SAN ANTONIO, Nov. 04, 2019 (GLOBE NEWSWIRE) -- Usio, Inc. (Nasdaq: USIO), an integrated electronic payment solutions provider, today announced that the transaction processing results for the third quarter of 2019 exceeded $915 million, an all-time quarterly record, and up 3% from a year ago.
| Third Quarter 2019 Compared to 2018 Processing Results: | ||
| Credit Card Dollars Processed | + 8% | |
| Credit Card Transactions Processed | + 12% | |
| Electronic Check Transaction Volume | + 4% | |
| Returned Check Transactions Processed | - 9% | |
| Prepaid Card Load Volume | +100% | |
| Prepaid Card Transaction Volume | +106% | |
“I am very pleased that another strong quarter of electronic check, credit and prepaid card volume growth has led to the single biggest quarter of dollars processed in the history of the Company,” said Louis Hoch, President and CEO of Usio. “The steady growth in our processing volume over the past few quarters demonstrates our progress in evolving our business into a leading FinTech platform.”
Hoch continued, “Record processing volumes are driven by the continued adoption of our various electronic payment solutions. For instance, our PayFac platform has increased the number of Independent Software Vendors (ISVs) under contract, especially in the targeted healthcare, utility and similar bill-centric industries. The implementation of our unique PayFac technology is in various stages of development with these various ISVs. As we work through these implementations, we expect revenues to be flat in the third quarter before resuming their growth in the fourth quarter. We expect to end the year with organic revenue growth of at least 12% to 13%, which could be higher if the rate of PayFac adoption accelerates in the fourth quarter.”
Hoch concluded, “We are investing in our PayFac and Prepaid businesses, where we see tremendous potential for rapid growth. Our ability to generate transaction processing growth quarter after quarter supports these efforts and provides the momentum needed for these operations to achieve their potential.”
About Usio, Inc.
Usio, Inc. (Nasdaq: USIO), 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 services 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. Usio is headquartered in San Antonio, Texas, and has offices in Austin, Texas and Franklin, Tennessee, just outside of Nashville. Websites: www.usio.com, www.singularpayments.com, www.payfacinabox.com, www.akimbocard.com, and www.ficentive.com. Find us on Facebook® and Twitter.
Forward-Looking Statements Disclaimer
Except for the historical information contained herein, the matters discussed in this release include forward-looking statements which are covered by safe harbors. Those statements include, but may not be limited to, all statements regarding management's intent, belief and expectations, such as statements concerning our future and our operating and growth strategy. These forward-looking statements are identified by the use of words such as "believe," "intend," "look forward," "anticipate," "schedule", and "expect" among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company's business that could cause actual results to vary, including such risks related to the realization of the anticipated opportunities from the Singular acquisition, the management of the Company's growth, the loss of key resellers, the relationships with the Automated Clearinghouse network, bank sponsors, third-party card processing providers and merchants, the security of our software, hardware and information, the volatility of our stock price, the need to obtain additional financing, risks associated with new tax legislation, and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission including its annual report on Form 10-K for the fiscal year ended December 31, 2018. 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:
Joe Hassett
484-686-6600
joeh@gregoryfca.com