Planet Payment’s (LON:PPT) revenues rose by over a fifth in its latest quarter as the number of merchants using its payment and currency processing service grew strongly again.

Locations signed up to the Planet Payment platform rose by 55% to 30,977, which helped drive a 22 per cent increase in net revenue to US11.7 million in the three months to March.

Transaction processing volumes also rose strongly with gross billings up 37% to $30.2 million from US$22 million and gross foreign currency mark-up 40 per cent ahead at $26.1 million over a year earlier.

Gross billing and gross foreign currency includes the amounts due to its bank partners.

At the end of March, Plant had 17.209 (13,503) active customers in its multi-currency processing and 13,782 (6,441) in payments processing.

Philip Beck, Planet Payment’s chairman said: "Our revenue growth reflects the increase in transaction processing volumes primarily driven by increases in active merchant locations. 

Customers have continued to roll out our multi-currency processing solutions as reflected by the 27% increase in active multi-currency merchant locations over last year.  The improvement in our financial results demonstrates the operating leverage inherent in our payment platform and business model."

In the first quarter, Planet agreed a number deals with major banks in Asia including providing processing support for China UnionPay's credit and debit cards in both card present and card-not-present environments directly to banks and acquirers on a worldwide basis. 

The Company is enhancing the iPAY gateway to include support for China UnionPay' new UnionPay Online Payment service, which is expected to launch in the second quarter of 2012. 

Recently, Planet also signed an agreement with MICROS to add support for China UnionPay to the MICROS Payment Gateway. 

It also signed up Citibank, Hong Kong and Macau, Citi, Philippines and Mashreq, UAE for a Pay in Your Currency service in each of those countries. 

The group is in the process of seeking a listing in the US.

Planet Payment (LON:PPT) announced the launch of its Pay In Your Currency on Vantiv’s (NYSE:VNTV) ATMs in the US.

“This is the first implementation of Pay in Your Currency at ATMs in the United States, and we expect to roll out to over 5,000 Vantiv ATM locations in the next 60 days,” said chairman and chief executive of Planet Payment Philip Beck.

“Together, we deliver Pay in Your Currency through retailers and restaurants at their point of sale so it was a natural extension for Vantiv to offer this convenience to their EFT processing partners.”

Without the Pay In Your Currency service, if an international cardholder withdraws US dollars from an ATM, the amount is converted to their home currency by their bank of card issuer. Giving the timing of the conversion, the cardholder is unable to determine the amount to be debited from the account until they receive their statements.

The Pay In Your Currency service on an ATM offers the cardholder the option to convert the transaction at the time of the withdrawal, allowing them to see the amount that will appear on their financial institution's account statement on the ATM screen.

“For tourists seeking clarity in their vacation costs or business travellers looking to simplify expense accounting, Pay In Your Currency offers a powerful incentive,” Planet Payment told investors.

Earlier this week, Planet Payment teamed up with the Philippines arm of global banking giant Citi to provide Pay In Your Currency to its customers, while the bank’s hotel merchant partners will be offered the MICROS Payment Gateway.

Shares in Planet Payment performed strongly this week, rallying from last Friday’s close of 227.5 pence to 238.5 pence this morning, which gives the company a market cap of £118.7 million.

Planet will provide Citi’s customers with its Pay in Your Currency service, while the bank’s hotel merchant partners will be offered the MICROS Payment Gateway.

The news bumped the share price 6.5 pence, or 3 per cent higher to 234 pence a share.

Planet Payment’s chief executive Philip Beck said: "The adoption of Pay in Your Currency service has increased significantly in recent years, as more merchants around the world view the service as a way to help increase sales, customer satisfaction, and net profits.

"We are excited to continue to expand the offering of Pay in Your Currency to the Philippines through our agreement with Citi."

With Pay in Your Currency, Citibank credit cardholders and other customers are offered the convenience of paying in their home currency at the point-of-sale.  

They are then be presented with a receipt which displays the transaction amounts in both Philippine Pesos and their home currency, together with the exchange rate and other service details.  

Bea Tan, credit payment products head at Citi Philippines, said: "True to our commitment to provide the most convenient payment solutions to our clients in the Philippines, we are pleased to partner with Planet Payment and offer Pay in Your Currency service and the MICROS Payment Gateway to our merchants.

"These new services are designed to improve their operational efficiency while enhancing customer service for international travellers."

Today’s full-year report from the group showed a 29 per cent jump in revenues to US$12.3 million in the fourth quarter, taking the 2011 total to US$41.9 million, up 37 per cent from 2010.

The increase in full year revenues came as gross billings – a metric that includes gross foreign currency mark-up and revenues earned and reported on payment processing services - rose 58 percent to US$102.4 million, while foreign currency mark-up was up 69 per cent at US$87.8 million.

Net income for 2011 reached US$2.4 million compared to a loss of US$3.1 million a year earlier.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) soared 226 per cent to US$5.9 million and earnings per share amounted to four US cents compared to a loss of eight cents in the previous year.

On the operational front, the company saw the number of its total active merchant locations rise 67 per cent to 27,887.

“We are very pleased to announce our strong year-over-year growth, capping what was an excellent year for Planet Payment,” said chairman of Planet Payment Philip Beck.

“We believe that Planet Payment continues to benefit from a "network effect" as we add more acquiring institutions, in more countries, using more products on our platform. We look forward to an exciting year in 2012.”

Other operational highlights included the launch of the MICROS Payment Gateway to support payment services for merchants in the hospitality and retail industries and an agreement with Vantiv to provide its Pay In Your Currency service at ATMs in the US.

After the end of the period, the company and MICROS Systems agreed to add support of China UnionPay into the MICROS payment gateway.

The year also saw the integration of Planet’s iPAY multi-currency eCommerce gateway with VendorShop's Facebook shopping cart application, allowing merchants to sell to a global market of over 800 million Facebook subscribers.

The system, which has also been launched at the Hyatt Regency Tsim Sha Tsui in Hong Kong, will enable international guests the choice to pay in their home currency.

Planet Payment has partnered with the Bank of East Asia (BEA), the largest independent local bank in Hong Kong as well as MICROS.

Simon Lau, general manager & head of BEA's personal banking division said: “By settling payments in their home currency, customers will understand how much they are spending more readily, and be able to budget more effectively

Philip Beck, chairman and chief executive of Plantet Payment added: “Planet Payment is excited to be working with BEA and MICROS Systems to bring a single end-to-end payment solution for hotels."

Yesterday, Planet Payment announced a partnership to provide payment solutions for Facebook merchants. This so-called "social commerce" solution will enable merchants to sell to a global market of more than 800 million Facebook subscribers.

Planet Payment (LON:PPT, LON:PPTR, OTCQX:PLPM) today revealed a 40 per cent increase in net revenue for the first nine months of the year.

Net revenues for the three quarters, ended September 30, came in at US$29.5 million compared with US$21.0 million in the same period of last year. The firm’s consolidated gross billings increased by 64 per cent to US$70.9 million.

The company said that the fourth quarter will be the strongest period of the fiscal year. It estimates that net revenue will reach US$41-42 million during the full year and gross consolidated billings will be US$98-$102 million.  

Full year net income is estimated at US$2.6m and adjusted earnings is expected to reach US$6 million.

The group’s improved performance comes as it continues to increase volumes across it multi currency payment processing platform.

This morning Planet Payment revealed that settled multi-currency dollar volumes increased 76 per cent to US$1.6 billion and the number of merchants using its platform increased by 84 per cent during the period. The group’s services are now being used in over 25,000 locations.

“During the first nine months of 2011, the Company continued to expand its acquiring customer base in both existing and new markets,” the company said.

It added: “In addition, in response to market demand, we accelerated the expansion of our business development and relationship sales teams ahead of plan, in order to take advantage of market opportunities.”

In a separate statement this morning Planet Payment announced that a special meeting of shareholders will be held at the firm’s office in New York on January 18 to approve a number of matters in relation to a proposed initial public offering in the United States.

Multi-currency payment processing firm Planet Payment (LON:PPT) this morning explained that it was considering a change in the way it presents revenues in its accounts, as it prepares its full US listing, consequently the group interim results will be delayed. 

The shares have been suspended on AIM today in accordance with the exchange’s listing rules, however the US OTC stock can still be traded on the ‘OTC Pink No Information’ tier. 

Meanwhile, the firm revealed that it continued to grow transaction volumes across its platform in the six months ended June 30.

It said that it processed $1.057 billion dollars of multi-currency transactions, a 79 per cent increase from the $592.2 million processed in the first half of last year. Similarly the total number of multi-currency transactions increased 62 per cent to around 4.9 million, compared to the 3 million transactions processed.

Much of this growth is down to the fact that Planet Payment’s services are being offered through more merchant locations.

It said that multi-currency active merchant locations increased by 66 per cent to 14,345, compared with 8,639 in the same period of last year. While total active merchant locations is more than double what it was in the first half of last year at 22,825.

As at June 30 Planet Payment said it had US$7.1 million in cash and cash equivalents.

Explaining the potential changes to the accounting presentation, which it is considering, Planet Payment said: “The company has historically reported revenue, as total billings, inclusive of revenue share amounts paid to acquiring banks and processors, interchange, assessments and other fees paid by the company in connection with processing services.  

“The revenue share amount paid to acquiring banks and processors, interchange, assessments and other fees have been shown as a cost of revenue.   The company is considering whether to present revenue net of certain of the cost of revenue items.” 

While the group does not expect a change in revenue and cost of revenue presentation to any impact on the company's net income or loss – or the consolidated balance sheets, consolidated statements of cash flow and consolidated statements of stockholders' equity for any period - it is possible that the company will restate financial statements for certain prior periods, which may give rise to other issues that impact the consolidated financial statements.  

It did add though, that: “The company is not currently aware of any such other issues, which would have a material impact on its operating results, nor on the financial condition of the company.”

The examination of its accounting presentation is being carried out in consultation with its independent registered public accountant, Deloitte & Touche LLP.

Planet Payment (LON:PPT, LON:PPTR, OTC:PLPM) told investors that its multi-currency payment processing product is now available in over 3,500 merchant locations in the United Arab Emirates.

The group’s proprietary ‘Pay in Your Currency’ service is being rolled out in the UAE through a tie-up with Dubai based Network International. The service allows international customers to pay for products and services in their home currency at the point of sale.

"We are pleased to see the market's reaction to our Pay in Your Currency service in Dubai," said chief executive Philip Beck. 

"The continuing adoption of the service highlights the benefits to merchants and their customers, as well as our commitment to excellence in service delivery."

Planet Payment said the 3,500 merchant locations span many different types of businesses including hotels, retailers and restaurants.

Network International chairman Abdulla Qassem said: "The UAE has become a significant centre for international business and leisure travel.

“Pay in Your Currency allows merchants herein to offer this important segment a more personalized shopping experience by enabling customers using MasterCard or Visa cards to enjoy the clarity and convenience of paying in their own currency. 

“We are pleased by the adoption of Pay in Your Currency among our merchant base in the United Arab Emirates.”