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Payment
Data Systems, Inc. Announces the Signing of E Transactions
Solutions Inc. dba eCashflow Systems to a Reseller Contract
- E
Transactions Solutions to Become an Early Adopter of Credit
Card Account Updater -
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SAN ANTONIO, June 29 /PRNewswire-FirstCall/ -- Payment
Data Systems, Inc. (OTC Bulletin Board: PYDS - News)
today announced that it has signed a multi-year
reseller agreement with E Transaction Solutions Inc.
dba eCashflow Systems.
E Transaction Solutions dba eCashflow Systems will be
directly marketing our complete solution set for
merchant services, credit card gateway, and CSR View
product that allows a biller's customer service
representatives to manage both recurring and one-time
payments. They also intend to internally utilize our
Account Updater functionality for their current and
future customers.
The Account Updater function offered by PDS was
announced in February of this year. 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.
Card-not-present and recurring transactions can now
flow seamlessly without the need to interrupt the
process to update information. The service greatly
reduces costs associated with current manual efforts
to update credit card information, as well losses in
revenue from lost transactions.
Steve Gdovic, Founder and President of E Transaction
Solutions dba eCashflow Systems said, "Our clients
with monthly recurring fees include organizations such
as Fitness Centers, Phone Companies, Cable TV
providers & Utility companies. These perfectly fit the
profile for the PDS tool and will greatly benefit from
this new service."
Gdovic continued, "This is a continuing effort to
provide our customers with another state of the art
tool to help collect consumer payments. Upon
completion of the pilot program with three of our YMCA
clients, we will roll out the availability of this
service to over 1000 existing clients. We plan to make
an additional 300 client locations available via our
business relationship with Daxko, the leading
commercial software provider to YMCAs nationwide."
Louis Hoch, President and COO of Payment Data Systems,
Inc. said, "We are very enthusiastic about the
relationship with E Transaction Solutions / eCashflow
Systems. They are a forward-looking company focused on
customer service and innovation. We are pleased to be
able to provide a tool that meets those objectives
very directly."
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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.
Website:
http://www.paymentdata.com
About E Transaction Solutions Inc.
d.b.a. eCashflow Systems
Established by Steve Gdovic in 1998 as a result of new
legislation that allowed third party firms to access the US
Federal Reserve Banking System to settle NSF check funds and
charge a fee to the individual responsible for writing the
bad check. They have since experienced tremendous growth and
have become one of the leading providers of NSF collection
services.
For additional information, visit http://www.ecashflowusa.com
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Payment Data Systems, Inc.
Michael Long
Chairman and 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.
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