Usio Announces Record Second Quarter 2020 Financial Results

Card Processing, PayFac, Prepaid all Show Growth in the Quarter, with Prepaid Tripling over last several monthsBalance Sheet StrengthensSAN ANTONIO, Aug. 13, 2020 (GLOBE NEWSWIRE) -- Usio, Inc. (Nasdaq: USIO), an integrated electronic payment solutions provider, today announced financial results for theA second quarter of 2020, which ended June 30, 2020.a??We are entering the second half of 2020 in a strong position, as our business model has proven its resilience in one of the worst economic quarters in recent memory," commentedA Louis Hoch, President and Chief Executive Officer of Usio. a??Our Card Processing and Prepaid business revenues were upA 4%A andA 58%, respectively in the quarter and as compared to the same period of 2019, reflecting the continued strong demand for our innovative payment solutions.A  The performance of these businesses is particularly heartening and further validates that our strategy to serve a diversity of payments markets provides a foundation for continued growth and justifies our continued investment into both our Prepaid and PayFac business lines. Our ACH business continues to fight the headwinds of a soft consumer lending market from the effects of COVID-19 which generated generous forbearance agreements and government support programs that are dampening transaction volume. Conversely, ACH's remote check capture (RCC) andA PINless debit continued their steady growth in the quarter.""Exiting the quarter, both our Card Processing and Prepaid businesses had returned to virtually the same volume levels they had enjoyed prior to the onset of the pandemic, with continued, steady improvement in operational results. We have several PayFac Integrated Software Vendors (ISVa??s) currently in the implementation and on-boarding phase and anticipate continued growth from this segment.A  Funds loaded on prepaid cards, which is a leading indicator of future revenue, has tripled in just the last few months.A  We now haveA five of the tenA largest cities in the United States, including the New York Immigration Coalition and the Mayors Fund of Los Angeles, using our prepaid platform to distribute government assistance funds. Furthermore, with our recent capital raise, we have liquidity to support our operations and strategic initiatives. As the consumer lending market returns to normal, this will addA to the improvements that are now driving our business forward and help resume the momentum that had been built prior to the onset of the pandemic."
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