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Payment Data Systems, Inc. (PYDS) Achieves Record Transaction Growth For Month Of November

|Includes: Payment Data Systems, Inc. (PYDS)

Payment Data Systems, an integrated payment solutions provider to merchants and billers, reports that it is experiencing considerable growth in transactions processed.

For the month of November, the company reports an increase of 17 percent in electronic check transaction volumes, as compared to the previous month. In addition, the company reports an increase of 17 percent for returned check transactions, also compared to the previous month.

The company recorded total dollars processed for November at more than $146 million, a new record for the company, beating out the previous record that was achieved in October 2013.

With more than two weeks of the fourth quarter of 2013 remaining, Payment Data Systems reports that the quarter's electronic check transaction volumes were already up 497 percent and returned check transactions were up 2,334 percent, as compared to the third quarter of 2013.

Management expects that the company will continue to see significant growth throughout the remainder of the year.

"The fourth quarter of 2013 will be our best of the year resulting in dramatic, positive influences to all our financial metrics for the quarter," Michael Long, CEO of Payment Data Systems stated in the news release. "The significant transaction growth we are experiencing should allow us to record our highest revenue for any quarter of 2013. We are excited about our newly acquired customers and believe the increase in transactions should continue for the foreseeable future and will carry into 2014."

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