Payment Data Systems Processed Nearly $3 Billion in Transactions in 2014

logoPayment Data Systems, an online bill paying company, reported a record fourth quarter for 2014 in which it processed more than $833 million in payments.

The record breaks the previous record which the company reached in the prior quarter of $796 million.

The San Antonio-based company reported its electronic check processing volumes were up four percent from the previous quarter and were the highest in its history, up 522 percent from 2013. And its credit card processing volumes were also the highest in its history.

Overall, the company processed nearly $3 billion in payments in 2014, up from $630 million in 2013.

“All of our annual transaction processing volumes and associated metrics exceeded our expectations and have led to dramatic growth for our company,” Payment Data Systems CEO Michael Long said in a statement. “This growth has led to a dramatic and positive increase in revenues, gross profit, operating income and net income both for the fourth quarter and the year. We will report record earnings for 2014.”

The company, which is currently traded on the over the counter bulletin board trading system, is positioned for “potential up-listing to the New York Stock Exchange market, Long said.

“We anticipate that we will be filing our application for approval to list on the NYSE shortly after we report or annual earnings for 2014,” Long said.

Payment Data Systems plans to release its annual report at the end of March.

Payment Data System’s subsidiary, Ficentive, last month bought Akimbo Financial Services, a startup in San Antonio, which sells pre-paid credit cards.

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