Tag: FiCentive

Payment Data Systems to Begin Trading on the NASDAQ Stock Market

logoSan Antonio-based Payment Data Systems, which processes online payments for other companies, announced Tuesday that it has received confirmation that its common stock will begin trading on the NASDAQ Capital Market starting Aug. 11th.

In addition, Michael Long, chairman and CEO of Payment Data Systems and Louis Hoch, the company’s president, will ring the opening bell at the NASDAQ MarketSite in Times Square in New York on Monday, Dec. 21st.

Payment Data System’s common stock, will be traded under the ticker symbol, PYDSD. Its stock will continue to trade on the OTCBB and the OTCQB until market close on Aug. 10th.

“After 20 days, or on August 20, the Company’s ticker symbol will revert to trading as PYDS from PYDSD on NASDAQ,” according to the company.

“Our listing on the NASDAQ Capital Market is a major corporate milestone for our company and a testament to the tremendous progress we have made over the past few years,” Long said in a news statement. Furthermore, we believe that the listing on NASDAQ will help broaden our shareholder base, increase appeal to institutional investors, provide us with better liquidity and ultimately contribute to increasing shareholder value.”

Payment Data Systems also has a wholly-owned subsidiary, FiCentive, which provides a turn-key prepaid card solution to businesses and others. The company reported record revenue in 2014 of $13.4 million, up 159 percent from a year earlier. The company also acquired Akimbo Financial, a San Antonio-based startup that sells and markets pre-paid credit cards, last December for $3 million.

Disclosure: Akimbo is an advertiser with Silicon Hills News

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.

Payment Data Systems Buys Akimbo of San Antonio for $3 million

Louis Hoch and Houston Frost. Payment Data Systems just bought Frost's company, Akimbo Financial.

Louis Hoch and Houston Frost. Payment Data Systems just bought Frost’s company, Akimbo Financial.

Payment Data Systems, an online payments company, announced Tuesday it has acquired Akimbo Financial for $3 million.

Payment Data Systems is buying the company with common stock in two tranches with up to $300,000 in cash if any liabilities are assumed.

Akimbo, founded in 2010, has raised $850,000 in investment. The company, based at Geekdom, a co-working and accelerator for tech companies based in downtown San Antonio, is one of the first major acquisitions of a Geekdom company.

Payment Data Systems operates FiCentive, a credit card processing platform, and Akimbo sells and markets pre-paid credit cards. The companies are a great fit, said Louis Hoch, president and CEO of FiCentive.

“The Akimbo team has developed a highly innovative cardholder service platform to deliver innovative features and functionality that we believe are necessary to gain market share in the general purpose reloadable prepaid card industry segment,” Hoch said in a news statement. “Not only will FiCentive have access to new and significant prepaid card front-end technology including mobile applications, but will also be acquiring significant human capital with deep prepaid card industry knowledge.”

The Akimbo card program will be transitioned to FiCentive’s back-end prepaid card processing platform over the next few months and future general purpose card programs will be delivered utilizing the Akimbo platform on top of the FiCentive prepaid card processing engine, Hoch said.

Houston Frost, CEO and founder of Akimbo will join FiCentive along with his four employees. FiCentive has 11 employees.

“We believe joining the Payment Data Systems family will help further our goal of reinventing the prepaid card,” Frost said in a news statement. “Integrating with FiCentive’s prepaid card platform will enable new features and functionality, a higher level of customer service and ensure our ability to keep costs low for thousands of Akimbo members.”

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