Usio Announces Transaction Processing Volume for the Third Quarter of 2020
Record Card and Prepaid Volumes and Transactions
Product Diversification Strategy Drives Growth
SAN ANTONIO, Oct. 26, 2020 (GLOBE NEWSWIRE) -- Usio, Inc. (Nasdaq: USIO), an integrated electronic payment solutions provider, today pre-announced preliminary record third quarter 2020 revenue. Results were driven by record transactions and processing volume in the Company’s card and prepaid segments.
Louis Hoch, President and Chief Executive Officer of Usio, said, “I am pleased to report that the strength of our prepaid and card businesses drove all-time record revenues for the third quarter of 2020. The record performance in our card and prepaid businesses once again reflects the strength of our diverse payments channel strategy. Card and prepaid results were up both year-over-year as well as sequentially from the second quarter, demonstrating a strong rebound from COVID-induced overall market weakness. ACH performance in the third quarter also began to recover from the second quarter market decline, with sequential improvements of 7% and 27%, respectively, in volume and transactions. We believe that this sequential improvement will continue into the fourth quarter where ACH results are expected to once again be aided by strong PIN debit and RCC growth. With the strength of our prepaid and card businesses, we believe we will post all-time record revenues for the third quarter of 2020.”
Third Quarter 2020 Processing Results
Card Processing, Including PayFac
| vQ3 19 | vQ2 20 | |
| Credit Card Dollars Processed | + 15% | + 11% |
| Credit Card Transactions Processed | + 81% | + 39% |
Quarterly credit card transactions and dollars processed were the highest in the Company’s history.
Prepaid
| vQ3 19 | vQ2 20 | |
| Prepaid Card Load Volume | +329% | +192% |
| Prepaid Card Transaction Volume | +170% | + 95% |
ACH
| vQ3 19 | vQ2 20 | |
| Electronic Check Transaction Volume | - 18% | + 7% |
| Returned Check Transactions Processed | - 39% | + 27% |
Total Dollars processed in the third quarter of 2020 were $852 million.
About Usio, Inc.
Usio, Inc. (Nasdaq: ), a leading integrated payment solutions provider, offers a wide range of payment solutions to merchants, integrated software vendors, 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.
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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 risks related to the COVID-19 pandemic and its effect on the economy, 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 the 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, 2019. One or more of these factors have affected, and in the future, could affect the Company’s businesses and financial results in the future and could cause actual results to differ materially from plans and projections. The Company believes 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 the objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to management. The Company assumes no obligation to update any forward-looking statements, except as required by law.
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484-686-6600
