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| Press Release | Source: Payment Data Systems, Inc. |
SAN ANTONIO, TX--(MARKET WIRE)--Feb 14, 2005 -- Payment Data Systems, Inc. (NASDAQ OTCBB:PYDS - News) today announced the general availability and integration of an optional value added Account Update feature into their product offerings. The optional product is designed for businesses that accept payments in a "card not present" environment, such as those found on the Internet, or those that generate recurring payments. Card information such as expiration dates, account upgrades, name changes, etc. change regularly. These changes can now be tracked and updated electronically in real-time eliminating the need for the merchant to directly contact customers for these exceptions. With no longer a need to stop the process to get the consumer to provide current information, the merchant reduces costs created by manual efforts as well as losses in revenue from lost transactions. The Account Update feature is being offered through our partnership with Central Bancard, LLC and will be initialized with VISA followed by MasterCard at a near future date. President and COO of Payment Data Systems, Inc. Louis Hoch, said, "We have been looking forward to being able to provide this service to our customers. A majority of our customers match the profile that this product is designed to help. A cardholder who stimulates these types of changes disadvantages themselves and the merchant by requiring them to contact the cardholder for updated information. We believe the process will result in increased sales, more approved transactions, and higher levels of customer satisfaction due to cost saving achieved by not having to contact customers manually. That cost is estimated to be around $10 per customer which is not a trivial expense when you consider the great number of changes a merchant can be faced with." About Payment Data Systems, Inc. Payment Data Systems, Inc., is an Integrated Payments Solution Provider delivering comprehensive, cost-effective solutions to billers and retailers for the processing and management of electronic payments via the Internet, point of sale, or payments taken by Customer Service Representatives or an Interactive Voice Response (IVR). Additional products available from PDS include services and products that can be implemented more quickly and less expensively than the alternative of adding multiple payments companies as these solutions offer a full range of payment processing capabilities. These service offerings include: one-time and recurring ACH debits and credits, electronic lockbox and returned check services, Web pay acceptance of credit cards and checks, telephone pay to Customer Service Representatives for acceptance of credit cards and checks, Interactive Voice Response systems which completely automate the payment receiving process, and data warehousing that enable the storage and retrieval of all payment history from one location. Payment Data is the owner of the electronic bill payment portal, http://www.billx.com. billx.com has the ability to transmit electronic payments to thousands of national billers. For additional information, visit www.paymentdata.com. About Central Bancard, LLC FORWARD-LOOKING STATEMENTS DISCLAIMER Except for the historical information contained herein, the matters discussed in this release include certain forward-looking statements, which are intended to be covered by safe harbors. Those statements include, but may not be limited to, all statements regarding our and management’s intent, belief and expectations, such as statements concerning our future and our operating and growth strategy. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, the factors detailed from time to time in our filings with the Securities and Exchange Commission. One or more of these factors have affected, and in the future could affect, our businesses and financial results in the future and could cause actual results to differ materially from plans and projections. We believe 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 our objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to our management. We assume no obligation to update any forward-looking statements, except as required by law. ###
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