(MENAFN- ProactiveInvestors)Payment Data Systems (NASDAQ:PYDS) an integrated payment solutions provider announced record transaction processing results for the fourth quarter and year ended December 31 2015. Total dollars processed for the fourth quarter of 2015 exceeded $833.0 billion consistent with the same period a year ago the San Antonio Texas-based company said in a statement on Tuesday. eCheck transaction processing volumes for the fourth quarter were down 1% year-over-year reflecting the October 2015 introduction of a new eCheck verification service that helps merchants prevent returns before processing and reduces fraud. The company said the introduction of this service reduced return processing by 22% compared to the same period last year however revenue from the new verification service significantly exceeded the lost revenue from return eCheck processing fees. Credit card processing volumes for Q4 set a new record with credit cards dollars processed up 6% and credit cards transactions processed up 5% compared with the fourth quarter of 2014. 'In 2015 we posted another record year across all key operating metrics and for the first time exceeded the $3 billion mark for Total dollars processed' CEO Michael Long said in the statement. 'We were pleased with our fourth quarter metrics and the rapid adoption of our new verification service that significantly reduced return check rates for our customers.' Long said this service is a win-win for customers and for the company improving quality for merchants and providing a solid revenue stream for Payment Data Systems. Long added that he expects to report record revenue for 2015. Shares fell 1.9% to $2.06 at 1:45 p.m. in New York.
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