an integrated electronic payments solutions provider, announced today its transactions processing volumes for the first quarter of 2016.
Credit card transaction processing volume and credit card dollars processed in the first quarter increased 6% and 5%, respectively, over the same time period in 2015.
ACH (eCheck) transaction volume during first quarter of 2016 decreased 11% from the first quarter of 2015. Read more
Total dollars processed for the first quarter of 2016 exceeded $737 million.
“Our first quarter credit card processing volume marked the fourth highest we have processed to date,” said Michael Long, CEO. “We are pleased with credit card transaction growth and the increased adoption of our new eCheck verification service. The service, which reduces the rate of returned e-checks from consumers, has significantly improved transaction quality for our merchants and provides a steady stream of high-margin revenue for Payment Data Systems.
“That said, our total transactions and dollars processed were down versus the first quarter of last year. As we noted in our fourth quarter 2015 results release, based on a strong customer pipeline, we expect to resume growth in both transaction volumes and revenue in the second half of 2016 and we are excited about the growth prospects ahead for 2016 and beyond.”
About Payment Data Systems, Inc.
Payment Data Systems, Inc. (PYDS), a leading integrated payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus and card issuers. The Company operates credit, debit/prepaid and ACH payment processing platforms to deliver convenient, world-class payment solutions and service to their clients. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the prepaid sector. Payment Data is headquartered in San Antonio, Texas, and has offices in New York, New York; and Long Beach, California.