Planet Payment 10-Q 6 Nov 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2014	Oct. 31, 2014
Document and Entity Information	'	'
Entity Registrant Name	'Planet Payment Inc	'
Entity Central Index Key	'0001362925	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-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	'	55,808,613
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'

Consolidated_balance_sheets

Consolidated balance sheets (USD $)	Sep. 30, 2014	Dec. 31, 2013
Current assets:	'	'
Cash and cash equivalents	$8,745,476	$6,572,468
Restricted cash	4,542,734	3,471,023
Accounts receivable, net of allowances of $0.2 million as of September 30, 2014 and December 31, 2013	5,757,686	6,016,296
Prepaid expenses and other assets	1,396,690	1,457,660
Total current assets	20,442,586	17,517,447
Other assets:	'	'
Restricted cash	430,992	446,044
Property and equipment, net	2,266,778	2,198,640
Software development costs, net	4,710,241	4,904,415
Intangible assets, net	2,248,455	2,820,909
Goodwill	333,635	362,063
Security deposits and other assets	2,293,022	2,141,620
Total other assets	12,283,123	12,873,691
Total assets	32,725,709	30,391,138
Current liabilities:	'	'
Accounts payable	438,619	585,604
Accrued expenses	2,987,445	5,032,620
Due to merchants	4,464,134	3,018,900
Current portion of capital leases	511,236	466,010
Total current liabilities	8,401,434	9,103,134
Long-term liabilities:	'	'
Long-term portion of capital leases and deferred revenue	1,553,988	1,432,513
Total long-term liabilities	1,553,988	1,432,513
Total liabilities	9,955,422	10,535,647
Commitments and contingencies (Note 8)	'	'
Stockholders' equity:	'	'
Convertible preferred stock- 10,000,000 shares authorized as of September 30, 2014 and December 31, 2013, $0.01 par value: Series A- 2,243,750 issued and outstanding as of September 30, 2014 and December 31, 2013; $8,975,000 aggregate liquidation preference	22,438	22,438
Common stock-250,000,000 shares authorized as of September 30, 2014 and December 31, 2013, $0.01 par value, and 55,808,613 and 55,037,488 issued and outstanding as of September 30, 2014 and December 31, 2013, respectively	558,086	550,375
Additional paid-in capital	102,951,649	101,038,685
Accumulated other comprehensive (loss) income	-68,897	135,231
Accumulated deficit	-80,692,989	-81,891,238
Total stockholders' equity	22,770,287	19,855,491
Total liabilities and stockholders' equity	$32,725,709	$30,391,138

Consolidated_balance_sheets_Pa

Consolidated balance sheets (Parenthetical) (USD $)	Sep. 30, 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	55,808,613	55,037,488
Common stock, shares outstanding	55,808,613	55,037,488

Consolidated_statements_of_ope

Consolidated statements of operations (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenue:	'	'	'	'
Net revenue	$11,312,303	$10,472,912	$34,372,025	$34,323,638
Cost of revenue:	'	'	'	'
Payment processing services fees	2,613,327	2,742,520	7,507,005	8,293,744
Processing and service costs	3,222,608	3,230,876	10,182,522	9,585,178
Total cost of revenue	5,835,935	5,973,396	17,689,527	17,878,922
Selling, general and administrative expenses	4,369,155	5,320,571	13,953,925	16,492,210
Restructuring charges	512,589	'	1,195,556	'
Total operating expenses	10,717,679	11,293,967	32,839,008	34,371,132
Income (loss) from operations	594,624	-821,055	1,533,017	-47,494
Other (expense) income:	'	'	'	'
Interest expense	-15,201	-21,394	-47,187	-50,305
Interest income	1,245	278	1,708	802
Other income	'	'	16,949	'
Total other expense, net	-13,956	-21,116	-28,530	-49,503
Income (loss) before (provision) benefit for income taxes	580,668	-842,171	1,504,487	-96,997
(Provision) benefit for income taxes	-112,543	33,617	-306,238	-34,950
Net income (loss)	$468,125	($808,554)	$1,198,249	($131,947)
Basic net income (loss) per share applicable to common stockholders (in dollars per share)	$0.01	($0.02)	$0.02	$0
Diluted net income (loss) per share applicable to common stockholders (in dollars per share)	$0.01	($0.02)	$0.02	$0
Weighted average common stock outstanding (basic) (in shares)	54,141,669	53,051,626	53,855,361	52,888,734
Weighted average common stock outstanding (diluted) (in shares)	54,977,485	53,051,626	55,263,634	52,888,734

Consolidated_statements_of_com

Consolidated statements of comprehensive income (loss) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Condensed Consolidated Statements of Comprehensive Income (Loss)	'	'	'	'
Net income (loss)	$468,125	($808,554)	$1,198,249	($131,947)
Foreign currency translation adjustment	-191,158	126,382	-204,128	48,044
Total comprehensive income (loss)	$276,967	($682,172)	$994,121	($83,903)

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Cash Flows (USD $)	9 Months Ended
	Sep. 30, 2014		Sep. 30, 2013
Cash flows from operating activities:	'		'
Net income (loss)	$1,198,249		($131,947)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:	'		'
Stock-based compensation expense	951,390		864,924
Depreciation and amortization expense	2,308,057		2,123,152
Provision for doubtful accounts	29,133		259,443
Disposal of property and equipment	'		4,979
Gain on insurance settlement	'		-301,281
Changes in operating assets and liabilities, net of effects of acquisition	'		'
Decrease (increase) in settlement assets	938,937		-5,869
Decrease (increase) in accounts receivables, prepaid expenses and other current assets	317,807		-1,038,277
Increase in security deposits and other assets	-178,762		-604,914
Decrease in accounts payable and accrued expenses	-2,074,287		-777,209
Decrease in due to merchants	-565,414		-194,984
Other	-37,127		-22,082
Net cash provided by operating activities	2,887,983		175,935
Cash flows from investing activities:	'		'
Insurance proceeds	'		401,281
Increase in restricted cash	-1,995,596		-9,954
Increase in merchant reserves	2,010,648		'
Purchase of property and equipment	-100,935		-761,372
Capitalized software development	-1,037,978		-1,132,921
Purchase of intangible assets	-106,264		-99,107
Net cash used in investing activities	-1,230,125		-1,602,073
Cash flows from financing activities:	'		'
Proceeds from issuance of common stock	934,032		483,184
Principal payments on capital lease obligations	-418,882		-344,297
Net cash provided by financing activities	515,150		138,887
Effect of exchange rate changes on cash and cash equivalents	0	[1]	0	[1]
Net increase (decrease) in cash and cash equivalents	2,173,008		-1,287,251
Beginning of period	6,572,468		6,002,457
End of period	8,745,476		4,715,206
Cash paid for:	'		'
Interest	48,898		48,431
Income taxes	598,511		294,687
Non-cash investing and financing activities:	'		'
Assets acquired under capital leases	429,611		561,469
Accrued capitalized hardware, software and fixed assets	32,937		50,828
Capitalized stock-based compensation	$40,415		$40,303
[1]	For the nine months ended September 30, 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	9 Months Ended
	Sep. 30, 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 93,000 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 unaudited condensed consolidated interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
	The accompanying unaudited condensed consolidated interim financial statements include the accounts of Planet Payment, Inc. and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated.
	Unaudited condensed consolidated interim financial information
	The accompanying unaudited condensed consolidated interim financial statements as of September 30, 2014 and for the periods ended September 30, 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 September 30, 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.

Recent_accounting_pronouncemen

Recent accounting pronouncements	9 Months Ended
	Sep. 30, 2014
Recent accounting pronouncements	'
Recent accounting pronouncements	'
	2. Recent accounting pronouncements
	In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09), which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance.  The new guidance includes a cohesive set of disclosure requirements intended to provide users of financial statements with comprehensive information about the nature, amount, timing and uncertainty of revenue and cash flows arising from a company’s contracts with customers.  ASU 2014-09 will be effective January 1, 2017 and early application is not permitted.  The standard allows for either retrospective application to each reporting period presented or retrospective application with the cumulative effect of initially applying this update recognized at the date of initial application.  The Company is currently evaluating the effect ASU 2014-09 will have on the Company’s Consolidated Financial Statements and disclosures.
	In June 2014, the FASB issued ASU 2014-12, Accounting for Share-based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (Topic 718) (“ASU 2014-12”), which requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition and should not be reflected in the estimate of the grant-date fair value of the award.  The guidance is effective for periods beginning after December 15, 2015.  The guidance can be applied prospectively for all awards granted or modified after the effective date or retrospectively to all awards with performance targets outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter.  We do not expect a material impact on our financial condition, results of operations or cash flows from the adoption of this guidance.

Concentration_of_credit_risk

Concentration of credit risk	9 Months Ended
	Sep. 30, 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 some of 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 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
		September 30,		December 31,
		2014		2013
	Customer A	21	%	22	%
	Customer B (*)	**		12
	Customer C	**		13
	(*)Customer B 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				Nine months ended
		September 30,				September 30,
		2014		2013		2014		2013
	Customer A	21	%	22	%	21	%	21	%
	Customer C	*		*		10		13
	(*)Less than 10% revenue concentration.

Net_income_loss_per_share

Net income (loss) per share	9 Months Ended
	Sep. 30, 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 income (loss) per share:
			Three months ended						Nine months ended
			September 30,						September 30,
			2014			2013			2014			2013
	Numerator:
	Net income (loss)		$	468,125		$	(808,554	)	$	1,198,249		$	(131,947	)
	Amounts allocated to participating preferred stockholders under the two-class method		(52,490		)	—			(134,357		)	—
	Net income (loss) applicable to common stockholders (basic and diluted)		$	415,635		$	(808,554	)	$	1,063,892		$	(131,947	)
	Denominator:
	Weighted average common stock outstanding (basic)		54,141,669			53,051,626			53,855,361			52,888,734
	Common equivalent shares from options and warrants to purchase common stock		835,816			—			1,408,273			—
	Weighted average common stock outstanding (diluted)(1)		54,977,485			53,051,626			55,263,634			52,888,734
	Basic net income (loss) per share applicable to common stockholders		$	0.01		$	(0.02	)	$	0.02		$	(0.00	)
	Diluted net income (loss) per share applicable to common stockholders(1)		$	0.01		$	(0.02	)	$	0.02		$	(0.00	)
		-1		In accordance with ASC 260-10-45-48 for the three and nine months ended September 30, 2014 and 2013, the Company has excluded 1,394,550 and 1,383,941, respectively, of 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 income (loss) per share calculation because the effect would have been anti-dilutive:
			Three months ended				Nine months ended
			September 30,				September 30,
			2014		2013		2014		2013
	Stock options		5,110,132		8,507,266		3,638,125		8,369,974
	Restricted stock awards		149,174		206,642		51,590		96,036
	Warrants		33,426		591,187		29,913		594,736
	Convertible preferred stock(1)		6,851,144		6,851,144		6,851,144		6,851,144
	Total anti-dilutive securities		12,143,876		16,156,239		10,570,772		15,911,890
	Diluted net income (loss) per share increases (decreases) 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 and nine months ended September 30, 2014 and 2013.

Stockbased_compensation_expens

Stock-based compensation expense and assumptions	9 Months Ended
	Sep. 30, 2014
Stock-based compensation expense and assumptions	'
Stock-based compensation expense and assumptions	'
	5. Stock-based compensation expense and assumptions
	During the first and second quarters of 2014 0.4 million and 0.1 million stock options, respectively, were granted to certain employees of the Company with a grant fair value of $0.6 million and $0.2 million, respectively.  The actual number of shares that will be issued upon exercise of options is subject to the achievement of service-based 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.
	During the second quarter of 2014, 0.3 million restricted market-based performance stock awards with a grant fair value of $5,735 were granted to certain employees of the Company.  The final number of vested shares is subject to the achievement of certain market-based performance targets and vesting conditions.  Given the inconsequential nature of the amount, we recorded the entire expense at the time of the grant.
	During the second quarter of 2014, 0.1 million restricted stock awards with a grant fair value of $0.2 million were granted to certain employees of the Company.  The final number of vested shares is subject to service-based vesting conditions.  Expense is recorded on a straight line basis from the date of the grant over the applicable service period of 36 months.
	During the third quarter of 2014, 0.3 million restricted market-based performance stock awards with a grant fair value of $1,023 were granted to an employee of the Company.  The final number of vested shares is subject to the achievement of certain market-based performance targets and vesting conditions.  Given the inconsequential nature of the amount, we recorded the entire expense at the time of the grant.
	During the third quarter of 2014, 0.1 million restricted stock awards with a grant fair value of $0.3 million were granted to certain members of the Company’s Board of Directors.  The final number of vested shares is subject to service-based vesting conditions.  Expense is recorded on a straight line basis from the date of the grant over the applicable service period of 12 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				Nine months ended
		September 30,				September 30,
		2014		2013		2014		2013
	Processing and service costs	$	69,275	$	65,284	$	195,585	$	173,089
	Selling, general and administrative expenses	207,405		250,684		631,755		691,835
	Restructuring charges	88,917		—		124,050		—
	Total stock-based compensation expense	$	365,597	$	315,968	$	951,390	$	864,924
	The following summarizes stock-based compensation expense recognized by type:
		Three months ended				Nine months ended
		September 30,				September 30,
		2014		2013		2014		2013
	Stock options	$	235,573	$	228,423	$	655,965	$	739,992
	Restricted stock awards	130,024		87,545		295,425		124,932
	Total stock-based compensation expense	$	365,597	$	315,968	$	951,390	$	864,924

Property_and_equipment

Property and equipment	9 Months Ended
	Sep. 30, 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		September 30,			December 31,
		(years)		2014			2013
	Equipment	5-Feb		$	928,449		$	939,129
	Computer hardware	5-Mar		2,957,168			2,493,658
	Furniture and fixtures	7-May		194,753			182,562
	Leasehold improvements	10-May		739,138			689,648
	Total property and equipment, gross			4,819,508			4,304,997
	Less: Accumulated depreciation and amortization			(2,552,730		)	(2,106,357		)
	Property and equipment, net			$	2,266,778		$	2,198,640
	Property and equipment depreciation and amortization expense is as follows:
		Three months ended						Nine months ended
		September 30,						September 30,
		2014			2013			2014		2013
	Depreciation and amortization expense	$	164,253		$	136,193		$	460,444	$	407,684

Goodwill_and_intangible_assets

Goodwill and intangible assets	9 Months Ended
	Sep. 30, 2014
Goodwill and intangible assets	'
Goodwill and intangible assets	'
	7. Goodwill and intangible assets
	The change in carrying amount of goodwill for the nine months ended September 30, 2014 is as follows:
	Goodwill, gross, as of December 31, 2013	$	362,063
	Impact of change in Euro exchange rate	(28,428		)
	Accumulated impairment losses as of September 30, 2014	—
	Goodwill, net, as of September 30, 2014	$	333,635
	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 September 30, 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	$	1,145,218		$	(366,654	)	$	778,564	$	1,100,696	$	(327,200	)	$	773,496	15-21
	Technology	2,778,453			(1,308,562		)	1,469,891		3,015,192		(967,779		)	2,047,413		5
	Intangible assets, net	$	3,923,671		$	(1,675,216	)	$	2,248,455	$	4,115,888	$	(1,294,979	)	$	2,820,909
	Amortization expense related to intangible assets is as follows:
		Three months ended						Nine months ended
		September 30,						September 30,
		2014			2013			2014		2013
	Amortization expense	$	210,627		$	163,274		$	550,082	$	567,449

Commitments_and_contingencies

Commitments and contingencies	9 Months Ended
	Sep. 30, 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 $1.2 million and $2.0 million as of September 30, 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 $1.4 million and $2.3 million as of September 30, 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 $0.5 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. In addition, the Company holds merchant reserves of approximately $2.2 million.  This reserve amount is included in “Restricted cash” with an offset in “Due to merchants”.  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 September 30, 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 September 30, 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	9 Months Ended
	Sep. 30, 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				Nine months ended
		September 30,				September 30,
		2014		2013		2014		2013
	Rent	$	126,451	$	128,364	$	377,544	$	294,518
	Consulting and professional fees	1,414		12,773		4,840		52,563
	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	9 Months Ended
	Sep. 30, 2014
Accrued expenses	'
Accrued expenses	'
	10. Accrued expenses
	The following are the components of accrued expenses:
		As of		As of
		September 30,		December 31,
		2014		2013
	Bonus	$	101,010	$	419,205
	Professional fees	193,639		322,547
	Gift card liabilities	119,125		1,150,096
	Deferred revenue (*)	657,145		549,390
	Other (**)	1,916,526		2,591,382
	Total accrued expenses	$	2,987,445	$	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 $1.0 million and $0.9 million as of September 30, 2014 and December 31, 2013, respectively.
	(**) No amounts included in “Other” exceed 10% of total current liabilities.

Segment_information

Segment information	9 Months Ended
	Sep. 30, 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 $0.4 million and $0.3 million, which is included in “processing and services costs” for the three months ended September 30, 2014 and 2013, respectively, and $1.5 million and $1.1 million for the nine months ended September 30, 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 September 30, 2014 and December 31, 2013, long-lived asset amounts are $9.6 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						Nine months ended
		September 30,						September 30,
		2014			2013			2014		2013
	Net Revenue:
	APAC	$	3,967,352		$	3,629,098		$	11,955,505	$	11,140,930
	Americas	1,862,440			1,622,659			5,152,889		4,741,143
	CEMEA	1,240,311			1,307,448			5,525,690		5,955,048
	Total multi-currency processing services revenue	7,070,103			6,559,205			22,634,084		21,837,121
	Payment processing services revenue	4,242,200			3,913,707			11,737,941		12,486,517
	Net revenue	$	11,312,303		$	10,472,912		$	34,372,025	$	34,323,638
	Gross Profit:
	APAC	$	3,948,116		$	3,613,065		$	11,886,221	$	11,072,546
	Americas	1,811,231			1,597,014			5,033,286		4,666,282
	CEMEA	921,507			1,037,551			4,211,680		4,962,435
	Total multi-currency processing services gross profit	6,680,854			6,247,630			21,131,187		20,701,263
	Payment processing services gross profit	1,628,873			1,171,187			4,230,936		4,192,774
	Total gross profit	$	8,309,727		$	7,418,817		$	25,362,123	$	24,894,037
	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				Nine months
		ended				ended
		September 30,				September 30,
		2014		2013		2014		2013
	Multi-currency processing services revenue:
	APAC:
	Customer A	61	%	64	%	61	%	64	%
	Americas:
	Customer D	18		24		18		27
	Customer E	24		32		22		31
	Customer F	*		11		*		10
	Customer G	*		11		*		*
	Customer I	21		*		19		*
	CEMEA:
	Customer C	57		67		60		75
	Customer H	43		33		40		25
	(*)Less than 10% revenue concentration.

Restructuring_charges

Restructuring charges	9 Months Ended
	Sep. 30, 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 30 people, or 17% of its total employees, including senior-level positions.  As a result of the realignment, the Company incurred total restructuring charges during the three and nine months ended September 30, 2014 of approximately $0.5 million and $1.2 million, respectively.
	The table below sets forth the cash components and activity associated with the realignment of workforce and business for the nine months ended September 30, 2014:
		Balance as of		Charges		Cash Payments		Balance as of
		January 1,						September 30,
		2014						2014
	Severance and benefits	$	—	$	986,653	$	493,306	$	493,347
	Legal expenses and other	—		54,373		53,470		903
	Total restructuring charges	$	—	$	1,041,026	$	546,776	$	494,250

Hurricane_Sandy

Hurricane Sandy	9 Months Ended
	Sep. 30, 2014
Hurricane Sandy	'
Hurricane Sandy	'
	13. 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 nine months ended September 30, 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.

Subsequent_events

Subsequent events	9 Months Ended
	Sep. 30, 2014
Subsequent events	'
Subsequent events	'
	14.   Subsequent Events
	In October 2014, the Company announced that its Board of Directors authorized the repurchase of up to $6.0 million of the Company’s outstanding shares of common stock.  The shares may be purchased from time to time for a period ending December 31, 2015.  The timing, price and quantity of purchases will be at the discretion of the Company and the program may be discontinued or suspended at any time.  As of September 30, 2014, no purchases have been made.

Concentration_of_credit_risk_T

Concentration of credit risk (Tables)	9 Months Ended
	Sep. 30, 2014
Accounts Receivable	'
Concentration of credit risk	'
Schedule of concentrations of 10% and greater	'
		As of		As of
		September 30,		December 31,
		2014		2013
	Customer A	21	%	22	%
	Customer B (*)	**		12
	Customer C	**		13
	(*)Customer B 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				Nine months ended
		September 30,				September 30,
		2014		2013		2014		2013
	Customer A	21	%	22	%	21	%	21	%
	Customer C	*		*		10		13
	(*)Less than 10% revenue concentration.

Net_income_loss_per_share_Tabl

Net income (loss) per share (Tables)	9 Months Ended
	Sep. 30, 2014
Net income (loss) per share	'
Schedule of computation of basic and diluted net income (loss) per share	'
		Three months ended						Nine months ended
		September 30,						September 30,
		2014			2013			2014			2013
	Numerator:
	Net income (loss)	$	468,125		$	(808,554	)	$	1,198,249		$	(131,947	)
	Amounts allocated to participating preferred stockholders under the two-class method	(52,490		)	—			(134,357		)	—
	Net income (loss) applicable to common stockholders (basic and diluted)	$	415,635		$	(808,554	)	$	1,063,892		$	(131,947	)
	Denominator:
	Weighted average common stock outstanding (basic)	54,141,669			53,051,626			53,855,361			52,888,734
	Common equivalent shares from options and warrants to purchase common stock	835,816			—			1,408,273			—
	Weighted average common stock outstanding (diluted)(1)	54,977,485			53,051,626			55,263,634			52,888,734
	Basic net income (loss) per share applicable to common stockholders	$	0.01		$	(0.02	)	$	0.02		$	(0.00	)
	Diluted net income (loss) per share applicable to common stockholders(1)	$	0.01		$	(0.02	)	$	0.02		$	(0.00	)
	In accordance with ASC 260-10-45-48 for the three and nine months ended September 30, 2014 and 2013, the Company has excluded 1,394,550 and 1,383,941, respectively, of 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 income (loss) per share calculation because the effect would have been anti-dilutive	'
		Three months ended				Nine months ended
		September 30,				September 30,
		2014		2013		2014		2013
	Stock options	5,110,132		8,507,266		3,638,125		8,369,974
	Restricted stock awards	149,174		206,642		51,590		96,036
	Warrants	33,426		591,187		29,913		594,736
	Convertible preferred stock(1)	6,851,144		6,851,144		6,851,144		6,851,144
	Total anti-dilutive securities	12,143,876		16,156,239		10,570,772		15,911,890
	Diluted net income (loss) per share increases (decreases) 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 and nine months ended September 30, 2014 and 2013.

Stockbased_compensation_expens1

Stock-based compensation expense and assumptions (Tables)	9 Months Ended
	Sep. 30, 2014
Stock-based compensation expense and assumptions	'
Summary of stock-based compensation expense recognized by income statement classification	'
		Three months ended				Nine months ended
		September 30,				September 30,
		2014		2013		2014		2013
	Processing and service costs	$	69,275	$	65,284	$	195,585	$	173,089
	Selling, general and administrative expenses	207,405		250,684		631,755		691,835
	Restructuring charges	88,917		—		124,050		—
	Total stock-based compensation expense	$	365,597	$	315,968	$	951,390	$	864,924
Summary of stock-based compensation expense recognized by type	'
		Three months ended				Nine months ended
		September 30,				September 30,
		2014		2013		2014		2013
	Stock options	$	235,573	$	228,423	$	655,965	$	739,992
	Restricted stock awards	130,024		87,545		295,425		124,932
	Total stock-based compensation expense	$	365,597	$	315,968	$	951,390	$	864,924

Property_and_equipment_Tables

Property and equipment (Tables)	9 Months Ended
	Sep. 30, 2014
Property and equipment	'
Schedule of property and equipment, net	'
		Estimated		As of			As of
		useful life		September 30,			December 31,
		(years)		2014			2013
	Equipment	5-Feb		$	928,449		$	939,129
	Computer hardware	5-Mar		2,957,168			2,493,658
	Furniture and fixtures	7-May		194,753			182,562
	Leasehold improvements	10-May		739,138			689,648
	Total property and equipment, gross			4,819,508			4,304,997
	Less: Accumulated depreciation and amortization			(2,552,730		)	(2,106,357		)
	Property and equipment, net			$	2,266,778		$	2,198,640
Schedule of property and equipment depreciation and amortization expense	'
		Three months ended						Nine months ended
		September 30,						September 30,
		2014			2013			2014		2013
	Depreciation and amortization expense	$	164,253		$	136,193		$	460,444	$	407,684

Goodwill_and_intangible_assets1

Goodwill and intangible assets (Tables)	9 Months Ended
	Sep. 30, 2014
Goodwill and intangible assets	'
Schedule of changes in carrying amount of goodwill	'
	Goodwill, gross, as of December 31, 2013	$	362,063
	Impact of change in Euro exchange rate	(28,428		)
	Accumulated impairment losses as of September 30, 2014	—
	Goodwill, net, as of September 30, 2014	$	333,635
Schedule of the gross book value, accumulated amortization and amortization periods of intangible assets	'
		As of September 30, 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	$	1,145,218		$	(366,654	)	$	778,564	$	1,100,696	$	(327,200	)	$	773,496	15-21
	Technology	2,778,453			(1,308,562		)	1,469,891		3,015,192		(967,779		)	2,047,413		5
	Intangible assets, net	$	3,923,671		$	(1,675,216	)	$	2,248,455	$	4,115,888	$	(1,294,979	)	$	2,820,909
Schedule of amortization expense related to intangible assets	'
		Three months ended						Nine months ended
		September 30,						September 30,
		2014			2013			2014		2013
	Amortization expense	$	210,627		$	163,274		$	550,082	$	567,449

Related_party_transactions_Tab

Related party transactions (Tables)	9 Months Ended
	Sep. 30, 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				Nine months ended
		September 30,				September 30,
		2014		2013		2014		2013
	Rent	$	126,451	$	128,364	$	377,544	$	294,518
	Consulting and professional fees	1,414		12,773		4,840		52,563

Accrued_expenses_Tables

Accrued expenses (Tables)	9 Months Ended
	Sep. 30, 2014
Accrued expenses	'
Schedule of the components of accrued expenses	'
		As of		As of
		September 30,		December 31,
		2014		2013
	Bonus	$	101,010	$	419,205
	Professional fees	193,639		322,547
	Gift card liabilities	119,125		1,150,096
	Deferred revenue (*)	657,145		549,390
	Other (**)	1,916,526		2,591,382
	Total accrued expenses	$	2,987,445	$	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 $1.0 million and $0.9 million as of September 30, 2014 and December 31, 2013, respectively.
	(**) No amounts included in “Other” exceed 10% of total current liabilities.

Segment_information_Tables

Segment information (Tables)	9 Months Ended
	Sep. 30, 2014
Segment information	'
Schedule of revenue by segment and geographical region and reconciliations to consolidated revenue and gross profit	'
		Three months ended						Nine months ended
		September 30,						September 30,
		2014			2013			2014		2013
	Net Revenue:
	APAC	$	3,967,352		$	3,629,098		$	11,955,505	$	11,140,930
	Americas	1,862,440			1,622,659			5,152,889		4,741,143
	CEMEA	1,240,311			1,307,448			5,525,690		5,955,048
	Total multi-currency processing services revenue	7,070,103			6,559,205			22,634,084		21,837,121
	Payment processing services revenue	4,242,200			3,913,707			11,737,941		12,486,517
	Net revenue	$	11,312,303		$	10,472,912		$	34,372,025	$	34,323,638
	Gross Profit:
	APAC	$	3,948,116		$	3,613,065		$	11,886,221	$	11,072,546
	Americas	1,811,231			1,597,014			5,033,286		4,666,282
	CEMEA	921,507			1,037,551			4,211,680		4,962,435
	Total multi-currency processing services gross profit	6,680,854			6,247,630			21,131,187		20,701,263
	Payment processing services gross profit	1,628,873			1,171,187			4,230,936		4,192,774
	Total gross profit	$	8,309,727		$	7,418,817		$	25,362,123	$	24,894,037
Schedule of concentration of revenue by customer by geographical region	'
		Three months				Nine months
		ended				ended
		September 30,				September 30,
		2014		2013		2014		2013
	Multi-currency processing services revenue:
	APAC:
	Customer A	61	%	64	%	61	%	64	%
	Americas:
	Customer D	18		24		18		27
	Customer E	24		32		22		31
	Customer F	*		11		*		10
	Customer G	*		11		*		*
	Customer I	21		*		19		*
	CEMEA:
	Customer C	57		67		60		75
	Customer H	43		33		40		25
	(*)Less than 10% revenue concentration.

Restructuring_charges_Tables

Restructuring charges (Tables)	9 Months Ended
	Sep. 30, 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,						September 30,
		2014						2014
	Severance and benefits	$	—	$	986,653	$	493,306	$	493,347
	Legal expenses and other	—		54,373		53,470		903
	Total restructuring charges	$	—	$	1,041,026	$	546,776	$	494,250

Business_description_and_basis1

Business description and basis of presentation (Details)	Sep. 30, 2014
	item
Business description and basis of presentation	'
Number of active merchant locations to which the Company provides services	93,000
Number of countries in which the entity provides services	23

Concentration_of_credit_risk_D

Concentration of credit risk (Details) (USD $)	Sep. 30, 2014	Sep. 30, 2014	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
		Accounts Receivable	Accounts Receivable	Accounts Receivable	Accounts Receivable	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue
		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 concentration risk	Customer concentration risk
		Customer A	Customer A	Customer B	Customer C	Customer A	Customer A	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	'	'	'	'	'	'	'	'	'	'
Concentration risk (as a percent)	'	21.00%	22.00%	12.00%	13.00%	21.00%	22.00%	21.00%	21.00%	10.00%	13.00%

Net_income_loss_per_share_Deta

Net income (loss) per share (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Numerator:	'	'	'	'
Net income (loss)	$468,125	($808,554)	$1,198,249	($131,947)
Amounts allocated to participating preferred stockholders under the two-class method	-52,490	'	-134,357	'
Net income (loss) applicable to common stockholders - basic	415,635	-808,554	1,063,892	-131,947
Net income (loss) applicable to common stockholders - dilutive	$415,635	($808,554)	$1,063,892	($131,947)
Denominator:	'	'	'	'
Weighted average common stock outstanding (basic) (in shares)	54,141,669	53,051,626	53,855,361	52,888,734
Common equivalent shares from options and warrants to purchase common stock	835,816	'	1,408,273	'
Weighted average common stock outstanding (diluted) (in shares)	54,977,485	53,051,626	55,263,634	52,888,734
Basic net income (loss) per share applicable to common stockholders (in dollars per share)	$0.01	($0.02)	$0.02	$0
Diluted net income (loss) per share applicable to common stockholders (in dollars per share)	$0.01	($0.02)	$0.02	$0

Net_income_loss_per_share_Deta1

Net income (loss) per share (Details 2)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Anti-dilutive securities excluded from computation of diluted earnings per share	'	'	'	'
Total anti-dilutive securities (in shares)	12,143,876	16,156,239	10,570,772	15,911,890
Contingently issued restricted shares	'	'	'	'
Anti-dilutive securities excluded from computation of diluted earnings per share	'	'	'	'
Total anti-dilutive securities (in shares)	1,394,550	1,383,941	1,394,550	1,383,941
Stock options	'	'	'	'
Anti-dilutive securities excluded from computation of diluted earnings per share	'	'	'	'
Total anti-dilutive securities (in shares)	5,110,132	8,507,266	3,638,125	8,369,974
Restricted stock awards	'	'	'	'
Anti-dilutive securities excluded from computation of diluted earnings per share	'	'	'	'
Total anti-dilutive securities (in shares)	149,174	206,642	51,590	96,036
Warrant	'	'	'	'
Anti-dilutive securities excluded from computation of diluted earnings per share	'	'	'	'
Total anti-dilutive securities (in shares)	33,426	591,187	29,913	594,736
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	6,851,144	6,851,144

Stockbased_compensation_expens2

Stock-based compensation expense and assumptions (Details) (USD $)	3 Months Ended				9 Months Ended
Share data in Millions, unless otherwise specified	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Stock-based expense	'	'	'	'	'	'
Total stock-based compensation expense	$365,597	'	'	$315,968	$951,390	$864,924
Processing and service costs	'	'	'	'	'	'
Stock-based expense	'	'	'	'	'	'
Total stock-based compensation expense	69,275	'	'	65,284	195,585	173,089
Selling, general and administrative expenses	'	'	'	'	'	'
Stock-based expense	'	'	'	'	'	'
Total stock-based compensation expense	207,405	'	'	250,684	631,755	691,835
Restructuring charge	'	'	'	'	'	'
Stock-based expense	'	'	'	'	'	'
Total stock-based compensation expense	88,917	'	'	'	124,050	'
Stock options	'	'	'	'	'	'
Stock-based expense	'	'	'	'	'	'
Options granted (in shares)	'	0.1	0.4	'	'	'
Fair value of options granted	'	200,000	600,000	'	'	'
Requisite service period	'	'	'	'	'36 months	'
Total stock-based compensation expense	235,573	'	'	228,423	655,965	739,992
Performance Shares	'	'	'	'	'	'
Stock-based expense	'	'	'	'	'	'
Awards granted (in shares)	0.3	0.3	'	'	'	'
Fair value of awards granted	1,023	5,735	'	'	'	'
Restricted stock awards	'	'	'	'	'	'
Stock-based expense	'	'	'	'	'	'
Awards granted (in shares)	'	0.1	'	'	'	'
Fair value of awards granted	'	200,000	'	'	'	'
Requisite service period	'	'36 months	'	'	'	'
Total stock-based compensation expense	130,024	'	'	87,545	295,425	124,932
Restricted stock awards | Board Of Directors	'	'	'	'	'	'
Stock-based expense	'	'	'	'	'	'
Awards granted (in shares)	0.1	'	'	'	'	'
Fair value of awards granted	$300,000	'	'	'	'	'
Requisite service period	'12 months	'	'	'	'	'

Property_and_equipment_Details

Property and equipment (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Property and equipment	'	'	'	'	'
Total property and equipment, gross	$4,819,508	'	$4,819,508	'	$4,304,997
Less: Accumulated depreciation and amortization	-2,552,730	'	-2,552,730	'	-2,106,357
Total property and equipment, net	2,266,778	'	2,266,778	'	2,198,640
Depreciation and amortization expense	164,253	136,193	460,444	407,684	'
Equipment	'	'	'	'	'
Property and equipment	'	'	'	'	'
Total property and equipment, gross	928,449	'	928,449	'	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	2,957,168	'	2,957,168	'	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	194,753	'	194,753	'	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	$739,138	'	$739,138	'	$689,648
Leasehold improvements | Minimum	'	'	'	'	'
Property and equipment	'	'	'	'	'
Estimated useful life	'	'	'5 years	'	'
Leasehold improvements | Maximum	'	'	'	'	'
Property and equipment	'	'	'	'	'
Estimated useful life	'	'	'10 years	'	'

Goodwill_and_intangible_assets2

Goodwill and intangible assets (Details) (USD $)	9 Months Ended
	Sep. 30, 2014
Goodwill	'
Goodwill, gross, at the Beginning of the period	$362,063
Impact of change in Euro exchange rate	-28,428
Goodwill, net, at the end of the period	$333,635

Goodwill_and_intangible_assets3

Goodwill and intangible assets (Details 2) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Intangible assets	'	'	'	'	'
Gross book value	$3,923,671	'	$3,923,671	'	$4,115,888
Accumulated amortization	-1,675,216	'	-1,675,216	'	-1,294,979
Net book value	2,248,455	'	2,248,455	'	2,820,909
Amortization expense	210,627	163,274	550,082	567,449	'
Trademarks And Patents	'	'	'	'	'
Intangible assets	'	'	'	'	'
Gross book value	1,145,218	'	1,145,218	'	1,100,696
Accumulated amortization	-366,654	'	-366,654	'	-327,200
Net book value	778,564	'	778,564	'	773,496
Trademarks And Patents | Minimum	'	'	'	'	'
Intangible assets	'	'	'	'	'
Amortization period	'	'	'15 years	'	'
Trademarks And Patents | Maximum	'	'	'	'	'
Intangible assets	'	'	'	'	'
Amortization period	'	'	'21 years	'	'
Technology	'	'	'	'	'
Intangible assets	'	'	'	'	'
Gross book value	2,778,453	'	2,778,453	'	3,015,192
Accumulated amortization	-1,308,562	'	-1,308,562	'	-967,779
Net book value	$1,469,891	'	$1,469,891	'	$2,047,413
Amortization period	'	'	'5 years	'	'

Commitments_and_contingencies_

Commitments and contingencies (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Sep. 01, 2013	Sep. 30, 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
Contingent liabilities	'	'	'	'	'	'
Term of Bank Sponsorship Agreement	'	'	'	'5 years	'	'
Bank sponsorship agreement fees due	'	'	'	'	'	$1.80
Contingent liability	0	0	'	'	0	'
Employment agreements	'	'	'	'	'	'
Commitment to pay severance in event of employment termination without cause	1.2	2	'	'	'	'
Commitment to pay severance in event of employment termination upon change of control	1.4	2.3	'	'	'	'
Cash reserves required to be posted by merchant, sponsoring bank	'	'	0.5	'	'	'
Cash reserves required to be posted by merchant, entity	'	'	2.2	'	'	'
Bank sponsorship agreement annual fees in year one	'	'	'	'	'	0.3
Bank sponsorship agreement fees final year	'	'	'	'	'	$0.50

Related_party_transactions_Det

Related party transactions (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Related party transactions	'	'	'	'
Rent	$126,451	$128,364	$377,544	$294,518
Consulting and professional fees	$1,414	$12,773	$4,840	$52,563
BDP Realty Corporation	'	'	'	'
Related party transactions	'	'	'	'
Ownership interest owned by related party (as a percent)	'	'	33.33%	'

Accrued_expenses_Details

Accrued expenses (Details) (USD $)	9 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Accrued expenses	'	'
Bonus	$101,010	$419,205
Professional fees	193,639	322,547
Gift card liabilities	119,125	1,150,096
Deferred revenue	657,145	549,390
Other	1,916,526	2,591,382
Total accrued expenses	2,987,445	5,032,620
Recognition period of deferred revenue	'12 months	'
Non-current portion of deferred revenue	$1,000,000	$900,000
Maximum percentage of total current liabilities	10.00%	'

Segment_information_Details

Segment information (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
			item
Segment information	'	'	'	'	'
Number of reportable segments	'	'	2	'	'
Cost of sales included in processing and services costs	$3,222,608	$3,230,876	$10,182,522	$9,585,178	'
Long-lived assets	9,600,000	'	9,600,000	'	10,300,000
Number of geographical regions in which the entity conducts its business	'	'	3	'	'
Net Revenue:	'	'	'	'	'
Net revenue	11,312,303	10,472,912	34,372,025	34,323,638	'
Gross Profit:	'	'	'	'	'
Total gross profit	8,309,727	7,418,817	25,362,123	24,894,037	'
Multi-currency processing services	'	'	'	'	'
Segment information	'	'	'	'	'
Cost of sales included in processing and services costs	400,000	300,000	1,500,000	1,100,000	'
Net Revenue:	'	'	'	'	'
Net revenue	7,070,103	6,559,205	22,634,084	21,837,121	'
Gross Profit:	'	'	'	'	'
Total gross profit	6,680,854	6,247,630	21,131,187	20,701,263	'
Payment processing services	'	'	'	'	'
Net Revenue:	'	'	'	'	'
Net revenue	4,242,200	3,913,707	11,737,941	12,486,517	'
Number of individual customers with revenue greater than 10% of segment revenue	'	'	0	'	'
Gross Profit:	'	'	'	'	'
Total gross profit	1,628,873	1,171,187	4,230,936	4,192,774	'
APAC | Multi-currency processing services	'	'	'	'	'
Net Revenue:	'	'	'	'	'
Net revenue	3,967,352	3,629,098	11,955,505	11,140,930	'
Gross Profit:	'	'	'	'	'
Total gross profit	3,948,116	3,613,065	11,886,221	11,072,546	'
CEMEA | Multi-currency processing services	'	'	'	'	'
Net Revenue:	'	'	'	'	'
Net revenue	1,240,311	1,307,448	5,525,690	5,955,048	'
Gross Profit:	'	'	'	'	'
Total gross profit	921,507	1,037,551	4,211,680	4,962,435	'
Americas | Multi-currency processing services	'	'	'	'	'
Net Revenue:	'	'	'	'	'
Net revenue	1,862,440	1,622,659	5,152,889	4,741,143	'
Gross Profit:	'	'	'	'	'
Total gross profit	$1,811,231	$1,597,014	$5,033,286	$4,666,282	'

Segment_information_Details_2

Segment information (Details 2) (Revenue, Geographical concentration risk, Multi-currency processing services)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
APAC | Customer A	'	'	'	'
Revenue concentration	'	'	'	'
Concentration risk (as a percent)	61.00%	64.00%	61.00%	64.00%
Americas | Customer D	'	'	'	'
Revenue concentration	'	'	'	'
Concentration risk (as a percent)	18.00%	24.00%	18.00%	27.00%
Americas | Customer E	'	'	'	'
Revenue concentration	'	'	'	'
Concentration risk (as a percent)	24.00%	32.00%	22.00%	31.00%
Americas | Customer F	'	'	'	'
Revenue concentration	'	'	'	'
Concentration risk (as a percent)	'	11.00%	'	10.00%
Americas | Customer G	'	'	'	'
Revenue concentration	'	'	'	'
Concentration risk (as a percent)	'	11.00%	'	'
Americas | Customer I	'	'	'	'
Revenue concentration	'	'	'	'
Concentration risk (as a percent)	21.00%	'	19.00%	'
CEMEA | Customer C	'	'	'	'
Revenue concentration	'	'	'	'
Concentration risk (as a percent)	57.00%	67.00%	60.00%	75.00%
CEMEA | Customer H	'	'	'	'
Revenue concentration	'	'	'	'
Concentration risk (as a percent)	43.00%	33.00%	40.00%	25.00%

Restructuring_charges_Details

Restructuring charges (Details) (USD $)	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014
		item
Restructuring charges	'	'
Number of workforce reduced by the entity	'	30
Percentage of workforce reduced of its total employees	17.00%	17.00%
Restructuring charges	$512,589	$1,195,556
Cash components and activity associated with the realignment of workforce and business under the restructuring program	'	'
Charges	'	1,041,026
Cash Payments	'	546,776
Balance at end of period	494,250	494,250
Severance and benefits	'	'
Cash components and activity associated with the realignment of workforce and business under the restructuring program	'	'
Charges	'	986,653
Cash Payments	'	493,306
Balance at end of period	493,347	493,347
Legal expenses	'	'
Cash components and activity associated with the realignment of workforce and business under the restructuring program	'	'
Charges	'	54,373
Cash Payments	'	53,470
Balance at end of period	$903	$903

Hurricane_Sandy_Details

Hurricane Sandy (Details) (USD $)	3 Months Ended	9 Months Ended
	Jun. 30, 2013	Sep. 30, 2013
Hurricane Sandy	'	'
Capital additions related to Hurricane Sandy	'	$500,000
Insurance proceeds recorded as a gain in selling, general and administrative expenses	$300,000	$301,281

Subsequent_events_Details

Subsequent events (Details)	Sep. 30, 2014	Oct. 31, 2014
In Millions, unless otherwise specified		Subsequent event
Subsequent events	'	'
Shares authorized for repurchase	'	6
Purchases made	0	'