San Antonio, TX
Apr 14, 2005 Payment Data Systems, Inc. (NASDAQ OTCBB: PYDS) an
integrated electronic payments solutions provider, announced today
that it has successfully delivered its IPS ACH Gateway with the
Microsoft .NET Framework for developers to implement the processing of
ACH/eCheck payments. The Microsoft .NET web service for ACH, IPS ACH
Gateway, provides real-time feedback on eCheck acceptance and
verification and is integrated with all of Payment Data's
verification, fraud, risk and customer service offerings.
Payment Data and our customers understand the inherent risk
associated with traditional methods for accepting checks
electronically. The previous version of our IPS ACH Gateway gave our
customers the tools to mitigate fraud and limit risk.
Our enhanced Microsoft .NET web service Verification and Risk tool
is designed to perform extend fraud and risk management by conducting
commercially reasonable check validations and buyer authentications.
We are able to verify the validity of a bank routing number and
consumer's bank account status. Additional features include:
· Allows lookup of bank name by routing number
· Quickly identifies data entry errors of routing number
· Identifies inactive or retired routing numbers due to bank merger or
acquisition
· Identifies credit unions and financial institutions whose rules do
not allow debit or credit ACH transactions to post to savings or
checking accounts
· Recognizes items drawn on closed accounts
· Recognizes items drawn on accounts currently in overdraft status
· Recognizes consumer accounts that are in industry negative databases
The benefits that a PDS customer can
expect to realize are:
· Reduces "administrative" returns, allowing you to identify bad
routing numbers and enables you to make the correction at the point of
acceptance instead of after the sale
· Reduces cost associated with administrative return items
· Reduces "Account Closed" and "NSF" returns
· Allows your company to recognize potentially fraudulent transactions
· Reduces cost associated with return items and collections
"We are already experiencing some early
successes with IPS ACH Gateway some from existing clients and some
from prospects that are evaluating our services. One prospect includes
a major bankcard program that found us through our successes in the
debit card space. I believe this new offering will provide us a
competitive advantage for a period of time and I am excited about our
company's capabilities to deliver such a leading edge service.", said
Louis Hoch, President & COO.
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, or contact Michael
Long at 210.249.4040 or email michael.long@paymentdata.com.
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Payment Data Systems, Inc.
Michael Long
CEO
phone: 210-249-4040
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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.
