IMGCAP(1)]
Processor and independent sales organization iPayment Inc. this week announced net income for 2008 of $14.3 million, up 164.8% from $5.4 million in 2007. Annual revenue increased 4.7% to $794.8 million in 2008 from $759.1 million in 2007, according to the Nashville-based company. The processor attributes its revenue increase to the acquisition of ISOs Novi, Mich.-based Cambridge Payment Systems in December 2007 and Copley, Ohio-based Merchant Service Center in April 2008. "Acquired revenues accounted for all of the growth in revenues for the year ended December 31, 2008, as compared to the same period ended December 31, 2007," states iPayment's Securities and Exchange Commission filing. Net income for the fourth quarter ended Dec. 31 decreased 1% to $193.1 million from $195.1 million during the same period in 2007. Fourth-quarter net income increased 45.8% to $3.5 million from $2.4 million during the same period a year ago. IPayment id provides credit and debit card processing services to roughly 145,000 small merchants that have an annual average charge volume of approximately $185,000 and an annual average transaction value of roughly $70, according to the company.
