Exhibit 99.1

For Immediate Release

Contact: Jane M. Forbes

770-829-8234 Voice

770-829-8267 Fax

investor.relations@globalpay.com

Global Payments Reports Third Quarter Earnings

ATLANTA, March 21, 2005 — Global Payments Inc. (NYSE: GPN) today announced results for the third quarter ended February 28, 2005. For the third quarter, revenue grew 20 percent to $195.5 million compared to $162.6 million in the prior year. This includes $14.5 million in revenue recorded in the current quarter from the company’s recent acquisitions of MUZO and Europhil. Net income grew 31 percent to $21.6 million compared to $16.5 million in the prior year quarter, and diluted earnings per share grew 29 percent to $0.54 compared to $0.42 in the prior year quarter.

For the nine months ending February 28, 2005, revenue grew 29 percent to $576.7 million compared to $447.5 million in the prior year period. Net income grew 47 percent to $69.4 million from $47.2 million in the prior period, and diluted earnings per share grew 43 percent to $1.75 from $1.22 in the prior year period. Excluding prior year restructuring charges of $4.7 million, net income grew 38 percent from $50.1 million last year, and diluted earnings per share grew 36 percent from $1.29 last year.

        Comments and Outlook

Chairman, President and CEO, Paul R. Garcia, stated, “We are pleased to report another quarter of strong financial results, which were primarily driven by higher than anticipated growth from our Central and Eastern European operations and from our consumer money transfer channel. In addition, our core domestic direct channel outpaced our expectations, largely due to strong growth from our ISOs. Our Canadian direct channel also benefited from a higher than anticipated impact of re-pricing initiatives and the Canadian currency exchange rate. Additionally, we continue to gain operating leverage through greater economies of scale and the benefit from last year’s consolidation of certain operating functions. Based on our financial results, we are raising our fiscal 2005 annual revenue guidance to a range of $774 million to $781 million and our fiscal 2005 annual diluted earnings per share guidance to a range of

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GPN Reports Third Quarter Fiscal 2005 Earnings

March 21, 2005

Page 2

$2.31 to $2.35 versus diluted earnings per share of $1.75 in fiscal 2004, excluding restructuring and other items ($1.60 in fiscal 2004 on a GAAP basis).” ¹

        Conference Call

Global Payments will hold a conference call on March 22, 2005 at 10:30 a.m. EST to discuss financial results and business highlights. The conference call may be accessed by calling 1-888-220-3084 (U.S.) or 1-712-923-4284 (internationally) and using a pass code of “GPN” for both numbers, or via Web cast at www.globalpaymentsinc.com. A replay of the call will be available on the Global Payments Web site through April 5, 2005.

Global Payments Inc. (NYSE:GPN) is a leading provider of electronic transaction processing services for consumers, merchants, Independent Sales Organizations (ISOs), financial institutions, government agencies and multi-national corporations located throughout the United States, Canada, Latin America and Europe. Global Payments offers a comprehensive line of processing solutions for credit and debit cards, business-to-business purchasing cards, gift cards, electronic check conversion and check guarantee, verification and recovery including electronic check services, as well as terminal management. The company also provides consumer money transfer services from the U.S. and Europe to destinations in Latin America, Morocco, the Philippines and India. For more information about the company and its services, visit www.globalpaymentsinc.com.

¹ The fiscal 2004 diluted earnings per share of $1.60 on a GAAP basis reflects restructuring and other items of $5.7 million, net of tax, or $0.15 diluted earnings per share.

###

This announcement and comments made by Global Payments’ management during the conference call may contain forward-looking statements pursuant to the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward looking statements involve risks and uncertainties such as product demand, market and customer acceptance, the effect of economic conditions, competition, pricing, development difficulties, foreign currency risks, costs of capital, continued certification by credit card associations, the ability to consummate and integrate acquisitions, and other risks detailed in the Company’s SEC filings, including the most recently filed Form 10-Q or Form 10K, as applicable. The Company undertakes no obligation to revise any of these statements to reflect future circumstances or the occurrence of unanticipated events.

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

GLOBAL PAYMENTS INC. AND SUBSIDIARIES

(In thousands, except per share data)

	Three Months Ended February 28/29,
	2005			2004
Revenues	$	195,526		$	162,560
Operating expenses:
Cost of service		87,378			71,773
Sales, general and administrative		69,929			60,355
		157,307			132,128
Operating income		38,219			30,432
Other income (expense):
Interest and other income		793			466
Interest and other expense		(2,969	)		(2,337	)
Minority interest		(1,720	)		(2,198	)
		(3,896	)		(4,069	)
Income before income taxes		34,323			26,363
Provision for income taxes		12,700			9,860
Net income	$	21,623		$	16,503
Earnings per share:
Basic	$	0.56		$	0.44
Diluted	$	0.54		$	0.42
Weighted average shares outstanding:
Basic		38,706			37,725
Diluted		40,103			39,329

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

GLOBAL PAYMENTS INC. AND SUBSIDIARIES

(In thousands, except per share data)

	Nine Months Ended February 28/29,
	2005			2004
Revenues	$	576,666		$	447,471
Operating expenses:
Cost of service		247,168			201,209
Sales, general and administrative		208,887			157,842
Restructuring and other		—			4,703
		456,055			363,754
Operating income		120,611			83,717
Other income (expense):
Interest and other income		1,509			1,219
Interest and other expense		(6,446	)		(3,972	)
Minority interest		(5,516	)		(5,564	)
		(10,453	)		(8,317	)
Income before income taxes		110,158			75,400
Provision for income taxes		40,759			28,200
Net income	$	69,399		$	47,200
Earnings per share:
Basic	$	1.81		$	1.26
Diluted	$	1.75		$	1.22
Weighted average shares outstanding:
Basic		38,448			37,444
Diluted		39,734			38,832

CONSOLIDATED CONDENSED BALANCE SHEETS

GLOBAL PAYMENTS INC. AND SUBSIDIARIES

(In thousands)

	February 28, 2005		May 31, 2004
	(Unaudited)
Assets
Cash and cash equivalents	$	58,202	$	34,472
Accounts receivable, net		48,739		47,414
Claims receivable, net		647		761
Settlement processing receivable, net		34,508		95,233
Other current assets		19,673		25,324
Current assets		161,769		203,204
Property and equipment, net		107,549		97,482
Goodwill		372,399		342,012
Intangible assets, net		179,452		182,658
Other assets		6,122		7,539
Total assets	$	827,291	$	832,895
Liabilities & Shareholders’ Equity
Line of credit	$	85,600	$	122,000
Line of credit with related party		10,343		83,109
Notes payable-current portion		2,066		3,409
Accounts payable and other accrued liabilities		87,707		79,773
Obligations under capital leases—current portion		1,282		1,190
Current liabilities		186,998		289,481
Notes payable		—		7,477
Obligations under capital leases		1,087		2,061
Other accrued liabilities		67,443		61,324
Total liabilities		255,528		360,343
Minority interest in equity of subsidiaries		16,395		23,130
Shareholders’ equity		555,368		449,422
Total liabilities & shareholders’ equity	$	827,291	$	832,895

UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOW

GLOBAL PAYMENTS INC. AND SUBSIDIARIES

(In thousands)

	Nine Months Ended February 28/29,
	2005			2004
Cash flows from operating activities:
Net income	$	69,399		$	47,200
Non-cash items
Depreciation and amortization		33,394			25,101
Deferred income taxes		(2,946	)		—
Minority interest in earnings		5,516			5,564
Other, net		6,788			6,227
Changes in working capital, which provided (used) cash
Settlement processing		55,571			(17,885	)
Other, net		20,305			2,600
Net cash provided by operating activities		188,027			68,807
Cash flows from investing activities:
Capital expenditures		(27,639	)		(15,042	)
Net business development activities		(30,490	)		(94,965	)
Net cash used in investing activities		(58,129	)		(110,007	)
Cash flows from financing activities:
Net (repayments) borrowings on line of credit		(36,400	)		161,000
Net (repayments) borrowings on line of credit restricted for merchant funding		(72,766	)		48,801
Principal payments on notes payable issued in consideration of acquisition		—			(114,229	)
Principal payments under capital leases and other notes		(9,755	)		(1,465	)
Net stock issued to employees under stock plans and dividends		13,350			164
Distributions to minority interests		(7,507	)		(6,674	)
Net cash (used in) provided by financing activities		(113,078	)		87,597
Effect of exchange rate changes on cash		6,910			1,483
Increase in cash and cash equivalents		23,730			47,880
Cash and cash equivalents, beginning of period		34,472			38,010
Cash and cash equivalents, end of period	$	58,202		$	85,890

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

GLOBAL PAYMENTS INC. AND SUBSIDIARIES

(In thousands, except per share data)

	2005			2004
Nine Months Ending February 28/29,	GAAP			Normalized			Restructuring(1)			GAAP
Revenue	$	576,666		$	447,471		$	—		$	447,471
Operating expenses:
Cost of service		247,168			201,209			—			201,209
Sales, general and administrative		208,887			157,842			—			157,842
Restructuring		—			—			4,703			4,703
		456,055			359,051			4,703			363,754
Operating income		120,611			88,420			(4,703	)		83,717
Other income/(expense)
Interest and other income		1,509			1,219			—			1,219
Interest and other expense		(6,446	)		(3,972	)		—			(3,972	)
Minority interest in earnings		(5,516	)		(5,564	)		—			(5,564	)
		(10,453	)		(8,317	)		—			(8,317	)
Income before income taxes		110,158			80,103			(4,703	)		75,400
Provision for income taxes		40,759			29,959			(1,759	)		28,200
Net income	$	69,399		$	50,144		$	(2,944	)	$	47,200
Basic shares		38,448			37,444			—			37,444
Basic earnings per share	$	1.81		$	1.34		$	(0.08	)	$	1.26
Diluted shares		39,734			38,832			—			38,832
Diluted earnings per share	$	1.75		$	1.29		$	(0.07	)	$	1.22

⁽¹⁾ Primarily relating to severance and facilities due to redundant activities and facility closures, as well as the related income tax benefit using the company’s effective tax rate.