Question-and-Answer Session
Operator
(Operator Instructions). Your first question comes from the line of [Brad Ewin].
Unidentified Analyst
I am sorry if you've mentioned this. But could you give me the transaction [comment] for the third quarter. I did not catch it if you'd mentioned it?
Ron Johnston
Hang on just a minute Brad, we'd be happy to do that.
Ron Rossetti
You want the number or the percentage increase?
Unidentified Analyst
The number please. And if you have the payment volumes processed in terms of the dollars, the dollar volume process, that will be helpful too.
Ron Johnston
The total dollars processed Brad were $2.365 billion. The total transactions were 4.42 million.
Unidentified Analyst
Okay, that's very helpful. Could you just talk about your -- just assessing the landscape here, I guess with respect to taking down the transaction count a little bit here, understanding the difficult economic environment. But, as you look out to next year, could you just give us a sense as to how, your lookout over the next three years, what type of a transaction growth do you think you could see over the next two or three years? What's the reasonable target do you think?
Ron Rossetti
We really haven't focused heavily on that. But I'll certainly give you a ballpark number. I would be very disappointed to see less than a 25% to 30% transaction increase and I think we could do significantly more on average. Nina, you are in here, what, do you feel comfortable with that number.
Nina Vellayan
I do.
Ron Rossetti
Last quarter, the third quarter we drew with -- in spite of the fact that it's our largest quarter for the internal revenue and state income tax as well. And we saw a significant decline in internal revenue transactions across the Board.
Remember they were down probably 18% and 19% for the tax season in total and we were up in transaction with them, but only normally substantially below what we would expect in a normal year. We still grow transactions over 52%. So, I think I would be very, very disappointed if we couldn't have a three year CAGR of in excess of 25%.
Unidentified Analyst
That's helpful. Thank you for the clarification. Again if you mentioned this I do apologize, but Ron could you give us an update on the offshore rate securities, what are your thoughts in terms of any new news in that respect.
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