New technology offers web and mobile cardholder applications and new instant money disbursement capabilities.
SAN ANTONIO, Texas, Feb. 05, 2019 (GLOBE NEWSWIRE) -- Payment Data Systems, Inc. (PYDS), a tech enabled payment solutions provider, is excited to announce the availability of a comprehensive money disbursement platform that provides access to its ACH, push to debit card, and virtual and physical card issuance capabilities. By offering this suite of services, businesses can now offer contractors, employees and other payment recipients the ability to choose between the issuance of a prepaid Debit Mastercard, real-time deposits to checking accounts, traditional ACH or direct deposit, or paper check.
The offering seeks to provide business clients with comprehensive payment functionality that creates efficiencies and reduces the number of required payment vendors. Due to the complexity around card issuance solutions, many businesses continue to issue paper checks as the only alternative to direct deposit. With the average cost to issue a check being between $7 and $8 (according to the Aberdeen Group), it is becoming far too expensive for organizations to continue to “cut checks” as a primary or backup method of payment disbursement. Payment Data Systems’ card issuance platform offers customizable web and native mobile applications that facilitate the collection and use of both physical and virtual cards for refunds, security deposits, claims, corporate expenses, disbursements and promotions, or any number of unique money disbursement applications. Its mobile applications facilitate push-button provisioning to mobile wallets, and cardholders can add cards to Apple Pay, Google Pay and Samsung Pay moments after receiving a notice via email or SMS.
“There is a lot of excitement about virtual card issuance and real-time payment disbursements. Consumers want options when it comes to how they get paid – most are seeking a faster way to receive pay and some simply don’t have access to an account that can retrieve real-time disbursements,” said Louis Hoch, CEO of Payment Data Systems. “This forces complexity on businesses tasked with making these payments and often requires them to partner with multiple providers and/or integrate with multiple systems. By combining our traditional payment services with our card issuance platform, we now offer a solution that can disburse funds in a variety of economical ways.”
Commenting on the announcement, Houston Frost, SVP of Prepaid Products said, “Much of the competition in the card issuance space seem to think all businesses need is an API. However, we have found most prefer a more inclusive solution that completely removes the development, operational and management burden of issuing cards. Our clients provide us with a list of emails or phone numbers and amounts, and we handle the delivery, collection and management of the issued physical or virtual card from there.”
About Payment Data Systems, Inc.
Payment Data Systems, Inc. (PYDS), 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. Payment Data Systems is headquartered in San Antonio, Texas, and has offices in Franklin, Tennessee, just outside of Nashville.
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