Planet Payment 10-Q 12 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	Apr. 30, 2014
Document and Entity Information	'	'
Entity Registrant Name	'Planet Payment Inc	'
Entity Central Index Key	'0001362925	'
Document Type	'10-Q	'
Document Period End Date	31-Mar-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	54,860,113
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2014	Dec. 31, 2013
Current assets:	'	'
Cash and cash equivalents	$5,709,245	$6,572,468
Restricted cash	1,974,117	3,471,023
Accounts receivable, net of allowances of $0.2 million as of March 31, 2014 and December 31, 2013	5,486,137	6,016,296
Prepaid expenses and other assets	1,638,277	1,457,660
Total current assets	14,807,776	17,517,447
Other assets:	'	'
Restricted cash	676,138	446,044
Property and equipment, net	2,225,457	2,198,640
Software development costs, net	4,938,911	4,904,415
Intangible assets, net	2,704,027	2,820,909
Goodwill	361,695	362,063
Security deposits and other assets	2,248,669	2,141,620
Total other assets	13,154,897	12,873,691
Total assets	27,962,673	30,391,138
Current liabilities:	'	'
Accounts payable	748,282	585,604
Accrued expenses	3,887,287	5,032,620
Due to merchants	1,494,676	3,018,900
Current portion of capital leases	492,911	466,010
Total current liabilities	6,623,156	9,103,134
Long-term liabilities:	'	'
Long-term portion of capital leases and deferred revenue	1,352,181	1,432,513
Total long-term liabilities	1,352,181	1,432,513
Total liabilities	7,975,337	10,535,647
Commitments and contingencies (Note 8)	'	'
Stockholders' equity:	'	'
Convertible preferred stock- 10,000,000 shares authorized as of March 31, 2014 and December 31, 2013, $0.01 par value: Series A- 2,243,750 issued and outstanding as of March 31, 2014 and December 31, 2013; $8,975,000 aggregate liquidation preference	22,438	22,438
Common stock-250,000,000 shares authorized as of March 31, 2014 and December 31, 2013, $0.01 par value, and 54,845,113 and 55,037,488 issued and outstanding as of March 31, 2014 and December 31, 2013, respectively	548,451	550,375
Additional paid-in capital	101,964,657	101,038,685
Accumulated other comprehensive income	122,318	135,231
Accumulated deficit	-82,670,528	-81,891,238
Total stockholders' equity	19,987,336	19,855,491
Total liabilities and stockholders' equity	$27,962,673	$30,391,138

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Condensed Consolidated Balance Sheets	'	'
Accounts receivable, allowances (in dollars)	$200,000	$200,000
Series A Convertible preferred stock, shares authorized	10,000,000	10,000,000
Series A Convertible preferred stock, par value (in dollars per share)	$0.01	$0.01
Series A Convertible preferred stock, shares issued	2,243,750	2,243,750
Series A Convertible preferred stock, shares outstanding	2,243,750	2,243,750
Series A Convertible preferred stock, aggregate liquidation preference (in dollars)	$8,975,000	$8,975,000
Common stock, shares authorized	250,000,000	250,000,000
Common stock par value (in dollars per share)	$0.01	$0.01
Common stock, shares issued	54,845,113	55,037,488
Common stock, shares outstanding	54,845,113	55,037,488

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Cash Flows (USD $)	3 Months Ended
	Mar. 31, 2014		Mar. 31, 2013
Cash flows from operating activities:	'		'
Net (loss) income	($779,290)		$371,916
Adjustments to reconcile net (loss) income to net cash used in operating activities:	'		'
Stock-based compensation expense	311,124		258,929
Depreciation and amortization expense	746,313		735,606
Provision for doubtful accounts	3,268		160,893
Disposal of property and equipment	3,157		2,950
Changes in operating assets and liabilities:	'		'
Decrease in settlement assets	1,496,906		780,213
Decrease in accounts receivables, prepaid expenses and other current assets	346,274		143,279
Increase in security deposits and other assets	-107,049		-90,102
Decrease in accounts payable and accrued expenses	-1,112,427		-1,590,373
Decrease in due to merchants	-1,524,224		-830,321
Other	-10,979		-19,876
Net cash used in operating activities	-626,927		-76,886
Cash flows from investing activities:	'		'
Insurance proceeds	'		100,000
Increase in restricted cash	-230,094		'
Purchase of property and equipment	-19,756		-405,739
Capitalized software development	-397,401		-375,066
Purchase of intangible assets	-53,695		-22,701
Net cash used in investing activities	-700,946		-703,506
Cash flows from financing activities:	'		'
Proceeds from the issuance of common stock	602,572		106,250
Principal payments on capital lease obligations	-137,922		-91,175
Net cash provided by financing activities	464,650		15,075
Effect of exchange rate changes on cash and cash equivalents	0	[1]	0	[1]
Net decrease in cash and cash equivalents	-863,223		-765,317
Beginning of period	6,572,468		6,002,457
End of period	5,709,245		5,237,140
Cash paid for:	'		'
Interest	18,272		14,454
Income taxes	180,835		103,227
Non-cash investing and financing activities:	'		'
Assets acquired under capital leases	163,861		115,032
Accrued capitalized hardware, software and fixed assets	50,401		197,445
Capitalized stock-based compensation	$10,352		$13,624
[1]	For the three months ended March 31, 2014 and 2013, the effect of exchange rate changes on cash and cash equivalents was inconsequential.

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Cash Flows (USD $)	3 Months Ended
	Mar. 31, 2014		Mar. 31, 2013
Cash flows from operating activities:	'		'
Net (loss) income	($779,290)		$371,916
Adjustments to reconcile net (loss) income to net cash used in operating activities:	'		'
Stock-based compensation expense	311,124		258,929
Depreciation and amortization expense	746,313		735,606
Provision for doubtful accounts	3,268		160,893
Disposal of property and equipment	3,157		2,950
Changes in operating assets and liabilities:	'		'
Decrease in settlement assets	1,496,906		780,213
Decrease in accounts receivables, prepaid expenses and other current assets	346,274		143,279
Increase in security deposits and other assets	-107,049		-90,102
Decrease in accounts payable and accrued expenses	-1,112,427		-1,590,373
Decrease in due to merchants	-1,524,224		-830,321
Other	-10,979		-19,876
Net cash used in operating activities	-626,927		-76,886
Cash flows from investing activities:	'		'
Insurance proceeds	'		100,000
Increase in restricted cash	-230,094		'
Purchase of property and equipment	-19,756		-405,739
Capitalized software development	-397,401		-375,066
Purchase of intangible assets	-53,695		-22,701
Net cash used in investing activities	-700,946		-703,506
Cash flows from financing activities:	'		'
Proceeds from the issuance of common stock	602,572		106,250
Principal payments on capital lease obligations	-137,922		-91,175
Net cash provided by financing activities	464,650		15,075
Effect of exchange rate changes on cash and cash equivalents	0	[1]	0	[1]
Net decrease in cash and cash equivalents	-863,223		-765,317
Beginning of period	6,572,468		6,002,457
End of period	5,709,245		5,237,140
Cash paid for:	'		'
Interest	18,272		14,454
Income taxes	180,835		103,227
Non-cash investing and financing activities:	'		'
Assets acquired under capital leases	163,861		115,032
Accrued capitalized hardware, software and fixed assets	50,401		197,445
Capitalized stock-based compensation	$10,352		$13,624
[1]	For the three months ended March 31, 2014 and 2013, the effect of exchange rate changes on cash and cash equivalents was inconsequential.

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (USD $)	3 Months Ended
	Mar. 31, 2014		Mar. 31, 2013
Cash flows from operating activities:	'		'
Net (loss) income	($779,290)		$371,916
Adjustments to reconcile net (loss) income to net cash used in operating activities:	'		'
Stock-based compensation expense	311,124		258,929
Depreciation and amortization expense	746,313		735,606
Provision for doubtful accounts	3,268		160,893
Disposal of property and equipment	3,157		2,950
Changes in operating assets and liabilities:	'		'
Decrease in settlement assets	1,496,906		780,213
Decrease in accounts receivables, prepaid expenses and other current assets	346,274		143,279
Increase in security deposits and other assets	-107,049		-90,102
Decrease in accounts payable and accrued expenses	-1,112,427		-1,590,373
Decrease in due to merchants	-1,524,224		-830,321
Other	-10,979		-19,876
Net cash used in operating activities	-626,927		-76,886
Cash flows from investing activities:	'		'
Insurance proceeds	'		100,000
Increase in restricted cash	-230,094		'
Purchase of property and equipment	-19,756		-405,739
Capitalized software development	-397,401		-375,066
Purchase of intangible assets	-53,695		-22,701
Net cash used in investing activities	-700,946		-703,506
Cash flows from financing activities:	'		'
Proceeds from the issuance of common stock	602,572		106,250
Principal payments on capital lease obligations	-137,922		-91,175
Net cash provided by financing activities	464,650		15,075
Effect of exchange rate changes on cash and cash equivalents	0	[1]	0	[1]
Net decrease in cash and cash equivalents	-863,223		-765,317
Beginning of period	6,572,468		6,002,457
End of period	5,709,245		5,237,140
Cash paid for:	'		'
Interest	18,272		14,454
Income taxes	180,835		103,227
Non-cash investing and financing activities:	'		'
Assets acquired under capital leases	163,861		115,032
Accrued capitalized hardware, software and fixed assets	50,401		197,445
Capitalized stock-based compensation	$10,352		$13,624
[1]	For the three months ended March 31, 2014 and 2013, the effect of exchange rate changes on cash and cash equivalents was inconsequential.

Business_description_and_basis

Business description and basis of presentation	3 Months Ended
	Mar. 31, 2014
Business description and basis of presentation	'
Business description and basis of presentation	'
	1. Business description and basis of presentation
	Business description
	Planet Payment, Inc. together with its wholly owned subsidiaries (“Planet Payment,” the “Company,” “we,” or “our”) is a provider of international payment and transaction processing and multi-currency processing services. The Company provides its services to approximately 67,000 active merchant locations in 23 countries and territories across the Asia Pacific region, the Americas, the Middle East, Africa and Europe, primarily through its acquiring bank and processor customers, as well as through its own direct sales force.  The Company provides banks and their merchants with innovative services to accept, process and reconcile electronic payments.  The Company’s point-of-sale and e-commerce services are integrated within the payment card transaction process enabling its acquiring customers to process and reconcile payment transactions in multiple currencies, geographies and channels.  The Company’s ATM services provide its domestic and international acquirers with additional processing capabilities to help them increase revenue and improve customer satisfaction.  The Company also offers non-financial transaction processing services that allow merchants to offer a range of commercial services including pre-paid mobile phone top-up, bill payments and insurance premium payments, using the same point-of-sale devices deployed to accept payment cards.  The Company is a registered third party processor with the major card associations and operates in accordance with industry standards, including the Payment Card Industry, or PCI, Security Council’s Data Security Standards.
	Basis of presentation
	The condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
	The accompanying condensed consolidated financial statements include the accounts of Planet Payment, Inc. and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated.
	Unaudited consolidated interim financial information
	The accompanying unaudited condensed consolidated interim financial statements as of March 31, 2014 and for the periods ended March 31, 2014 and 2013 have been prepared on the same basis as the annual consolidated financial statements. In the opinion of management, the unaudited financial information for the interim periods presented reflects all adjustments, which are normal and recurring, necessary for a fair presentation of the statement of operations, financial position and cash flows. The accompanying unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. Operating results for the interim period ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014.  The December 31, 2013 balance sheet information has been derived from the audited financial statements at that date. Certain information and disclosures normally included in annual consolidated financial statements have been omitted pursuant to the rules and regulation of the Securities and Exchange Commission, or SEC.

Hurricane_Sandy

Hurricane Sandy	3 Months Ended
	Mar. 31, 2014
Hurricane Sandy	'
Hurricane Sandy	'
	2. Hurricane Sandy
	In October 2012, the East Coast of the United States was hit by Hurricane Sandy, including the city of Long Beach, where the Company’s corporate headquarters are located. For the three months ended March 31, 2013 the Company recorded capital additions related to Hurricane Sandy of approximately $0.5 million primarily related to leasehold improvements, furniture and fixtures and computer hardware.  During the second quarter of 2013 the Company received $0.3 million in insurance proceeds, which was recorded as a gain in selling, general and administrative expenses in that period.

Concentration_of_credit_risk

Concentration of credit risk	3 Months Ended
	Mar. 31, 2014
Concentration of credit risk	'
Concentration of credit risk	'
	3. Concentration of credit risk
	The Company’s assets that are exposed to concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash and receivables from clients. The Company places its cash, cash equivalents, and restricted cash with financial banking institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. The Company also maintains cash balances at foreign banking institutions, which are not insured by the FDIC. As of March 31, 2014 and December 31, 2013 the Company’s uninsured cash balances totaled $5.1 million and $5.8 million, respectively.
	The Company maintains an allowance for uncollectible accounts receivable based on expected collectability and performs ongoing credit evaluations of customers’ financial condition.
	The Company’s accounts receivable concentrations of 10% and greater are as follows:
		As of		As of
		March 31,		December 31,
		2014		2013
	Customer A	26	%	22	%
	Customer B (*)	11		12
	Customer C	**		13
	Customer D	11		**
	(*)                                 Customer is a sponsoring bank for certain merchants within the Company’s payment processing services. Customer B serves as an aggregator of merchant transactions and therefore, there is a concentration risk relating to receivables.  However, revenues are generated from individual merchants that individually do not exceed 10% of the Company’s revenue.
	(**)                          Less than 10% accounts receivable concentration.
	The Company’s revenue concentrations of 10% and greater are as follows:
		Three months ended
		March 31,
		2014		2013
	Customer A	22	%	20	%
	Customer C	13		17

Net_income_loss_per_share

Net income (loss) per share	3 Months Ended
	Mar. 31, 2014
Net income (loss) per share	'
Net income (loss) per share	'
	4. Net income (loss) per share
	The Company computes net income (loss) per share in accordance with ASC 260, Earnings per Share (“ASC topic 260”).  Under ASC topic 260, securities that contain rights to receive non-forfeitable dividends (whether paid or unpaid) are participating securities and should be included in the two-class method of computing earnings per share. The Company’s preferred stockholders are entitled to participate in dividends and earnings when, and if, dividends are declared on the common stock. As such, the Company calculates net income (loss) per share using the two-class method. The two-class method is an earnings formula that treats a participating security as having rights to dividends that otherwise would have been available to common and preferred stockholders based on their respective rights to receive dividends. Losses are not allocated to the preferred stockholders for computing net loss per share under the two-class method because the preferred stockholders do not have contractual obligations to share in the losses of the Company.
	Basic earnings per share is calculated by dividing net income (loss), adjusted for amounts allocated to participating securities under the two-class method, if applicable, by the weighted average number of common stock outstanding during the period.
	Diluted earnings per share is calculated by dividing net income (loss) by the weighted average number of shares of the Company’s common stock outstanding, assuming dilution, during the period. The diluted earnings per share calculation assumes (i) all stock options and warrants which are in the money are exercised at the beginning of the period and (ii) each issue or series of issues of potential common stock are considered in sequence from the most dilutive to the least dilutive. That is, dilutive potential common stock with the lowest “earnings add-back per incremental share” shall be included in dilutive earnings per share before those with higher earnings add back per incremental share.
	The following table sets forth the computation of basic and diluted net (loss) income per share:
		Three months ended
		March 31,
		2014			2013
	Numerator:
	Net (loss) income	$	(779,290	)	$	371,916
	Amounts allocated to participating preferred stockholders under the two-class method	—			(42,722		)
	Net (loss) income applicable to common stockholders (basic and diluted)	$	(779,290	)	$	329,194
	Denominator:
	Weighted average common stock outstanding (basic)	53,437,184			52,779,130
	Common equivalent shares from options and warrants to purchase common stock	—			2,026,896
	Weighted average common stock outstanding (diluted)(1)	53,437,184			54,806,026
	Basic net (loss) income per share applicable to common stockholders	$	(0.01	)	$	0.01
	Diluted net (loss) income per share applicable to common stockholders(1)	$	(0.01	)	$	0.01
	(1)           In accordance with ASC 260-10-45-48 for the three months ended March 31, 2014 and 2013, the Company has excluded 1,077,712 and 915,000, respectively, contingently issued restricted shares from diluted weighted average common stock outstanding as the contingencies (a) were not satisfied at the reporting date nor (b) would have been satisfied if the reporting date was at the end of the contingency period.
	The following table sets forth the weighted average securities outstanding that have been excluded from the diluted net (loss) income per share calculation because the effect would have been anti-dilutive:
		Three months ended
		March 31,
		2014		2013
	Stock options	8,106,302		1,544,580
	Restricted stock awards	506,812		—
	Warrants	183,983		163,941
	Convertible preferred stock(1)	6,851,144		6,851,144
	Total anti-dilutive securities	15,648,241		8,559,665
	(1)                                 Diluted net (loss) income per share (decreases) increases when convertible preferred stock is included in the required sequence in the diluted earnings per share computation. As such, convertible preferred stock is excluded from the computation of diluted earnings per share for the three months ended March 31, 2014 and 2013.

Stockbased_compensation_expens

Stock-based compensation expense and assumptions	3 Months Ended
	Mar. 31, 2014
Stock-based compensation expense and assumptions	'
Stock-based compensation expense and assumptions	'
	5. Stock-based compensation expense and assumptions
	During the first quarter of 2014, stock options exercisable for 0.4 million shares of common stock with a grant fair value of $0.6 million were granted to certain employees of the Company.  The actual number of shares that will be issued upon exercise of options is subject to the achievement of vesting conditions.  Stock-based compensation expense is recorded on a straight line basis from the date of the grant over the requisite service period of 36 months.
	Stock-based compensation expense is measured at the grant date based on fair value and recognized as an expense over the requisite service period, net of an estimated forfeiture rate.
	The following summarizes stock-based compensation expense recognized by income statement classification:
		Three months ended
		March 31,
		2014		2013
	Processing and service costs	$	63,910	$	49,643
	Selling, general and administrative expenses	212,081		209,286
	Restructuring charges	35,133		—
	Total stock-based compensation expense	$	311,124	$	258,929
	The following summarizes stock-based compensation expense recognized by type:
		Three months ended
		March 31,
		2014		2013
	Stock options	$	217,583	$	258,929
	Restricted stock awards	93,541		—
	Total stock-based compensation expense	$	311,124	$	258,929

Property_and_equipment

Property and equipment	3 Months Ended
	Mar. 31, 2014
Property and equipment	'
Property and equipment	'
	6. Property and equipment
	Property and equipment, net consist of the following:
		Estimated		As of			As of
		useful life		March 31,			December 31,
		(years)		2014			2013
	Equipment	5-Feb		$	938,272		$	939,129
	Computer hardware	5-Mar		2,664,054			2,493,658
	Furniture and fixtures	7-May		182,389			182,562
	Leasehold improvements	9-May		699,003			689,648
	Total property and equipment, gross			4,483,718			4,304,997
	Less: Accumulated depreciation and amortization			(2,258,261		)	(2,106,357		)
	Property and equipment, net			$	2,225,457		$	2,198,640
	Property and equipment depreciation and amortization expense is as follows:
		Three months ended
		March 31,
		2014			2013
	Depreciation and amortization expense	$	156,423		$	118,761

Goodwill_and_intangible_assets

Goodwill and intangible assets	3 Months Ended
	Mar. 31, 2014
Goodwill and intangible assets	'
Goodwill and intangible assets	'
	7. Goodwill and intangible assets
	The change in carrying amount of goodwill for the three months ended March 31, 2014 is as follows:
	Goodwill, gross, as of December 31, 2013	$	362,063
	Impact of change in Euro exchange rate	(368		)
	Accumulated impairment losses as of March 31, 2014	—
	Goodwill, net, as of March 31, 2014	$	361,695
	The entire goodwill balance is assigned to the payment processing services segment as this is the reporting unit expected to benefit from the synergies of the combination.
	Intangible assets are recorded at estimated fair value and are amortized ratably over their estimated useful lives to processing and service costs, which are included in cost of revenue.
	The gross book value, accumulated amortization and amortization periods of intangible assets were as follows:
		As of March 31, 2014								As of December 31, 2013							Amortization
		Gross book			Accumulated			Net book		Gross book		Accumulated			Net book		period
		value			amortization			value		value		amortization			value		(years)
	Trademarks and patents	$	1,156,377		$	(347,074	)	$	809,303	$	1,100,696	$	(327,200	)	$	773,496	15
	Technology	3,012,126			(1,117,402		)	1,894,724		3,015,192		(967,779		)	2,047,413		5
	Intangible assets, net	$	4,168,503		$	(1,464,476	)	$	2,704,027	$	4,115,888	$	(1,294,979	)	$	2,820,909
	Amortization expense related to intangible assets is as follows:
		Three months ended
		March 31,
		2014			2013
	Amortization expense	$	171,291		$	204,293

Commitments_and_contingencies

Commitments and contingencies	3 Months Ended
	Mar. 31, 2014
Commitments and contingencies	'
Commitments and contingencies	'
	8. Commitments and contingencies
	Employment agreements
	Pursuant to employment agreements with certain employees, the Company had a commitment to pay severance of approximately $1.4 million and $2.0 million as of March 31, 2014 and December 31, 2013, respectively, in the event of termination without cause, as defined in the employment agreements. Additionally, in the event of termination upon a change of control, as defined in the employment agreements, the Company had a commitment to pay severance of approximately $1.5 million and $2.3 million as of March 31, 2014 and December 31, 2013, respectively.
	Contingent liabilities
	In instances where the Company is acting as the merchant acquirer, the Company bears a risk that a merchant may engage in fraud by submitting for payment certain credit card transactions that may have been manipulated, are fictitious, or are otherwise not bona fide. Similarly, the Company bears the risk that a merchant becomes insolvent, owing money to cardholders. To the extent that such fraud or insolvency occurs in circumstances where the Company is liable to make good any resultant losses, this could affect the Company’s operating results and cash flows. The Company has required certain merchants to post cash reserves of approximately $0.2 million with the sponsoring bank against such liabilities and has itself paid the sponsoring bank a security deposit in connection therewith, as shown on the consolidated balance sheets. Under FASB ASC 460, Guarantees, the Company evaluates its ultimate risk and records an estimate of potential loss for chargeback’s related to merchant fraud and processing errors based upon an assessment of actual historical fraud rates and errors in processing compared to recent bank card processing volume levels. No contingent liability has been recorded as of March 31, 2014 and December 31, 2013, as the risk of material loss is considered remote. The Company monitors these contingent liabilities on a quarterly basis and will provide for a reserve if deemed necessary.
	Outstanding litigation
	From time to time, the Company may be subject to legal proceedings and claims in the ordinary course of business. The Company currently has no material legal proceedings pending against it.
	Acquiring bank sponsorship agreement
	In order to offer merchant acquiring services for Visa and MasterCard transactions, the Company must be sponsored by a financial institution that is a principal member of the Visa and MasterCard networks.
	The Company entered into a five year agreement with a sponsoring bank effective September 1, 2013.  The Company is required to pay minimum annual sponsorship transaction fees of $0.3 million in year one, escalating each year with minimum fees of $0.5 million in year five for total minimum fees of $1.8 million to be paid over the term of the agreement.  Sponsorship fees are recorded to cost of sales with the total agreement minimum of $1.8 million recognized on a straight line basis over the term of the agreement.
	Pursuant to the agreement, the Company is liable for all losses incurred by the sponsoring bank with respect to the activities of our merchants sponsored under the agreement.  No contingent liability has been recorded as of March 31, 2014 as the risk of material loss is considered remote based on historical information.  The Company monitors this contingent liability on a quarterly basis and will provide for a reserve if deemed necessary.

Related_party_transactions

Related party transactions	3 Months Ended
	Mar. 31, 2014
Related party transactions	'
Related party transactions	'
	9. Related party transactions
	The Company incurred the following amounts to companies that are principally owned by executives, directors or stockholders of the Company:
		Three months ended
		March 31,
		2014		2013
	Rent	$	125,094	$	77,630
	Consulting and professional fees	611		21,372
	Rent was paid to BDP Realty Associates LLC a company in which our former chief executive officer and the current Chairman of the Board of Directors, Philip Beck has a one-third (1/3rd) interest.
	Consulting and professional fees were paid to a professional services company where a family member of Philip Beck has a substantial interest but Mr. Beck does not have any financial interest in such company.

Accrued_expenses

Accrued expenses	3 Months Ended
	Mar. 31, 2014
Accrued expenses	'
Accrued expenses	'
	10. Accrued expenses
	The following are the components of accrued expenses:
		As of		As of
		March 31,		December 31,
		2014		2013
	Bonus	$	297,341	$	419,205
	Professional fees	211,600		322,547
	Gift card liabilities	337,385		1,150,096
	Deferred revenue (*)	561,642		549,390
	Other (**)	2,479,319		2,591,382
	Total accrued expenses	$	3,887,287	$	5,032,620
	(*) Current deferred revenue will be recognized as revenue ratably over the next 12 months.  Included in the balance sheet classification “Long-term portion of capital leases liability and deferred revenue” are the non-current portion of deferred revenue in the amount of $0.9 million as of March 31, 2014 and December 31, 2013.
	(**) No amounts included in “Other” exceed 10% of total current liabilities.

Segment_information

Segment information	3 Months Ended
	Mar. 31, 2014
Segment information	'
Segment information	'
	11. Segment information
	General information
	The segment and geographic information provided in the table below is being reported consistent with the Company’s method of internal reporting. Operating segments are defined as components of an enterprise for which separate financial information is available and which is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The chief operating decision maker, or CODM, reviews net revenue and gross profit by service by geographical region. The Company operates in two reportable segments; multi-currency processing services and payment processing services.
	Information about revenue, profit and assets
	The CODM evaluates performance and allocates resources based on net revenue and gross profit of each segment. For purposes of analyzing segments, gross profit of the multi-currency processing services segment is equal to net revenue less multi-currency cost of sales of $0.6 million and $0.4 million, which is included in “processing and services costs” for the three months ended March 31, 2014 and 2013, respectively.  The gross profit for the payment processing services segment includes net revenue of the segment less the cost of revenue component “payment processing services fees”, which includes interchange and card network fees and assessments. Net revenue and gross profit by geographical region is based upon where the transaction originated. Lastly, the Company does not evaluate performance or allocate resources using segment asset data.  Long-lived assets are primarily located in North America and Europe and as of March 31, 2014 and December 31, 2013, long-lived asset amounts are $10.2 million and $10.3 million, respectively.
	The Company conducts its business primarily in three geographical regions: Asia Pacific (“APAC”), the Americas, and Central Europe, Middle East and Africa (“CEMEA”). The following table provides revenue concentration by geographic region. Analysis of revenue by segment and geographical region and reconciliations to consolidated revenue and gross profit are as follows:
		Three months ended
		March 31,
		2014			2013
	Net Revenue:
	APAC	$	3,886,007		$	3,716,672
	Americas	1,210,806			1,461,101
	CEMEA	2,341,622			2,652,956
	Total multi-currency processing services revenue	7,438,435			7,830,729
	Payment processing services revenue	3,736,682			4,255,334
	Net revenue	$	11,175,117		$	12,086,063
	Gross Profit:
	APAC	$	3,858,140		$	3,684,004
	Americas	1,178,702			1,436,166
	CEMEA	1,803,744			2,269,054
	Total multi-currency processing services gross profit	6,840,586			7,389,224
	Payment processing services gross profit	1,217,861			1,453,045
	Total gross profit	$	8,058,447		$	8,842,269
	Payment processing service revenue and gross profit is the result of transactions that primarily originated in the Americas and no individual customer of the payment processing segment was greater than 10% of segment revenue.
	Concentration of revenue by customer by geographical region:
		Three months
		ended
		March 31,
		2014		2013
	Multi-currency processing services revenue:
	APAC:
	Customer A	64	%	66	%
	Americas:
	Customer E	23		28
	Customer F	26		36
	Customer G	11		*
	CEMEA:
	Customer C	61		79
	Customer H	39		21
	(*)                                 Less than 10% revenue concentration.

Restructuring_charges

Restructuring charges	3 Months Ended
	Mar. 31, 2014
Restructuring charges	'
Restructuring charges	'
	12. Restructuring charges
	In 2014, the Company initiated a realignment of its workforce aimed at achieving greater operational efficiencies.  The Company reduced its workforce by 19 people, or 10% of its total employees, including senior-level positions.  As a result of the realignment, the Company incurred total restructuring charges during the three months ended March 31, 2014 of approximately $0.6 million.
	The table below sets forth the cash components and activity associated with the realignment of workforce and business for the three months ended March 31, 2014:
		Balance as of		Charges		Cash Payments		Balance as of
		January 1,						March 31, 2014
		2014
	Severance and benefits	$	—	$	523,054	$	141,438	$	381,616
	Legal expenses	—		40,549		14,198		26,351
	Total restructuring charges	$	—	$	563,603	$	155,636	$	407,967

Concentration_of_credit_risk_T

Concentration of credit risk (Tables)	3 Months Ended
	Mar. 31, 2014
Accounts Receivable	'
Concentration of credit risk	'
Schedule of concentrations of 10% and greater	'
		As of		As of
		March 31,		December 31,
		2014		2013
	Customer A	26	%	22	%
	Customer B (*)	11		12
	Customer C	**		13
	Customer D	11		**
	(*)                                 Customer is a sponsoring bank for certain merchants within the Company’s payment processing services. Customer B serves as an aggregator of merchant transactions and therefore, there is a concentration risk relating to receivables.  However, revenues are generated from individual merchants that individually do not exceed 10% of the Company’s revenue.
	(**)                          Less than 10% accounts receivable concentration.
Revenue	'
Concentration of credit risk	'
Schedule of concentrations of 10% and greater	'
		Three months ended
		March 31,
		2014		2013
	Customer A	22	%	20	%
	Customer C	13		17

Net_income_loss_per_share_Tabl

Net income (loss) per share (Tables)	3 Months Ended
	Mar. 31, 2014
Net income (loss) per share	'
Schedule of computation of basic and diluted net (loss) income per share	'
		Three months ended
		March 31,
		2014			2013
	Numerator:
	Net (loss) income	$	(779,290	)	$	371,916
	Amounts allocated to participating preferred stockholders under the two-class method	—			(42,722		)
	Net (loss) income applicable to common stockholders (basic and diluted)	$	(779,290	)	$	329,194
	Denominator:
	Weighted average common stock outstanding (basic)	53,437,184			52,779,130
	Common equivalent shares from options and warrants to purchase common stock	—			2,026,896
	Weighted average common stock outstanding (diluted)(1)	53,437,184			54,806,026
	Basic net (loss) income per share applicable to common stockholders	$	(0.01	)	$	0.01
	Diluted net (loss) income per share applicable to common stockholders(1)	$	(0.01	)	$	0.01
	(1)           In accordance with ASC 260-10-45-48 for the three months ended March 31, 2014 and 2013, the Company has excluded 1,077,712 and 915,000, respectively, contingently issued restricted shares from diluted weighted average common stock outstanding as the contingencies (a) were not satisfied at the reporting date nor (b) would have been satisfied if the reporting date was at the end of the contingency period.
Schedule of weighted average securities outstanding that have been excluded from the diluted net (loss) income per share calculation because the effect would have been anti-dilutive	'
		Three months ended
		March 31,
		2014		2013
	Stock options	8,106,302		1,544,580
	Restricted stock awards	506,812		—
	Warrants	183,983		163,941
	Convertible preferred stock(1)	6,851,144		6,851,144
	Total anti-dilutive securities	15,648,241		8,559,665
	(1)                                 Diluted net (loss) income per share (decreases) increases when convertible preferred stock is included in the required sequence in the diluted earnings per share computation. As such, convertible preferred stock is excluded from the computation of diluted earnings per share for the three months ended March 31, 2014 and 2013.

Stockbased_compensation_expens1

Stock-based compensation expense and assumptions (Tables)	3 Months Ended
	Mar. 31, 2014
Stock-based compensation expense and assumptions	'
Summary of stock-based compensation expense recognized by income statement classification	'
		Three months ended
		March 31,
		2014		2013
	Processing and service costs	$	63,910	$	49,643
	Selling, general and administrative expenses	212,081		209,286
	Restructuring charges	35,133		—
	Total stock-based compensation expense	$	311,124	$	258,929
Summary of stock-based compensation expense recognized by type	'
		Three months ended
		March 31,
		2014		2013
	Stock options	$	217,583	$	258,929
	Restricted stock awards	93,541		—
	Total stock-based compensation expense	$	311,124	$	258,929

Property_and_equipment_Tables

Property and equipment (Tables)	3 Months Ended
	Mar. 31, 2014
Property and equipment	'
Schedule of property and equipment, net	'
		Estimated		As of			As of
		useful life		March 31,			December 31,
		(years)		2014			2013
	Equipment	5-Feb		$	938,272		$	939,129
	Computer hardware	5-Mar		2,664,054			2,493,658
	Furniture and fixtures	7-May		182,389			182,562
	Leasehold improvements	9-May		699,003			689,648
	Total property and equipment, gross			4,483,718			4,304,997
	Less: Accumulated depreciation and amortization			(2,258,261		)	(2,106,357		)
	Property and equipment, net			$	2,225,457		$	2,198,640
Schedule of property and equipment depreciation and amortization expense	'
		Three months ended
		March 31,
		2014			2013
	Depreciation and amortization expense	$	156,423		$	118,761

Goodwill_and_intangible_assets1

Goodwill and intangible assets (Tables)	3 Months Ended
	Mar. 31, 2014
Goodwill and intangible assets	'
Schedule of change in carrying amount of goodwill	'
	Goodwill, gross, as of December 31, 2013	$	362,063
	Impact of change in Euro exchange rate	(368		)
	Accumulated impairment losses as of March 31, 2014	—
	Goodwill, net, as of March 31, 2014	$	361,695
Schedule of the gross book value, accumulated amortization and amortization periods of intangible assets	'
		As of March 31, 2014								As of December 31, 2013							Amortization
		Gross book			Accumulated			Net book		Gross book		Accumulated			Net book		period
		value			amortization			value		value		amortization			value		(years)
	Trademarks and patents	$	1,156,377		$	(347,074	)	$	809,303	$	1,100,696	$	(327,200	)	$	773,496	15
	Technology	3,012,126			(1,117,402		)	1,894,724		3,015,192		(967,779		)	2,047,413		5
	Intangible assets, net	$	4,168,503		$	(1,464,476	)	$	2,704,027	$	4,115,888	$	(1,294,979	)	$	2,820,909
Schedule of amortization expense related to intangible assets	'
		Three months ended
		March 31,
		2014			2013
	Amortization expense	$	171,291		$	204,293

Related_party_transactions_Tab

Related party transactions (Tables)	3 Months Ended
	Mar. 31, 2014
Related party transactions	'
Schedule of amounts incurred to companies that are principally owned by executives, directors or stockholders of the Company or their families	'
		Three months ended
		March 31,
		2014		2013
	Rent	$	125,094	$	77,630
	Consulting and professional fees	611		21,372

Accrued_expenses_Tables

Accrued expenses (Tables)	3 Months Ended
	Mar. 31, 2014
Accrued expenses	'
Schedule of the components of accrued expenses	'
		As of		As of
		March 31,		December 31,
		2014		2013
	Bonus	$	297,341	$	419,205
	Professional fees	211,600		322,547
	Gift card liabilities	337,385		1,150,096
	Deferred revenue (*)	561,642		549,390
	Other (**)	2,479,319		2,591,382
	Total accrued expenses	$	3,887,287	$	5,032,620
	(*) Current deferred revenue will be recognized as revenue ratably over the next 12 months.  Included in the balance sheet classification “Long-term portion of capital leases liability and deferred revenue” are the non-current portion of deferred revenue in the amount of $0.9 million as of March 31, 2014 and December 31, 2013.
	(**) No amounts included in “Other” exceed 10% of total current liabilities.

Segment_information_Tables

Segment information (Tables)	3 Months Ended
	Mar. 31, 2014
Segment information	'
Schedule of revenue by segment and geographical region and reconciliations to consolidated revenue and gross profit	'
		Three months ended
		March 31,
		2014			2013
	Net Revenue:
	APAC	$	3,886,007		$	3,716,672
	Americas	1,210,806			1,461,101
	CEMEA	2,341,622			2,652,956
	Total multi-currency processing services revenue	7,438,435			7,830,729
	Payment processing services revenue	3,736,682			4,255,334
	Net revenue	$	11,175,117		$	12,086,063
	Gross Profit:
	APAC	$	3,858,140		$	3,684,004
	Americas	1,178,702			1,436,166
	CEMEA	1,803,744			2,269,054
	Total multi-currency processing services gross profit	6,840,586			7,389,224
	Payment processing services gross profit	1,217,861			1,453,045
	Total gross profit	$	8,058,447		$	8,842,269
Schedule of concentration of revenue by customer by geographical region	'
		Three months
		ended
		March 31,
		2014		2013
	Multi-currency processing services revenue:
	APAC:
	Customer A	64	%	66	%
	Americas:
	Customer E	23		28
	Customer F	26		36
	Customer G	11		*
	CEMEA:
	Customer C	61		79
	Customer H	39		21
	(*)                                 Less than 10% revenue concentration.

Restructuring_charges_Tables

Restructuring charges (Tables)	3 Months Ended
	Mar. 31, 2014
Restructuring charges	'
Schedule of cash components and activity associated with the realignment of workforce and business	'
		Balance as of		Charges		Cash Payments		Balance as of
		January 1,						March 31, 2014
		2014
	Severance and benefits	$	—	$	523,054	$	141,438	$	381,616
	Legal expenses	—		40,549		14,198		26,351
	Total restructuring charges	$	—	$	563,603	$	155,636	$	407,967

Business_description_and_basis1

Business description and basis of presentation (Details)	Mar. 31, 2014
	item
Business description and basis of presentation	'
Number of active merchant locations to which the Company provides services	67,000
Number of countries in which the entity provides services	23

Hurricane_Sandy_Details

Hurricane Sandy (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2013	Mar. 31, 2013
Hurricane Sandy	'	'
Capital additions related to Hurricane Sandy	'	$0.50
Insurance proceeds recorded as a gain in selling, general and administrative expenses	$0.30	'

Concentration_of_credit_risk_D

Concentration of credit risk (Details) (USD $)

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Accounts Receivable

Accounts Receivable

Accounts Receivable

Accounts Receivable

Accounts Receivable

Accounts Receivable

Revenue

Revenue

Revenue

Revenue

Credit concentration risk

Credit concentration risk

Credit concentration risk

Credit concentration risk

Credit concentration risk

Credit concentration risk

Customer concentration risk

Customer concentration risk

Customer concentration risk

Customer concentration risk

Customer A

Customer A

Customer B

Customer B

Customer C

Customer D

Customer A

Customer A

Customer C

Customer C

Concentration of credit risk

'

'

'

'

'

'

'

'

'

'

'

'

Cash, cash equivalents, and restricted cash with financial banking institutions that are insured by the Federal Deposit Insurance Corporation ("FDIC")

$250,000

'

'

'

'

'

'

'

'

'

'

'

Cash balances at foreign banking institutions which are not insured by the FDIC

$5,100,000

$5,800,000

'

'

'

'

'

'

'

'

'

'

Concentration risk (as a percent)

'

'

26.00%

22.00%

11.00%

12.00%

13.00%

11.00%

22.00%

20.00%

13.00%

17.00%

Net_income_loss_per_share_Deta

Net income (loss) per share (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Numerator:	'	'
Net (loss) income	($779,290)	$371,916
Amounts allocated to participating preferred stockholders under the two-class method	'	-42,722
Net (loss) income applicable to common stockholders - basic	-779,290	329,194
Net (loss) income applicable to common stockholders - diluted	($779,290)	$329,194
Denominator:	'	'
Weighted average common stock outstanding (basic) (in shares)	53,437,184	52,779,130
Common equivalent shares from options and warrants to purchase common stock	'	2,026,896
Weighted average common stock outstanding (diluted) (in shares)	53,437,184	54,806,026
Basic net (loss) income per share applicable to common stockholders	($0.01)	$0.01
Diluted net (loss) income per share applicable to common stockholders	($0.01)	$0.01
Anti-dilutive securities excluded from computation of diluted earnings per share	'	'
Total anti-dilutive securities (in shares)	15,648,241	8,559,665
Contingently issued restricted shares	'	'
Anti-dilutive securities excluded from computation of diluted earnings per share	'	'
Total anti-dilutive securities (in shares)	1,077,712	915,000
Stock options	'	'
Anti-dilutive securities excluded from computation of diluted earnings per share	'	'
Total anti-dilutive securities (in shares)	8,106,302	1,544,580
Restricted stock awards	'	'
Anti-dilutive securities excluded from computation of diluted earnings per share	'	'
Total anti-dilutive securities (in shares)	506,812	'
Warrants	'	'
Anti-dilutive securities excluded from computation of diluted earnings per share	'	'
Total anti-dilutive securities (in shares)	183,983	163,941
Convertible preferred stock	'	'
Anti-dilutive securities excluded from computation of diluted earnings per share	'	'
Total anti-dilutive securities (in shares)	6,851,144	6,851,144

Stockbased_compensation_expens2

Stock-based compensation expense and assumptions (Details) (USD $)	3 Months Ended
Share data in Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Stock-based compensation expense and assumptions	'	'
Requisite service period	'36 months	'
Total stock-based compensation expense	$311,124	$258,929
Stock options	'	'
Stock-based compensation expense and assumptions	'	'
Options granted (in shares)	0.4	'
Fair value of options granted	600,000	'
Total stock-based compensation expense	217,583	258,929
Restricted stock awards	'	'
Stock-based compensation expense and assumptions	'	'
Total stock-based compensation expense	93,541	'
Processing and service costs	'	'
Stock-based compensation expense and assumptions	'	'
Total stock-based compensation expense	63,910	49,643
Selling, general and administrative expenses	'	'
Stock-based compensation expense and assumptions	'	'
Total stock-based compensation expense	212,081	209,286
Restructuring charges	'	'
Stock-based compensation expense and assumptions	'	'
Total stock-based compensation expense	$35,133	'

Property_and_equipment_Details

Property and equipment (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Property and equipment	'	'	'
Total property and equipment, gross	$4,483,718	'	$4,304,997
Less: Accumulated depreciation and amortization	-2,258,261	'	-2,106,357
Total property and equipment, net	2,225,457	'	2,198,640
Depreciation and amortization expense	156,423	118,761	'
Equipment	'	'	'
Property and equipment	'	'	'
Total property and equipment, gross	938,272	'	939,129
Equipment | Minimum	'	'	'
Property and equipment	'	'	'
Estimated useful life	'2 years	'	'
Equipment | Maximum	'	'	'
Property and equipment	'	'	'
Estimated useful life	'5 years	'	'
Computer hardware	'	'	'
Property and equipment	'	'	'
Total property and equipment, gross	2,664,054	'	2,493,658
Computer hardware | Minimum	'	'	'
Property and equipment	'	'	'
Estimated useful life	'3 years	'	'
Computer hardware | Maximum	'	'	'
Property and equipment	'	'	'
Estimated useful life	'5 years	'	'
Furniture and fixtures	'	'	'
Property and equipment	'	'	'
Total property and equipment, gross	182,389	'	182,562
Furniture and fixtures | Minimum	'	'	'
Property and equipment	'	'	'
Estimated useful life	'5 years	'	'
Furniture and fixtures | Maximum	'	'	'
Property and equipment	'	'	'
Estimated useful life	'7 years	'	'
Leasehold improvements	'	'	'
Property and equipment	'	'	'
Total property and equipment, gross	$699,003	'	$689,648
Leasehold improvements | Minimum	'	'	'
Property and equipment	'	'	'
Estimated useful life	'5 years	'	'
Leasehold improvements | Maximum	'	'	'
Property and equipment	'	'	'
Estimated useful life	'9 years	'	'

Goodwill_and_intangible_assets2

Goodwill and intangible assets (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Goodwill	'	'	'
Goodwill, gross, at the Beginning of the period	$362,063	'	'
Impact of change in Euro exchange rate	-368	'	'
Goodwill, net, at the end of the period	361,695	'	'
Intangible assets	'	'	'
Gross book value	4,168,503	'	4,115,888
Accumulated amortization	-1,464,476	'	-1,294,979
Net book value	2,704,027	'	2,820,909
Amortization expense	171,291	204,293	'
Trademarks and patents	'	'	'
Intangible assets	'	'	'
Gross book value	1,156,377	'	1,100,696
Accumulated amortization	-347,074	'	-327,200
Net book value	809,303	'	773,496
Amortization period	'15 years	'	'
Technology	'	'	'
Intangible assets	'	'	'
Gross book value	3,012,126	'	3,015,192
Accumulated amortization	-1,117,402	'	-967,779
Net book value	$1,894,724	'	$2,047,413
Amortization period	'5 years	'	'

Commitments_and_contingencies_

Commitments and contingencies (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Sep. 01, 2013	Mar. 31, 2014	Sep. 01, 2013
In Millions, unless otherwise specified			Fraud related to certain credit card transactions	Bank Sponsorship Agreement	Bank Sponsorship Agreement	Bank Sponsorship Agreement
						Financial Guarantee
						Minimum
Employment agreements	'	'	'	'	'	'
Commitment to pay severance in event of employment termination without cause	$1.40	$2	'	'	'	'
Commitment to pay severance in event of employment termination upon change of control	1.5	2.3	'	'	'	'
Cash reserves required to be posted by merchant	'	'	0.2	'	'	'
Term of Bank Sponsorship Agreement	'	'	'	'5 years	'	'
Bank sponsorship agreement annual fees in year one	'	'	'	'	'	0.3
Bank sponsorship agreement fees final year	'	'	'	'	'	0.5
Bank sponsorship agreement fees due	'	'	'	'	'	1.8
Contingent liability	$0	$0	'	'	$0	'

Related_party_transactions_Det

Related party transactions (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Related party transactions	'	'
Rent	$125,094	$77,630
Consulting and professional fees	$611	$21,372
BDP Realty Corporation	'	'
Related party transactions	'	'
Ownership interest owned by related party (as a percent)	33.30%	'

Accrued_expenses_Details

Accrued expenses (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Accrued expenses	'	'
Bonus	$297,341	$419,205
Professional fees	211,600	322,547
Gift card liabilities	337,385	1,150,096
Deferred revenue	561,642	549,390
Other	2,479,319	2,591,382
Total accrued expenses	3,887,287	5,032,620
Non-current portion of deferred revenue	$900,000	$900,000
Maximum percentage of total current liabilities	10.00%	'

Segment_information_Details

Segment information (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
	item
Segment information	'	'	'
Number of reportable segments	2	'	'
Segment information	'	'	'
Processing and service costs	$3,714,593	$3,175,647	'
Long-lived assets	10,200,000	'	10,300,000
Number of geographical regions in which the entity conducts its business	3	'	'
Net Revenue:	'	'	'
Net revenue	11,175,117	12,086,063	'
Gross Profit:	'	'	'
Total gross profit	8,058,447	8,842,269	'
Multi-currency processing services	'	'	'
Segment information	'	'	'
Processing and service costs	600,000	400,000	'
Net Revenue:	'	'	'
Net revenue	7,438,435	7,830,729	'
Gross Profit:	'	'	'
Total gross profit	6,840,586	7,389,224	'
Payment processing services	'	'	'
Net Revenue:	'	'	'
Net revenue	3,736,682	4,255,334	'
Number of individual customer with revenue greater than 10% of segment revenue	0	'	'
Gross Profit:	'	'	'
Total gross profit	1,217,861	1,453,045	'
APAC	'	'	'
Net Revenue:	'	'	'
Net revenue	3,886,007	3,716,672	'
Gross Profit:	'	'	'
Total gross profit	3,858,140	3,684,004	'
Americas	'	'	'
Net Revenue:	'	'	'
Net revenue	1,210,806	1,461,101	'
Gross Profit:	'	'	'
Total gross profit	1,178,702	1,436,166	'
CEMEA	'	'	'
Net Revenue:	'	'	'
Net revenue	2,341,622	2,652,956	'
Gross Profit:	'	'	'
Total gross profit	$1,803,744	$2,269,054	'

Segment_information_Details_2

Segment information (Details 2) (Revenue, Geographical concentration risk, Multi-currency processing services)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
APAC | Customer A	'	'
Revenue concentration	'	'
Concentration risk (as a percent)	64.00%	66.00%
Americas | Customer E	'	'
Revenue concentration	'	'
Concentration risk (as a percent)	23.00%	28.00%
Americas | Customer F	'	'
Revenue concentration	'	'
Concentration risk (as a percent)	26.00%	36.00%
Americas | Customer G	'	'
Revenue concentration	'	'
Concentration risk (as a percent)	11.00%	'
CEMEA | Customer C	'	'
Revenue concentration	'	'
Concentration risk (as a percent)	61.00%	79.00%
CEMEA | Customer H	'	'
Revenue concentration	'	'
Concentration risk (as a percent)	39.00%	21.00%

Restructuring_charges_Details

Restructuring charges (Details) (USD $)	3 Months Ended
	Mar. 31, 2014
	item
Restructuring charges	'
Number of workforce reduced by the entity	19
Percentage of workforce reduced of its total employees	10.00%
Restructuring charges	$629,215
Cash components and activity associated with the realignment of workforce and business under the restructuring program	'
Charges	563,603
Cash Payments	155,636
Balance at end of period	407,967
Severance and benefits	'
Cash components and activity associated with the realignment of workforce and business under the restructuring program	'
Charges	523,054
Cash Payments	141,438
Balance at end of period	381,616
Legal expenses	'
Cash components and activity associated with the realignment of workforce and business under the restructuring program	'
Charges	40,549
Cash Payments	14,198
Balance at end of period	$26,351