SOURCE: Payment Data Systems, Inc.

May 04, 2005 07:00 ET

Payment Data Systems Fulfills Additional Order for 50,000 Debit Cards

2005 Strategic Objective Exceeded -- Over 100,000 Debit Cards Delivered to Multiple Customers

SAN ANTONIO, TX -- (MARKET WIRE) -- May 4, 2005 -- Payment Data Systems, Inc. (OTC BB: PYDS), an integrated electronic payments solutions provider, announced today that Credit Payment Services, Inc. (CPS), a high growth provider of consumer-oriented loans, has ordered an additional 50,000 debit cards for distribution into their national consumer base.

"We are pleased to see that we and CPS have created a highly successful and growing debit card program. Clearly there has been, and continues to be, a great deal of acceptance of this card program by the individual clientele. We have believed our debit card offering would be successful for this industry segment by providing access to a closed loop, private payment system that leverages public ATM and debit networks. We are also seeing the card being re-loaded multiple times. This suggests that CPS is creating a value proposition that the consumer has fully endorsed and embraced through their actions," said Mr. Louis Hoch, President and Chief Operating Officer.

The functionality of the offering provides an immediate funding of the loan rather than the customary delays associated with the ACH credit process. This rapid access to the loan amount ensures higher service levels for consumers and opportunity of new revenue for CPS.

About Payment Data Systems, Inc.

Payment Data Systems, Inc., is an Integrated Payments Solution Provider delivering comprehensive, cost-effective solutions to billers and retailers for the processing and management of electronic payments via the Internet, point of sale, or payments taken by Customer Service Representatives or an Interactive Voice Response (IVR).

Additional products available from PDS include services and products that can be implemented more quickly and less expensively than the alternative of adding multiple payments companies as these solutions offer a full range of payment processing capabilities. These service offerings include: one time and recurring ACH debits and credits, electronic lockbox and returned check services, Web pay acceptance of credit cards and checks, telephone pay to Customer Service Representatives for acceptance of credit cards and checks, Interactive Voice Response systems which completely automate the payment receiving process, and data warehousing that enable the storage and retrieval of all payment history from one location.

Payment Data is the owner of the electronic bill payment portal, has the ability to transmit electronic payments to thousands of national billers.

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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.

Contact Information

  • Contact:
    Michael Long
    Investor Relations
    Payment Data Systems, Inc.