Online Resources Inc. on Nov. 8 reported a third quarter net loss of $1.7 million, or $0.05 per share, compared with a $700,000 loss, or $0.02 per share, during the same period last year.
Revenue rose 4%, to $38.4 million, driven by higher same-store payment-transaction growth in the vendor's eCommerce business, where revenue growth has increased by more than 20% year over year, Online Resources said in its earnings release.
Pressure on interchange fees from the so-called Durbin amendment to the Dodd-Frank Act contributed to improved revenue, Joseph L. Cowan, president and chief executive officer of the Chantilly Va.-based company, said in the 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.
