NASHVILLE -- Envoy Corp., a processor of electronic payments, said its net income increased 11% in the third quarter, to $1.3 million.

Earnings per share rose a penny, to 12 cents. Revenue increased 13.5%, to $11 million.

Income from operations was up 37.4% to $1.95 million. The net reflected a 38% tax rate in effect for 1993, versus 28% for 1992.

Fred C. Goad Jr., president and CEO, said processing services revenue rose 26%, fueled by 36% growth in financial transactions and 77% growth in health care transactions.

The company said it is expecting further growth in the physician market and has bid to provide transaction processing services for the Texas food stamp program, one of the largest contracts in the emerging field of electronic benefits.

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