Usio Announces Record Full Year 2019 Transaction Processing Volume
SAN ANTONIO, Feb. 04, 2020 (GLOBE NEWSWIRE) -- Usio, Inc. (Nasdaq: USIO), an integrated electronic payment solutions provider, today announced transaction processing results for the fourth quarter and year ended December 31, 2019.
Record Full Year 2019 Processing VolumeTotal dollars processed for 2019 exceeded $3.54 billion, the highest annual volume in the history of the company, reflecting an increase of 5% as compared to 2018.
Fourth Quarter 2019 Total Card Processing Volume Growth Led by Strong Results in the Payment Facilitation Business Credit card processing volume growth in the fourth quarter was more than double the growth of any other fiscal 2019 quarter, with dollars processed during the fourth quarter of 2019 up 17% over the same time period in 2018. More importantly, the increase in card dollars processed is almost entirely attributed to the incremental volume processed through the company’s Payment Facilitation platform, which was up sequentially over the third quarter and at a factor of more than three times the sequential quarter-over-quarter growth rate of any other quarter in 2019. Credit card transactions processed during the fourth quarter of 2019 were up 27% over the same time period in 2018, again primarily attributable to execution against the PayFac strategy. Total dollars processed for the fourth quarter of 2019 exceeded $900 million.
Louis Hoch, President and CEO of Usio, said, “I am pleased to report another year of record total transaction processing volume. In the fourth quarter, we saw an inflection in the growth of our Card Processing business, where year-over-year volume was up 17% and transactions processed were up 27%, with both growth metrics more than double the best growth rates over the first three quarters of the year. The growth in the card business was led by the performance of our PayFac platform, where the strong sequential growth experienced over the course of the year continued into the fourth quarter. We also grew processing volume in our ACH and Prepaid business in 2019 as our ability to offer the market a comprehensive solution to all of their electronic payment processing needs continues to gain traction. We are encouraged by another quarter of increasing processing volumes and the acceleration in the performance of the growth initiatives the company has been electively, and very intentionally, investing in and commercializing over the last few years. This is the foundation of what we believe will be another year of exciting developments for Usio.” Detailed Full Year 2019 Processing Volume PerformanceCredit card dollars processed for 2019 increased 12% compared to 2018, while credit card transactions processed increased 10%. Both credit card dollars and transactions processed during the period were the highest in the history of the company, due in large part to the accelerated momentum the company is seeing in its Payment Facilitation business.
ACH transaction processing volumes for 2019 increased 8% compared to 2018. Returned check transactions processed during 2019 decreased 2% compared to 2018. Prepaid card load volume increased 74% and transaction volume increased 91% in 2019.
Detailed Fourth Quarter Processing Volume PerformanceCredit card processing volume growth in the fourth quarter was up 17% over the same time period in 2018 while credit card transactions processed during the fourth quarter of 2019 were up 27%. Credit card volume gains in the fourth quarter, again, were largely attributable to growth in the PayFac platform.
Electronic check transaction volumes during the fourth quarter of 2019 were down 2% while returned check transactions were down 3% over the same time period in 2018. Prepaid card load volume in the fourth quarter was up 39% and transaction processing volume was up 69% compared to the fourth quarter of 2018. 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 DISCLAIMERExcept 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 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, 2018. 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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