Online Resources Corp. reported a wider third-quarter loss to shareholders on Tuesday.
ORCC reported a net loss of $1.7 million, or $0.05 per share, compared to a loss of $0.7 million, or $0.02 per share in the third quarter a year earlier. Revenue rose 4%, to $38.4 million, compared to a year earlier.
Revenue was up due to higher same-store payment transaction growth in the vendor's eCommerce business, where revenue growth has increased over 20% year-over-year, Online Resources said in a release.
Pressure on interchange fees from the Durbin amendment to the Dodd-Frank Act contributed to improved revenue, Joseph L. Cowan, president and chief executive officer of Online Resources, of Chantilly Va., said in a press release.
"Looking ahead, our fourth-quarter guidance reflects a benefit from the October 1st implementation of the Durbin Amendment reducing debit interchange rates," Cowan said in the release.