Business
Usio Announces Record Third Quarter 2020 Financial Results
Posts All-Time Record Quarterly Revenues SAN ANTONIO, Nov. 12, 2020 (GLOBE NEWSWIRE) -- Usio, Inc. (Nasdaq: USIO), an integrated electronic payment solutions
About this update from Usio, Inc.
[{"type":"text","content":"Posts All-Time Record Quarterly Revenues\nSAN ANTONIO, Nov. 12, 2020 (GLOBE NEWSWIRE) -- Usio, Inc. (Nasdaq: USIO), an integrated electronic payment solutions provider, today announced financial results for the third quarter of 2020, which ended September 30, 2020.\n “I am pleased to report all-time record quarterly revenues for the third quarter of 2020,” commented Louis Hoch, President and Chief Executive Officer of Usio. “Our ability to achieve the Company’s highest quarterly revenue in this challenging economic environment is a testament to the strength of our diverse payments channel strategy -- offering ACH, Prepaid and Card Processing services to the growing electronic payments market -- as well as to the steadfast and unwavering commitment we have made through continued investment in our growth initiatives, PayFac and Prepaid, over the past several years. These results put us back on the strong growth trajectory that was temporarily interrupted by COVID-19 in the second quarter. Card Processing and Prepaid revenues were up 14% and 225%, respectively, compared to the same period of 2019, with growth accelerating sequentially from the second quarter. We continue to penetrate these markets with innovative technology that make payments simple. Our prepaid platform has been widely adopted by municipal, charitable and community organizations to distribute government assistance funds, and this success is creating opportunities in adjacent and new markets. PayFac is gaining traction and the momentum is continuing to build. In September, we set a record for new monthly merchants added on our PayFac platform. Net new merchant additions have been growing week by week. ACH was also up sequentially from the second quarter, although the consumer lending market remains weak. We are continuing to grow our ACH customers, by both adding new accounts and keeping attrition at a minimum, which we believe will be a key to our continued success as our markets recover. Record RCC and PIN Debit volumes in the quarter also continue to contribute and have experienced sequential revenue growth in every quarter of the year. And, by keeping operating expenses relatively flat, our third quarter results reflect positive improvements (reductions) in our Adjusted EBITDA loss and Net Loss from both the prior year quarter as well as the second quarter of t...