Planet Payment 10-K 3 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Feb. 29, 2016	Jun. 30, 2015
Document and Entity Information
Entity Registrant Name	Planet Payment Inc
Entity Central Index Key	1,362,925
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 110,453,645
Entity Common Stock, Shares Outstanding		51,821,800
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 14,675,515	$ 9,837,791
Restricted cash	5,050,147	4,167,560
Accounts receivable, net of allowances of $0.1 million as of December 31, 2015 and December 31, 2014	6,406,496	6,948,595
Prepaid expenses and other assets	1,800,566	1,136,821
Total current assets	27,932,724	22,090,767
Other assets:
Restricted cash	551,917	432,094
Property and equipment, net	1,811,619	2,139,747
Software development costs, net	3,964,454	4,612,457
Intangible assets, net	1,378,264	2,046,700
Goodwill	286,852	319,671
Deferred tax asset and other long-term assets	8,581,082	2,289,858
Total other assets	16,574,188	11,840,527
Total assets	44,506,912	33,931,294
Current liabilities:
Accounts payable	306,520	512,057
Accrued expenses	6,438,600	2,918,645
Due to merchants	5,240,427	4,352,199
Current portion of capital leases	290,911	458,812
Total current liabilities	12,276,458	8,241,713
Long-term liabilities:
Other long-term liabilities	1,666,938	1,560,310
Total long-term liabilities	1,666,938	1,560,310
Total liabilities	$ 13,943,396	$ 9,802,023
Commitments and contingencies (Note 7)
Stockholders' equity:
Convertible preferred stock-10,000,000 shares authorized as of December 31, 2015 and December 31, 2014, $0.01 par value: Series A-2,243,750 issued and outstanding as of December 31, 2015 and December 31, 2014; $8,975,000 aggregate liquidation preference	$ 22,438	$ 22,438
Common stock-250,000,000 shares authorized as of December 31, 2015 and December 31, 2014, $0.01 par value, and 56,191,389 issued and 52,568,503 shares outstanding as of December 31, 2015, and 55,680,999 issued and 55,177,899 shares outstanding as of December 31, 2014	561,914	556,810
Treasury stock, at cost, 3,605,886 shares and 503,100 shares as of December 31, 2015 and December 31, 2014, respectively	(7,883,012)	(822,603)
Additional paid-in capital	106,741,026	103,277,253
Accumulated other comprehensive loss	(510,445)	(173,774)
Accumulated deficit	(68,368,405)	(78,730,853)
Total stockholders' equity	30,563,516	24,129,271
Total liabilities and stockholders' equity	$ 44,506,912	$ 33,931,294

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Condensed Consolidated Balance Sheets
Accounts receivable, allowances (in dollars)	$ 100,000	$ 100,000
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	56,191,389	55,680,999
Common stock, shares outstanding	52,585,503	55,177,899
Treasury stock, shares	3,605,886	503,100

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenue:
Net revenue	$ 52,815,088	$ 47,368,739	$ 46,566,065
Cost of revenue:
Payment processing service fees	10,903,660	10,403,679	11,236,262
Processing and service costs	14,860,804	13,483,282	13,048,294
Total cost of revenue	25,764,464	23,886,961	24,284,556
Selling, general and administrative expenses	20,408,308	18,370,691	22,241,656
Restructuring charges	283,726	1,227,204
Total operating expenses	46,456,498	43,484,856	46,526,212
Income from operations	6,358,590	3,883,883	39,853
Other income (expense):
Interest expense	(57,575)	(65,122)	(66,905)
Interest income	1,579	2,212	1,038
Other income	89,494	139,875	88,889
Total other income, net	33,498	76,965	23,022
Income from operations before benefit (provision) for income taxes	6,392,088	3,960,848	62,875
Benefit (provision) for income taxes	3,970,360	(800,463)	(40,869)
Net income	$ 10,362,448	$ 3,160,385	$ 22,006
Basic net income per share applicable to common stockholders ( in dollars per share)	$ 0.17	$ 0.05	$ 0
Diluted net income per share applicable to common stockholders (in dollars per share)	$ 0.17	$ 0.05	$ 0
Weighted-average common stock outstanding (basic) (in shares)	52,545,934	53,494,952	52,943,203
Weighted-average common stock outstanding (diluted) (in shares)	53,271,248	54,633,181	54,465,285

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Consolidated Statements of Comprehensive Income
Net income	$ 10,362,448	$ 3,160,385	$ 22,006
Foreign currency translation adjustment	(336,671)	(309,005)	97,306
Total comprehensive income	$ 10,025,777	$ 2,851,380	$ 119,312

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net income		$ 10,362,448	$ 3,160,385	$ 22,006
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense		1,811,156	1,263,660	1,227,369
Depreciation and amortization expense		3,099,990	3,016,783	2,872,167
Provision for doubtful accounts		8,388	46,652	326,457
Deferred tax benefit		(5,478,818)		(583,420)
Disposal of property and equipment				4,979
Gain on insurance settlement				(301,281)
Changes in operating assets and liabilities:
(Increase) decrease in settlement assets		(957,909)	1,055,984	(703,407)
Decrease (increase) in accounts receivables, prepaid expenses and other current assets		346,422	(743,358)	(657,188)
Decrease (increase) in other long-term assets		911,138	(62,992)	(482,065)
Increase (decrease) in accounts payable and accrued expenses		1,292,718	(2,005,464)	336,367
Increase (decrease) in due to merchants		963,550	(419,222)	472,760
Other		(172,661)	(66,529)	(14,594)
Net cash provided by operating activities		12,186,422	5,245,899	2,520,150
Cash flows from investing activities:
Insurance proceeds				401,281
Increase in restricted cash		(44,501)	(1,738,571)	(26,638)
(Decrease) increase in merchant reserves		(75,322)	1,752,521
Purchase of property and equipment		(183,090)	(117,412)	(828,730)
Capitalized software development		(1,102,765)	(1,292,314)	(1,443,010)
Purchase of intangible assets		(20,979)	(125,980)	(162,181)
Net cash used in investing activities		(1,426,657)	(1,521,756)	(2,059,278)
Cash flows from financing activities:
Proceeds from issuance of common stock		1,657,591	934,032	589,131
Principal payments on capital lease obligations		(519,223)	(570,249)	(479,992)
Purchases of treasury stock		(7,060,409)	(822,603)
Net cash (used for) provided by financing activities		(5,922,041)	(458,820)	109,139
Effect of exchange rate changes on cash and cash equivalents	[1]	0	0	0
Net increase in cash and cash equivalents		4,837,724	3,265,323	570,011
Cash and cash equivalents at beginning of period		9,837,791	6,572,468	6,002,457
Cash and cash equivalents at end of period		14,675,515	9,837,791	6,572,468
Cash paid for:
Interest		33,499	64,585	63,352
Income taxes		765,380	765,807	568,055
Non-cash investing and financing activities:
Common stock issued for stock options and warrants exercised		184	1,390	2,273
Assets acquired under capital leases		156,129	429,611	728,082
Accrued capitalized hardware, software and fixed assets		57,163	74,017	27,566
Capitalized stock-based compensation		$ 33,001	$ 52,473	$ 52,133
[1]	For the years ended December 31, 2015, 2014 and 2013, the effect of exchange rate changes on cash and cash equivalents was immaterial.

Consolidated Statements of Chan

Consolidated Statements of Changes in Convertible Preferred Stock and Stockholders' Equity - USD ($)	Convertible preferred stock	Common Stock	Treasury stock	Additional Paid In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Total
Balance at Dec. 31, 2012	$ 22,438	$ 536,589		$ 99,199,149	$ 37,925	$ (81,913,244)	$ 17,882,857
Balance (in shares) at Dec. 31, 2012	2,243,750	53,658,857
Increase (Decrease) in Stockholders' Equity
Restricted stock issued		$ 8,607		(23,918)			(15,311)
Restricted stock issued (in shares)		860,739
Warrants exercised		$ 2,131		(2,131)
Warrants exercised (in shares)		213,123
Options exercised		$ 3,048		586,083			589,131
Options exercised (in shares)		304,769
Stock-based compensation expense				1,279,502			1,279,502
Cumulative translation adjustment					97,306		97,306
Net income						22,006	22,006
Balance at Dec. 31, 2013	$ 22,438	$ 550,375		101,038,685	135,231	(81,891,238)	19,855,491
Balance (in shares) at Dec. 31, 2013	2,243,750	55,037,488
Increase (Decrease) in Stockholders' Equity
Treasury Stock, Value			$ (822,603)				(822,603)
Treasury stock (in shares)			503,100
Restricted stock issued		$ (3)		(5,159)			(5,162)
Restricted stock issued (in shares)		(243)
Warrants exercised		$ 797		(797)
Warrants exercised (in shares)		79,677
Options exercised		$ 5,641		928,391			934,032
Options exercised (in shares)		564,077
Stock-based compensation expense				1,316,133			1,316,133
Cumulative translation adjustment					(309,005)		(309,005)
Net income						3,160,385	3,160,385
Balance at Dec. 31, 2014	$ 22,438	$ 556,810	$ (822,603)	103,277,253	(173,774)	(78,730,853)	24,129,271
Balance (in shares) at Dec. 31, 2014	2,243,750	55,680,999	503,100
Increase (Decrease) in Stockholders' Equity
Treasury Stock, Value			$ (7,060,409)				(7,060,409)
Treasury stock (in shares)			3,102,786
Restricted stock issued		$ (2,727)		(30,144)			(32,871)
Restricted stock issued (in shares)		(272,724)
Options exercised		$ 7,831		1,649,760			1,657,591
Options exercised (in shares)		783,114
Stock-based compensation expense				1,844,157			1,844,157
Cumulative translation adjustment					(336,671)		(336,671)
Net income						10,362,448	10,362,448
Balance at Dec. 31, 2015	$ 22,438	$ 561,914	$ (7,883,012)	$ 106,741,026	$ (510,445)	$ (68,368,405)	$ 30,563,516
Balance (in shares) at Dec. 31, 2015	2,243,750	56,191,389	3,605,886

Consolidated Statements of Cha8

Consolidated Statements of Changes in Convertible Preferred Stock and Stockholders' Equity (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Consolidated statements of changes in convertible preferred stock and stockholders' equity
Series A Convertible preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Series A Convertible preferred stock, shares authorized	10,000,000	10,000,000	10,000,000	10,000,000
Common stock par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized	250,000,000	250,000,000	250,000,000	250,000,000

Business description and basis

Business description and basis of presentation	12 Months Ended
	Dec. 31, 2015
Business description and basis of presentation
Business description and basis of presentation	1. Business description and basis of presentatio n 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 118,000 active merchant locations in 21 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 and bill 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. Company structure Planet Payment was incorporated in the State of Delaware on October 12, 1999 as Planet Group Inc. and changed its name to Planet Payment, Inc. on June 18, 2007. From March 2006 to August 2014, shares of the Company’s common stock traded on the AIM of the London Stock Exchange under the symbol “PPT”. From March 2006 to June 2013, shares of our common stock also traded on AIM under the symbol “PPTR.” On December 17, 2012, shares of our common stock began trading on NASDAQ under the symbol “PLPM.” Basis of presentation The 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 consolidated financial statements include the accounts of Planet Payment, Inc. and its wholly ‑owned subsidiaries. All intercompany transactions and balances have been eliminated.

Summary of significant accounti

Summary of significant accounting policies	12 Months Ended
	Dec. 31, 2015
Summary of significant accounting policies
Summary of significant accounting policies	2. Summary of significant accounting policies Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. On an on ‑going basis, the Company evaluates its estimates, including those related to the accounts receivable allowance, recoverability of goodwill, intangibles and other long ‑lived assets, and other assets and liabilities; the useful lives of intangible assets, property and equipment, capitalized software development costs; assumptions used to calculate stock ‑based compensation expense including volatility, expected life and forfeiture rate; and income taxes (including recoverability of deferred taxes), among others. The Company bases its estimates on historical experience and on other various assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Revenue recognition The Company derives revenue principally through fees earned under fixed contractual arrangements with customers who use our international payment and multi ‑currency processing services. The Company has two revenue streams: Multi ‑currency processing services revenue Multi ‑currency processing services revenue is the foreign currency transaction fee earned on processing and converting of a credit or debit card transaction from one currency into another currency. Multi ‑currency transaction processing services revenue is recognized upon settlement of the transaction. Payment processing services revenue The Company follows the requirements of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) topic 605 ‑45 Revenue Recognition—Principal Agent Consideration , in determining its payment processing services revenue reporting. Generally, where the Company has merchant portability, credit risk and ultimate responsibility for the merchant, revenue is reported at the time of settlement on a gross basis equal to the full amount of the discount charged to the merchant. This amount may include interchange paid to card issuing banks and assessments paid to payment card associations. Payment processing services revenue is transaction based and priced either as a fixed fee per transaction or calculated based on a percentage of the transaction value. The fees are charged for processing services provided in facilitating the sale of goods and services by means of credit, debit and prepaid cards and other electronic payments and do not include the gross sales price paid by the ultimate buyer. Payment processing services revenue is recognized upon settlement of the transaction. Our revenue is presented net of a provision for sales credits, which is estimated based on historical results and established in the period in which services are provided. As of the periods presented, there were no such provisions. Cash and cash equivalents Cash and cash equivalents consist of cash and highly liquid investments purchased with original maturity of three months or less. Restricted cash Restricted cash is primarily held by either processing partners where the Company holds a share of underwriting risk and for other potential liabilities under processing or by the Company on behalf of an automated clearing house, or ACH, transaction processing customer. The long ‑term portion of restricted cash is contractually required to be held by some of the Company’s processing partners and will remain restricted as long as the associated contracts are effective. As such, the Company classifies these portions as long-term. Translation of non-U.S. currencies The translation of assets and liabilities denominated in foreign currency into U.S. Dollars is made at the prevailing rate of exchange at the balance sheet date. Revenue and expenses are translated at the average exchange rates during the period. Translation adjustments are reflected in accumulated other comprehensive income (loss) on our consolidated balance sheets, while gains and losses resulting from foreign currency transactions are included in our consolidated statements of operations. Amounts resulting from foreign currency transactions included in our statement of operations were $0.4 million, $0.2 million and $0.1 million for the years ended December 31, 2015, 2014 and 2013, respectively. Allowance for doubtful accounts The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of our customers to make payments due to the Company. The amount of the allowance is based on historical experience and our analysis of the accounts receivable balance outstanding. While credit losses have historically been within the Company’s expectations and the provisions established, the Company cannot guarantee that it will continue to experience the same credit loss rates that it has in the past. If the financial condition of our customers were to deteriorate, resulting in their inability to make payments, additional allowances may be required which would result in an additional expense in the period that this determination was made. The Company has included an allowance for doubtful accounts of approximately $0.1 million for the years ended December 31, 2015 and 2014. Property, equipment and depreciation Property and equipment are stated at cost less accumulated depreciation, which is provided for by charges to income over the estimated useful lives of the assets using the straight ‑line method. Maintenance and repairs, which do not improve or extend the useful life of the respective asset, are charged to operating expenses as incurred. Upon sale or other disposition, the applicable amounts of asset cost and accumulated depreciation are removed from the accounts and the net amount, less proceeds from disposal, is charged or credited to income. Software development costs and amortization The Company capitalizes costs of materials, consultants and payroll and payroll ‑related costs incurred by employees involved in developing internal use computer software during the application development stage. Costs incurred during the preliminary project and post ‑implementation stages are charged to processing and service costs, which are included in cost of revenue as incurred. Software development costs are amortized to processing and service costs, which are included in cost of revenue on a straight ‑line basis over estimated useful lives of approximately three to five years. The Company performs periodic reviews to ensure that unamortized software costs remain recoverable from future cash flows. Capitalized software development costs, net, were $4.0 million and $ 4. 6 million as of December 31, 2015 and 2014, respectively. Amortization expense totaled $1.9 million, $1.7 million and $1.6 million for the years ended December 31, 2015, 2014 and 2013, respectively. Goodwill, intangibles and long ‑lived assets Goodwill represents the excess of the cost over the fair value of net tangible and identified intangible assets of acquired businesses. Goodwill amounts are assigned to reporting units at the time of acquisition and are adjusted for any subsequent significant transfers of business between reporting units. We assess the impairment of goodwill annually in the fourth quarter or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. We perform the impairment tests of goodwill at our reporting unit level, which is one level below our operating segments. We first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. The qualitative factors include economic environment, business climate, market capitalization, operating performance, competition, and other factors. We may proceed directly to the two-step quantitative test without performing the qualitative test. The goodwill impairment test consists of a two-step process. The first step of the goodwill impairment test, used to identify potential impairment, compares the fair value of a reporting unit to its carrying value, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired, and the second step of the impairment test is not required. The second step, if required, compares the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. The fair value of a reporting unit is allocated to all of the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit was the price paid to acquire the reporting unit. If the carrying amount of the reporting unit's goodwill exceeds its implied fair value, an impairment charge is recognized in an amount equal to that excess. We use a projected discounted cash flow model to determine the fair value of a reporting unit. This discounted cash flow method for determining goodwill may be different from the fair value that would result from an actual transaction between a willing buyer and a willing seller. Projections such as discounted cash flow models are inherently uncertain and accordingly, actual future cash flows may differ materially from projected cash flows. Management judgment is required in developing the assumptions for the discounted cash flow model. These assumptions include revenue growth rates, profit margins, future capital expenditures, working capital needs, expected foreign currency rates, discount rates and terminal values. The discount rates used are compiled using independent sources, current trends in similar businesses and other observable market data. Changes to these rates might result in a change in the valuation and determination of the recoverability of goodwill. For example, an increase in the discount rate used to discount cash flows will decrease the computed fair value. Our impairment tests resulted in excessive fair value over book value ranging from 52% to 60% for our reporting unit. In order to estimate the fair value of goodwill, we may engage a third party to assist management with the valuation. To validate the reasonableness of the reporting unit fair values, we reconcile the aggregate fair values of the reporting units to the enterprise market capitalization. In performing the reconciliation we may, depending on the volatility of the market value of our stock price, use either the stock price on the valuation date or the average stock price over a range of dates around the valuation date. The entire goodwill balance as of December 31, 2015 is attributable to the acquisition of BPS. We did not record any impairment of goodwill for the three years ended December 31, 2015. We evaluate long-lived assets, including property and equipment, capitalized software and finite-lived intangible assets for potential impairment on an individual asset basis or at the lowest level asset grouping for which cash flows can be separately identified. Long-lived asset impairments are assessed whenever changes in circumstances could indicate that the carrying amounts of those productive assets exceed their projected undiscounted cash flows. When it is determined that impairment exists, the related asset group is written down to its estimated fair market value. The determination of future cash flows and the estimated fair value of long-lived assets, involve significant estimates on the part of management. In order to estimate the fair value of a long-lived asset, we may engage a third party to assist management with the valuation. For the year ended December 31, 2015, we recorded an impairment of capitalized software of $0.3 million. Our process for assessing potential triggering events may include, but is not limited to, analysis of the following: · any sustained decline in our stock price below book value; · results of our goodwill impairment test; · sales and operating trends affecting products and groupings; · the impact of current and future operating results; · any losses of key acquired customer relationships; and · changes to or obsolescence of acquired technology, data, and trademarks. We also evaluate the remaining useful life of our long-lived assets on a periodic basis to determine whether events or circumstances warrant a revision to the remaining estimated amortization period . Due to merchants Due to merchants represents funds collected on behalf of all the Company’s acquired merchants using the Planet Payment Gateway ACH product or funds collected on behalf of directly acquired merchants as security deposits. The ACH funds are generally held for an average of three days before payment to the merchant. Income taxes Management is required to make estimates related to our income tax provision in each of the jurisdictions in which we operate. This process involves estimating our current tax exposures, as well as making judgments regarding the recoverability of deferred tax assets in each jurisdiction. Deferred tax assets and liabilities reflect the tax effects of losses, credits and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Management assesses the likelihood that the deferred tax assets will be recovered from future taxable income and to the extent management believes that recovery is not likely, a valuation allowance must be established. To the extent management establishes a valuation allowance or increases this allowance in a period, an increase to expense within the provision for income taxes in the consolidated statements of income may result. Our policy is to recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements on a particular tax position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. The amount of unrecognized tax benefits is adjusted as appropriate for changes in facts and circumstances, such as significant amendments to existing tax law, new regulations or interpretations by the tax authorities, new information obtained during a tax examination, or resolution of an examination. We recognize both accrued interest and penalties, where appropriate, related to unrecognized tax benefits in income tax expense. Our overall effective tax rate is subject to fluctuations because of changes in the geographic mix of earnings, changes to statutory tax rates and tax laws, and because of the impact of various tax audits and assessments, as well as generation of tax credits . Refer to footnote 13 for further information. 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 also maintains cash balances at foreign banking institutions, which are not insured by the FDIC. 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 December 31, 2015 2014 Customer A % % Customer B * Customer C * Customer H * (*) Less than 10% accounts receivable concentration. The Company’s revenue concentrations of 10% and greater are as follows: Year ended December 31, 2015 2014 2013 Customer A % % % Customer C * * Customer H * * (*) Less than 10% revenue concentration. Net income per share The Company computes net income 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 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, 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 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 per share: Year ended December 31, 2015 2014 2013 Numerator: Net income $ $ $ Amounts allocated to participating preferred stockholders under the two-class method Net income applicable to common stockholders (basic and dilutive) $ $ $ Denominator: Weighted-average common stock outstanding (basic) Common equivalent shares from options and warrants to purchase common stock Weighted-average common stock outstanding (diluted)(1) Basic net income per share applicable to common stockholders $ $ $ Diluted net income per share applicable to common stockholders(1) $ $ $ (1) In accordance with ASC 260 ‑10 ‑45 ‑48 for the years ended December 31, 2015, 2014 and 2013, the Company has excluded 1. 0 million, 1.3 million and 1.6 million, 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 income per share calculation because the effect would have been anti ‑dilutive: Year ended December 31, 2015 2014 2013 Stock options Restricted stock awards — Warrants — Convertible preferred stock(1) Total anti-dilutive securities (1) Diluted net income per share 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 years ended December 31, 2015, 2014 and 2013. Stock ‑based compensation expense and assumptions 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: Year ended December 31, 2015 2014 2013 Processing and service costs $ $ $ Selling, general and administrative expenses Restructuring charges — Total stock-based compensation expense $ $ $ The following summarizes stock ‑based compensation expense recognized by type: Year ended December 31, 2015 2014 2013 Stock options $ $ $ Restricted stock awards Total stock-based compensation expense $ $ $ For the years ended December 31, 2015, 2014 and 2013, stock ‑based compensation expense included capitalized stock-based compensation of approximately $0.1 million. A summary of the unamortized stock ‑based compensation expense and associated weighted-average remaining amortization periods is presented below: As of December 31, 2015 As of December 31, 2014 Unamortized Weighted-average Unamortized Weighted-average stock-based remaining stock-based remaining compensation amortization period compensation amortization period expense (in years) expense (in years) Stock options $ $ Restricted stock awards Stock ‑based compensation expense assumptions and vesting requirements Determining the appropriate fair value model and calculating the fair value of stock-based awards require the input of highly subjective assumptions, including the expected life, expected stock price volatility, and the number of expected stock-based awards that will be forfeited prior to the completion of the vesting requirements. The Company uses the Black-Scholes Option Pricing Model to determine the fair value of stock option awards, the fair-market value of the Company’s common stock on the date the award is approved to measure fair value for service-based and performance-based restricted stock awards, and binomial lattice-based valuation pricing models to value its market condition awards. Expected life Due to the Company’s limited public company history, the expected life for the Company’s stock ‑based awards granted was determined based on the “simplified” method under the provisions of ASC 718 ‑10, Compensation—Stock Compensation . Expected stock price volatility We estimate the expected volatility using a time-weighted average of the Company’s historical volatility in combination with the historical volatility of similar entities whose common shares are publicly traded. For every 5% increase or decrease in expected stock price volatility, total stock-based compensation expense for stock option awards granted in 2015 would have changed by approximately $25,000 . Risk ‑free interest rate and dividend yield The risk ‑free interest rates used for the Company’s stock ‑based awards granted were the U.S. Treasury zero ‑coupon rates for bonds matching the expected life of a stock ‑based award on the date of grant. The expected dividend yield is not applicable as the Company has not paid any dividends and intends to retain any future earnings for use in its business. Vesting requirements Options granted to employees generally vest 1/3rd of the amount of shares subject to each option on each 12 ‑month anniversary from the vesting commencement date over a three year period and expire ten years from the grant date. Restricted stock awards are earned upon the achievement of certain performance targets and/or other vesting conditions. On an annual basis, the Company’s Board of Directors are granted either stock options or restricted stock awards. A director’s annual grant vests and becomes exercisable as to 1/12th of the shares each month from the vesting commencement date for option awards, or 12-months from the grant date in the case of a restricted stock award. A director’s initial grant vests and becomes exercisable as to 1/3rd of the shares on the 12 ‑month anniversary from the vesting commencement date and then 1/36th of the shares each month thereafter, such that the grant vests in full after three years. All directors’ options expire ten years from the grant date. The Company’s 2000 Stock Incentive Plan allows for acceleration of the vesting of outstanding options granted upon the occurrence of certain events related to change of control, merger, and the sale of substantially all of our assets or liquidation of the company, at the discretion of the Company’s Board of Directors. The Company’s 2006 Equity Incentive Plan provides that if outstanding options are not assumed or replaced by a successor corporation, options shall immediately vest as to 100% of the shares at such time and on such conditions as the Company’s Board of Directors shall determine. The Company’s 2012 Equity Incentive Plan provides that if outstanding options are not assumed or replaced by successor corporations options shall immediately vest as to 100% of the shares (and any applicable right of repurchase shall fully lapse prior to relevant event). Fair value inputs The fair market value of each stock option award granted has been estimated on the grant date using the Black ‑Scholes Option Pricing Model with the following assumptions: Year ended December 31, 2015 2014 2013 Expected life (in years) 5.41 - 6.00 5.88 - 6.02 5.51 - 5.98 Expected volatility (percentage) 35.11 - 39.57 38.48 - 41.98 40.74 - 42.41 Risk-free interest rate (percentage) 1.52 - 1.94 1.77 - 2.02 0.94 - 1.77 Expected dividend yield — — — For all option grants the Company’s Board of Directors set the exercise price of stock options based on a price per share not less than the fair value of our common stock on the date of grant. Long ‑term incentive restricted stock agreements assumptions and vesting requirements On July 26, 2011, the Company made a restricted stock grant of 915,000 shares of the Company’s common stock to Philip Beck pursuant to a Long ‑Term Incentive Restricted Stock Agreement. The agreement provides that (1) upon a corporate transaction, certain unvested shares accelerate and become vested, and (2) upon Mr. Beck’s involuntary termination, certain unvested shares shall remain outstanding and become vested only at such time as the performance goals applicable to such unvested shares are satisfied. The 915,000 shares vest in four separate tranches, each with a different long ‑term performance goal. In February 2014, the Company entered into a separation agreement with Philip Beck and in accordance with the incentive agreement the Company exercised its repurchase option of 35% , or 320,250 , of the restricted shares at the price of $1.00 in the aggregate. On December 31, 2014, the first tranche of 198,250 of the remaining awards expired unvested as the performance condition was not achieved. The remaining 396,500 shares awards expire December 31, 2017 and are subject to vest based on the following: · Performance condition award consisting of 30,550 shares that vest based upon the achievement of adjusted EBITDA (as will be defined in the Company’s earnings releases for the relevant periods) per fully diluted share greater than or equal to $0.64 per share for any fiscal year concluding after the date of the restricted stock grant and on or prior to the expiration date. The fair value is $19,552 . · Performance condition award consisting of 304,850 shares that vest based upon the achievement of adjusted EBITDA (as will be defined in the Company’s earnings releases for the relevant periods) per fully diluted share greater than or equal to $0.71 per share for any fiscal year concluding after the date of the restricted stock grant and on or prior to the expiration date. The fair value is $216,444 . · Market condition award consisting of 61,100 shares that vest based upon the fair market value of the Company’s stock being greater than or equal to $12.00 per share for 75 consecutive trading days in the United States for any period of time beginning after the date of the restricted stock grant and concluding on or prior to the expiration date. The fair value is $3,640 . In accordance with ASC 718 ‑10, the Company valued the performance condition and market condition awards using the Black ‑Scholes and binomial lattice models, respectively. The fair values of the performance condition awards are based upon the closing price of shares of the Company’s common stock that trade on AIM under the symbol “PPTR” on the date of grant. The total fair value of all three tranches of the performance condition awards is $0.3 million (adjusted for the exercise of the repurchase, noted above), of which no amounts have been expensed as it was not deemed probable that the performance conditions would be satisfied based on the financial assessment as of December 31, 2015. The Company will reassess the probability of achieving each performance condition metric at each reporting period. The total fair value of the market condition award is $3,640 . Given the inconsequential nature of the amount, the Company recorded the entire expense at the time of grant. The expense related to the market condition award is not reversed even if the market conditions are not satisfied. On November 15, 2013, the Company made a restricted stock grant of 200,000 shares of our common stock to Carl J. Williams, Chief Executive Officer and Chairman of the Board of Directors, pursuant to the Company’s 2012 Equity Incentive Plan. Furthermore, on March 10, 2014, the Company also made a restricted stock grant of 150,000 shares of our common stock to Philip Beck, former Chairman of the Board. These shares would have vested if, prior to May 31, 2015, the closing price of the Company’s common stock on NASDAQ is at least $6.00 per share for 30 consecutive trading days, or if the Company completed a change of control transaction of at least $6.00 per share, or the fair market value of the Company’s common stock immediately following such change of control transaction is at least $6.00 per share. These shares expired unvested on May 31, 2015 as the market conditions were not achieved. The total fair value of the market condition awards was $2,647 and $3,000 , respectively. Given the inconsequential nature of the amount, we recorded the entire expense at the time of grant. On June 27, 2014 and on August 15, 2014, the Company made a restricted stock grant of 325,000 and 250,000 shares of our common stock, respectively, to certain employees pursuant to the Company’s 2012 Equity Incentive Plan. These shares would have become vested if, prior to December 31, 2015, the closing price of the Company’s common stock on NASDAQ is at least $6.00 per share for 30 consecutive trading days, or if the Company completed a change of control transaction of at least $6.00 per share, or the fair market value of the Company’s common stock immediately following such change of control transaction is at least $6.00 per share. During the year ended December 31, 2014, 125,000 of these shares were forfeited due to a termination of an employee. The remaining 450,000 shares expired unvested on December 31, 2015 as the market conditions were not achieved. The total fair value of the market condition award was $5,735 and $1,023 . Given the inconsequential nature of the amount, we recorded the entire expense at the time of grant. During the second and third quarters of 2014, 205,830 restricted stock awards with a grant date fair value of $0.5 million were granted to certain employees and members of the Board of Directors of the Company. The final number of vested shares is subject to service-based vesting conditions. These grants were valued using the fair-market value of the Company’s common stock on the date the awards were approved. Expense is recorded on a straight-line basis from the date of the grant over the applicable service period of 36 months for employees and 12 months for the Board of Directors. During the year ended December 31, 2015, 152,835 restricted stock awards with a grant fair value of $0.3 million were granted to certain employees and members of the Board of Directors of the Company. These grants were valued using the fair-market value of the Company’s common stock on the date the awards were approved. 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 for employees and 12 months for the Board of Directors. During the third quarter of 2015, the Company granted 300,000 restricted stock awards to certain officers o

Property and equipment

Property and equipment	12 Months Ended
	Dec. 31, 2015
Property and equipment
Property and equipment	3. Property and equipment Property and equipment, net consist of the following: Estimated useful life As of December 31, (in years) 2015 2014 Equipment 2 - 7 $ $ Computer hardware 3 - 5 Furniture and fixtures 5 - 7 Leasehold improvements 3 - 10 Total property and equipment, gross Less: Accumulated depreciation and amortization Property and equipment, net $ $ Property and equipment depreciation and amortization expense is as follows: Year ended December 31, 2015 2014 2013 Depreciation and amortization expense $ $ $

Goodwill and intangible assets

Goodwill and intangible assets	12 Months Ended
	Dec. 31, 2015
Goodwill and intangible assets
Goodwill and intangible assets	4. Goodwill and intangible assets The changes in the carrying amount of goodwill are as follows: Goodwill, gross, as of December 31, 2013 $ Impact of change in Euro exchange rate Accumulated impairment losses as of December 31, 2014 — Goodwill, net, as of December 31, 2014 Impact of change in Euro exchange rate Accumulated impairment losses as of December 31, 2015 — Goodwill, net, as of December 31, 2015 $ 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 December 31, 2015 As of December 31, 2014 Amortization Gross book Accumulated Net book Gross book Accumulated Net book period value amortization value value amortization value (in years) Trademarks and patents $ $ $ $ $ $ 15 - 21 Technology 5 Intangible assets, net $ $ $ $ $ $ Amortization expense related to intangible assets is as follows: Year ended December 31, 2015 2014 2013 Amortization expense $ $ $ Intangible amortization expense that will be charged to income for the subsequent five years and thereafter is estimated on the December 31, 2015 book value, as follows: 2016 $ 2017 2018 2019 2020 Thereafter Total $

Long and short-term capital lea

Long and short-term capital leases	12 Months Ended
	Dec. 31, 2015
Long and short-term capital leases
Long and short-term capital leases	5. Long and short ‑term capital leases Long and short ‑term capital leases consisted of the following: December 31, 2015 2014 Capital leases to various lessors secured by financed equipment with interest rates ranging from 4.67% to 13.45% . Principal and interest are payable monthly through September 2018 $ $ Total long and short-term portions of capital leases Less: short-term portion capital leases Long-term portion of capital leases $ $ Interest expense related to capital leases is as follows: Year ended December 31, 2015 2014 2013 Capital leases $ $ $

Restructuring charges

Restructuring charges	12 Months Ended
	Dec. 31, 2015
Restructuring charges
Restructuring charges	6. Restructuring Charges In 2014, the Company initiated a realignment of its workforce aimed at achieving greater operational efficiencies. As a result of the realignment, the Company incurred total restructuring charges during the year ended December 31, 2015 of approximately $0.3 million, of which $0.2 million relates to cash expenditures. The table below sets forth the cash components and activity associated with the realignment of the workforce and business for the year ended December 31, 2015: Balance as of Balance as of January 1, 2015 Charges Cash Payment December 31, 2015 Severance and benefits $ $ $ $ — Legal expenses and other — — Total restructuring charges $ $ $ $ — The table below sets forth the cash components and activity associated with the realignment of the workforce and business for the year ended December 31, 2014: Balance as of Balance as of January 1, 2014 Charges Cash Payment December 31, 2014 Severance and benefits $ — $ $ $ Legal expenses and other — — Total restructuring charges $ — $ $ $

Commitments and contingencies

Commitments and contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and contingencies
Commitments and contingencies	7 . Commitments and contingencies Operating leases The Company leases office space and various office equipment under cancelable and non ‑cancelable operating leases which expire on various dates through 2018. In general, leases relating to real estate include rent escalation clauses relating to increases in operating costs. Some leases also include renewal options of up to five years. Operating lease expense is as follows: Year ended December 31, 2015 2014 2013 Operating lease expense $ $ $ Future minimum rental payments under non ‑cancelable operating leases are as follows: Years ending December 31, 2016 $ 2017 2018 2019 — 2020 — Thereafter — Total minimum lease payments $ Capital leases The following is an analysis of the leased property under capital leases: December 31, 2015 2014 Computer hardware $ $ Computer software Total capital leases, gross Less: Accumulated depreciation Total capital leases, net $ $ Future minimum rental payments under capital leases are as follows: Years ending December 31, 2016 $ 2017 2018 2019 — 2020 — Thereafter — Total minimum lease payments Less: Amounts representing taxes, included in total minimum lease payments(*) — Net minimum lease payments Less: Amounts representing interest payments Present value of net minimum lease payments $ (*) Tax amounts related to capital lease payments are inconsequential. Employment agreements Pursuant to employment agreements with certain employees, the Company had a commitment to pay severance of approximately $0.9 million and $0.8 million as of December 31, 2015 and 2014, respectively, in the event of an involuntary termination, as defined in the employment agreements. Additionally, in the event of termination upon a change of control, as defined in the agreements , the Company had a commitment to pay severance of approximately $1.1 million and $1.0 million as of December 31, 2015 and 2014, 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 $0.9 million with the sponsoring bank against such liabilities and has itself paid the acquirer a reserve of $0.3 million in connection therewith, which is included in long-term ‘Restricted cash” 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 December 31, 2015 and 2014, 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’s operating entities are involved in legal proceedings in the ordinary course of business. While any litigation contains an element of uncertainty, the Company has no reason to believe that the outcome of such proceedings or claims will have a material adverse effect on the financial condition or results of operations of the Company. Acquiring bank sponsorship agreements 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 was required to pay minimum annual sponsorship transaction fees of $0.3 million in year one . The minimum fees escalate each subsequent year with minimum fees of $0.5 million due 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 payment processing service fees 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 its merchants sponsored under the agreement. No contingent liability has been recorded as December 31, 2015 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. The Company has two acquiring bank sponsoring agreements expiring at various dates through 2018. The future minimum payments under those agreements are as follows: Years ending December 31, 2016 $ 2017 2018 2019 — 2020 — Thereafter — Total payments $ Insurance reimbursement Based on the loss recovery model the Company recorded an insurance reimbursement gain of $0.5 million in selling, general and administrative expenses during the year ended December 31, 2015. The insurance reimbursement was related to a previous property and casualty loss recognized by the Company.

Credit Facility

Credit Facility	12 Months Ended
	Dec. 31, 2015
Convertible debt
Credit Facility	8. Credit Facility On June 10, 2015, the Company entered into a $10.0 million secured revolving credit facility (the “Credit Facility”) with Citizens Bank, N.A. (“Citizens”) pursuant to a Credit and Security Agreement by and among the Company, certain affiliates thereof as borrowers or guarantors, and Citizens (the “Credit Agreement”). The line of credit under the Credit Agreement is secured by substantially all of the Company’s personal property, including the Company’s intellectual property and that of its subsidiaries that are borrowers or guarantors. The interest rate applicable to committed borrowings is tied to LIBOR plus a margin of 2.5% . The Credit Agreement also provides for a letter of credit sub-facility of up to $2.0 million. The Credit Agreement contains customary affirmative and negative covenants, including, among others, financial covenants based on the Company’s leverage and fixed charge coverage ratios, as well as an obligation to maintain a minimum availability requirement of at least $5.0 million in the aggregate of cash and availability under the line of credit. The Credit Facility will provide funds for general corporate purposes and repurchases of issued and outstanding capital stock of the Company. The Credit Facility matures on June 10, 2020 and is payable in full upon maturity. As of December 31, 2015, the Company was in compliance with all financial covenants contained in the Credit Agreement and no amounts were outstanding. On January 28, 2016, we entered into a Second Amendment to Credit and Security Agreement with Citizens and certain subsidiary affiliates of the Company as borrowers and/or guarantors (the “Amendment”). The Amendment amends the original Credit and Security Agreement by and among the parties dated as of June 10, 2015 and provides for an increase in the Company’s line of credit (the “Line of Credit”) with Citizens from $10.0 million to $20.0 million. Additionally, the Amendment extends the date by which the entire unpaid principal amount of the Line of Credit together with interest shall be due and payable in full to December 31, 2020. Other terms and conditions of the Amendment remained unchanged.

Convertible preferred stock

Convertible preferred stock	12 Months Ended
	Dec. 31, 2015
Convertible preferred stock.
Convertible preferred stock	9. Convertible preferred stock The preferred stock consists of 2,243,750 shares designated (and issued) as Series A Preferred Stock, and 1,756,250 shares which are undesignated (and unissued). Each issued share of Series A Preferred Stock is convertible into approximately 3.05 shares of common stock, for a total of 6,851,144 shares of common stock. Series A Preferred Stock may be converted into shares of common stock at any time at the election of the holder. In addition, all issued Series A Preferred Stock automatically convert into shares of common stock upon the consent of the holders of at least two ‑thirds of the voting power of the issued Series A Preferred Stock, or immediately prior to the closing of an initial public offering of common stock registered with the U.S. Securities and Exchange Commission in which the valuation of the Company is at least $50.0 million and the net proceeds of the offering are at least $25.0 million. Upon the admission of the Company’s common stock to AIM in March 2006, substantially all of the rights, preferences and privileges of the Series A preferred stockholders, except for the liquidation preference, terminated. The only difference in rights between the Series A Preferred Stock and the common stock is the payment of a liquidation preference on the Series A Preferred Stock in the event of an acquisition, liquidation or winding up of the Company. “Acquisition” is defined for purposes of payment of the liquidation preference as a consolidation or merger (or similar transaction) of the Company with or into any other corporation or the sale of all of the capital stock of the Company, in each case where the shareholders immediately prior to such transaction fail to retain a majority voting power of the Company’s stock following such transaction, or a sale, lease, exclusive license or other disposition of all or substantially all of the Company’s assets. Upon such a liquidation event, each share of Series A Preferred Stock entitles its holder to receive an amount equal to the original purchase price for the Series A Preferred Stock prior to payment on the common stock. The aggregate liquidation preference for the Series A Preferred Stock is approximately $9.0 million. In the event of an acquisition of the Company, the holders of Series A Preferred Stock would be entitled to receive the first approximately $9.0 million of the purchase price. After payment of this liquidation preference, the remaining proceeds would be distributed pro rata among the holders of common stock. The Series A Preferred Stock otherwise has identical rights to common stock on an as converted basis, including with respect to voting and dividends.

Common stock

Common stock	12 Months Ended
	Dec. 31, 2015
Common stock.
Common stock	10. Common stock The common stockholders are entitled to a distribution of all remaining assets (which may be more or less than the original investment), on a proportionate basis, in the event of the dissolution or winding up of the Company, after payment of all liabilities of the Company and the liquidation preference of all series of preferred stock then outstanding. The common stock has no conversion or redemption rights. The common stock is entitled to one vote per share at all general meetings of the Company. The common stockholders are entitled to share in all dividends and distributions, which may be declared by the Company, on a proportionate basis with all other classes and series of stock outstanding. During the year ended December 31, 2015, the Company issued 510,390 shares of common stock as follows: Restricted stock grants Restricted stock cancellations Employee option exercises Total common stock issued During the year ended December 31, 2014, the Company issued 643,511 shares of common stock as follows: Restricted stock grants Restricted stock cancellations Employee option exercises Warrant exercises Total common stock issued

Related party transactions

Related party transactions	12 Months Ended
	Dec. 31, 2015
Related party transactions
Related party transactions	11. Related party transactions The Company incurred the following amounts to companies that are principally owned by executives, directors or stockholders of the Company: Year ended December 31, 2015 2014 2013 Rent $ $ $ Consulting and professional fees Rent was paid to BDP Realty Associates LLC, a company in which our former Chief Executive Officer and Chairman of the Board of Directors, Philip Beck, has a one-third ( 1/3 rd) interest. Furthermore, consulting and professional fees were paid to a professional services company where a family member of Philip Beck has a substantial interest. Mr. Beck does not have any direct financial interest in such company . In February 2015, Philip Beck ceased to serve as the Company’s Chairman of the Board and as a director. The Company’s related party expense for 2015 is for the two months Philip Beck was Chairman of the Board of Directors .

Accrued expenses

Accrued expenses	12 Months Ended
	Dec. 31, 2015
Accrued expenses
Accrued expenses	12. Accrued expenses The following are the components of accrued expenses: As of December 31, 2015 2014 Bonus $ $ Professional fees — Gift card liabilities — Deferred revenue(*) Deferred incentive(**) — Other(***) Total accrued expenses $ $ (*) Short-term deferred revenue will be recognized as revenue ratably over the next 12 months. As of December 31, 2015, included in the balance sheet classification “Other long-term liabilities” is the non ‑current portion of deferred revenue in the amount of approximately $0.6 million. The long-term portion of deferred revenue as of December 31, 2014 was approximately $1.0 million. (**) As of December 31, 2015, the Company recorded approximately $1.0 million in short-term incentives in relation to future obligations under a contract. Additionally, as of December 31, 2015, included in the balance sheet classification “Other long-term liabilities” is the non ‑current portion of these incentives of approximately $0.7 million. (***) As of December 31, 2015, included in “other” were third party referral commissions of approximately $1.6 million. No other amount exceeded 10% of total current liabilities.

Income taxes

Income taxes	12 Months Ended
	Dec. 31, 2015
Income taxes
Income taxes	13. Income taxes The components of the Company’s income before (benefit) provision for income taxes by jurisdiction are as follows: Year ended December 31, 2015 2014 2013 United States $ $ $ Outside United States Income before (benefit) provision for income taxes, net $ $ $ The components of the (benefit) provision for income taxes are as follows: Year ended December 31, 2015 2014 2013 Current tax: United States—Federal $ — $ — $ — United States—State and local Outside United States Total current tax Deferred tax: United States—Federal — — United States—State and local — — Outside United States Total deferred tax (Benefit) provision for income taxes, net $ $ $ For 2015, the benefit for income taxes of $ 4.0 million related to current tax from foreign operations of $1.5 million, primarily the result of revenue withholding taxes paid in foreign tax jurisdictions. The 2015 current tax expense from foreign operations includes $0.7 million related to a foreign tax receivable that was expensed as collectability was no longer deemed probable. The current tax expense was fully offset by a partial reversal of the valuation allowance of the deferred tax asset that pertains to our net operating loss carryforwards in the United States and changes in certain deferred tax items in and current tax obligations in foreign entities. Based on all available evidence, the Company recorded a tax benefit of $ 6 .2 million for tax attribute carryforwards in the jurisdictions in which there is sufficient positive evidence that the deferred tax asset will be realized. In addition, the deferred tax expense from outside the United States includes an expense of $0.5 million related to the reversal of a previously deferred tax asset as the Company determined that the deferred tax asset will not be utilized and the impact on current and prior years accounts are immaterial. The Company has not provided for U.S. income taxes or foreign withholding taxes on the undistributed earnings from operations of its subsidiaries operating outside of the United States. Such undistributed earnings are considered permanently reinvested. The Company does not provide deferred taxes on translation adjustments on unremitted earnings under the indefinite reversal exception. Determination of the amount of unrecognized deferred tax liability related to these earnings is not practicable due the complexities of a hypothetical calculation. For 2014, the provision for income taxes of $0.8 million related primarily to foreign entities. The Company has tax carryforwards in its federal, state and foreign jurisdictions. Based on all available evidence, it is not more likely than not that the Company would realize the benefit from $29.9 million of the deferred tax assets. Therefore, a valuation allowance of $28.5 million is recorded, which takes into account a deferred tax liability of $ 0.7 million. The Company has recorded a tax benefit for tax attribute carryforwards in the jurisdictions in which there is sufficient positive evidence that the deferred tax asset will be realized, resulting in a net deferred tax asset of $0.7 million. For 2013, the provision for income taxes of $ 40,869 related primarily to foreign entities. The Company has tax carryforwards in its federal, state and foreign jurisdictions. Based on all available evidence, it is not more likely than not that the Company would realize the benefit from $31.2 million of the deferred tax assets. Therefore, a valuation allowance of $29.4 million is recorded, which takes into account a deferred tax liability of $1.0 million. The Company has recorded a tax benefit for tax attribute carryforwards in the jurisdictions in which there is sufficient positive evidence that the deferred tax asset will be realized, resulting in a net deferred tax asset of $0.8 million. The table below shows reconciliation from the U.S. Federal statutory income rate of 34.0% to the effective income tax rate: Year ended December 31, 2015 2014 2013 Federal statutory rate % % % State tax Permanent differences Foreign tax rates at rates different from U.S. rates Valuation allowance Total tax (benefit) provision % % % With few exceptions, the statute of limitations for the years 2011 and prior has expired. Earlier years related to certain foreign jurisdictions remain subject to examination. However, to the extent allowed by law, the tax authorities may have the right to examine prior periods where net operating losses were generated and carried forward, and may make adjustments up to the amount of the net operating loss carryforward. As of December 31, 2015 and 2014, the Company has no significant uncertain tax positions and, therefore, has not recorded any significant liabilities, interest or penalties for uncertain tax positions. To the extent that the Company records any interest or penalties, these amounts will be recorded as part of the income tax provision. If the Company’s positions are sustained by the taxing authorities, there will be no impact to the Company’s income tax provision. The federal income tax return for the year 2013 is under examination by the Internal Revenue Service. The Company does not believe that there will be any additional tax due. The components of deferred tax assets and liabilities are as follows: As of December 31, 2015 2014 Deferred tax assets: Net operating loss carryforwards $ $ Stock options Bonuses and salaries Restricted stock Provision for doubtful accounts Foreign nonrefundable withholding tax — Foreign tax credit Total deferred tax assets Less: Valuation allowance Net deferred tax assets Deferred tax liabilities: Depreciation and amortization Total deferred tax liabilities Total deferred tax assets, net(*) $ $ (*) As of December 31, 2015 and 2014, deferred tax assets, net, are included in the balance sheet classification “Deferred tax asset and other long-term assets.” As of December 31, 2015, the Company has available federal net operating loss carryforwards of $61.2 million, the most significant of which expire from 2020 through 2033. We recognize deferred tax assets and liabilities for future tax consequences arising from differences between the carrying amounts of existing assets and liabilities under GAAP and their respective tax basis, and for net operating loss carryforwards and tax credit carryforwards. We evaluate the recoverability of our deferred tax assets, weighing all positive and negative evidence, and are required to establish or maintain a valuation allowance for these assets if we determine that it is more likely than not that some or all of the deferred tax assets will not be realized. The weight given to the evidence is commensurate with the extent to which the evidence can be objectively verified. If negative evidence exists, positive evidence is necessary to support a conclusion that a valuation allowance is not needed. Our framework for assessing the recoverability of deferred tax assets requires us to weigh all available evidence, including: · the sustainability of recent profitability required to realize the deferred tax assets; · the historical cumulative net losses in our consolidated statements of operations in recent years; and · the carryforward periods for the net operating losses and tax credits. As of December 31, 2014, we had a valuation allowance of $28.5 million against our deferred tax assets of $29.9 million. After weighing all of the evidence, we determined that the positive evidence in favor of releasing a portion the valuation allowance outweighed the negative evidence against releasing the allowance as of December 31, 2015. Therefore, we concluded that it was more likely than not that a portion our deferred tax assets, relating to net operating loss carryforwards in the United States, would be realized. As a result, we released $6.2 million of the valuation allowance on our deferred tax assets as of December 31, 2015. The positive evidence that weighed in favor of partially releasing the valuation allowance as of December 31, 2015 and ultimately outweighed the negative evidence against releasing the allowance was the following: · our U.S. profitability for the year end December 31, 2015 and our expectations regarding the sustainability of these profits; · our three-year U.S. cumulative income position as of December 31, 2015; · the recent term extensions of certain material customers; · our taxable income for 2015 and our expectations regarding the likelihood of future taxable income; and · that our net operating loss carryforwards expire from 2020 through 2033. As the Company has recently transitioned from incurring losses since inception to a cumulative income position over the three years ended December 31, 2015 the Company concluded on reversing a portion of the valuation allowance and will continue to evaluate the recoverability of the remaining $16.6 million in net operating loss deferred tax assets over the next several quarters.

Stock incentive plan

Stock incentive plan	12 Months Ended
	Dec. 31, 2015
Stock-based compensation expense and assumptions
Stock incentive plan	14. Stock incentive plan 2000 Stock Incentive Plan Options granted under the 2000 Stock Incentive Plan were all non ‑qualified stock options. As of December 31, 2014 options to purchase 50,000 shares were outstanding. The 50,000 shares remaining under the 2000 St ock Incentive Plan expired in January 2015. No shares were available for future grant under the 2000 Stock Incentive Plan. 2006 Equity Incentive Plan As of December 31, 2015 and December 31, 2014, 7,621,127 and 8,245,761 shares were reserved for issuance under the 2006 Plan, respectively. As of December 31, 2015, 594,750 restricted shares have been issued (see Note 2 (Summary of significant accounting policies—long ‑term incentive restricted stock agreement assumptions and vesting requirements)) and no options have been issued below fair value. As of December 31, 2015 and December 31, 2014, zero shares of common stock were available for future issuance under the 2006 Plan. 2012 Equity Incentive Plan The Company’s 2012 Equity Incentive Plan, which authorizes the issuance of an aggregate of 5,000,000 shares plus (i) any shares available for issuance under the Company’s 2006 Equity Incentive Plan, which was terminated upon the effective date of the 2012 Plan, and (ii) any shares subject to outstanding options under the Company’s 2000 Stock Incentive Plan and the Company’s 2006 Equity Incentive Plan which are forfeited, cancel or which expire. As of December 31, 2015, 8,874,274 shares were reserved for future issuance and 5,121,052 were available for grants under the Company’s 2012 Equity Incentive Plan. A summary of stock option activity for the year ended December 31, 2015 is as follows: Weighted-average Number of Weighted-average remaining contractual Aggregate options exercise price life (in years) intrinsic value Outstanding as of December 31, 2014 $ $ Options granted Options exercised Options cancelled Options expired Options forfeited Outstanding as of December 31, 2015 Options exercisable as of December 31, 2015 Vested and expected to vest as of December 31, 2015 The following table provides additional information pertaining to the Company’s stock options: Year ended December 31, 2015 2014 2013 Weighted-average grant date fair value for options granted during the period $ $ $ Total fair value of options vested during the period Total intrinsic value of options exercised during the period The exercise prices range from $1.20 to $3.64 for stock options outstanding and exercisable as of December 31, 2015. The aggregate intrinsic value of stock options outstanding, vested and unvested expected to vest, and exercisable, represent the total pre ‑tax intrinsic value, based on the closing prices of $3.05 and $2.08 of PLPM as reported on NASDAQ on December 31, 2015 and 2014, respectively. The following table summarizes the status of the non ‑vested shares of restricted stock grants as of December 31, 2015: Weighted-Average Number of Grant Date Fair Awards Value Non-vested awards as of January 1, 2015 $ Awards granted Awards vested Awards repurchased — — Awards cancelled and forfeited Non-vested awards as of December 31, 2015 $ 2012 Employee Stock Purchase Plan The Company’s 2012 Employee Stock Purchase Plan authorizes the issuance of an aggregate of 800,000 shares of common stock. The number of shares of common stock reserved for issuance under the Company’s 2012 Employee Stock Purchase Plan will increase automatically on the first day of January of each of 2015 through 2019 by an amount equal to 1% of the number of shares of common stock outstanding on the preceding December 31, unless the Company’s Board of Directors elects to authorize a lesser number of shares in any given year. In January 2015 and 2016, the Board of Directors elected not to increase the shares reserved for issuance. As of December 31, 2015 no shares are issued or outstanding under the 2012 Employee Stock Purchase Plan. Under the Company’s 2012 Employee Stock Purchase Plan, eligible employees will be able to acquire shares of our common stock by accumulating funds through payroll deductions. The purchase price for shares of our common stock purchased under the Company’s 2012 Employee Stock Purchase Plan will be 85% of the lesser of the fair market value of our common stock on (1) the first trading day of the applicable offering period and (2) the last trading day of each purchase period in the applicable offering period. The Company’s 2012 Employee Stock Purchase Plan will terminate on the tenth anniversary of the first purchase date, unless it is terminated earlier by the Company’s Board of Directors or as a result of the issuance of all of the shares of our common stock reserved for issuance under the Company’s 2012 Employee Stock Purchase Plan.

Warrants

Warrants	12 Months Ended
	Dec. 31, 2015
Warrants.
Warrants	15. Warrants Warrants granted are generally issued for services performed by third parties or investors. As of December 31, 2015, there was no outstanding warrant activity. The following table provides additional information pertaining to the Company’s warrant activity: Year ended December 31, 2015 2014 2013 Weighted-average grant date fair value for warrants granted during the period $ — $ — $ — Total fair value of warrants vested during the period — — — Total intrinsic value of warrants exercised during the period — In 2014, various parties exercised their warrants in accordance with its terms and as a result 79,677 new shares of common stock were issued. The warrants were net exercised under which 32,623 shares subject to the warrant were cancelled as payment for the shares being issued. The aggregate intrinsic value of warrants outstanding, vested and unvested expected to vest, and exercisable, represent the total pre ‑tax intrinsic value, based on the closing prices of $2.78 of PLPM as reported on NASDAQ on December 31, 2013.

Retirement plan

Retirement plan	12 Months Ended
	Dec. 31, 2015
Retirement plan
Retirement plan	16. Retirement plan All U.S. employees are eligible to participate in a 401(k) plan which covers U.S. employees meeting certain age requirements in accordance with section 401(k) of the Internal Revenue Code. Under the provisions of the 401(k) plan, the Company has the ability to make matching contributions equal to a percentage of the employee’s voluntary contribution, as well as a non ‑elective contribution. From the inception of the 401(k) plan the Company has not made a contribution of any type.

Segment information

Segment information	12 Months Ended
	Dec. 31, 2015
Segment information
Segment information	17. 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 (“CODM”) in deciding how to allocate resources and in assessing performance. The 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 $3.7 million, $2.0 million and $1.7 million, which is included in “processing and services costs” for the years ended December 31, 2015, 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 the Americas and Europe and as of December 31, 2015 and December 31, 2014, long ‑lived asset amounts are $7.4 million and $9.1 million, respectively. The Company conducts its business primarily in three geographical regions: Asia Pacific (“APAC”), the Americas, and Europe, Middle East and Africa (“EMEA”). The following table provides revenue concentration by geographic region. Analysis of revenue by segment and geographical region and reconciliations to consolidated revenue, gross profit, and income before the benefit (provision) for income taxes are as follows: Year ended December 31, 2015 2014 2013 Net Revenue: APAC $ $ $ The Americas EMEA Total multi-currency processing services revenue Payment processing services revenue Net revenue $ $ $ Gross Profit: APAC $ $ $ The Americas EMEA Total multi-currency processing services gross profit Payment processing services gross profit Total reportable segment gross profit Corporate allocated cost of sales Total gross profit $ $ $ Income from operations before benefit (provision) for income taxes: Total gross profit $ $ $ Selling, general and administrative expenses Restructuring charges — Income from operations Interest expense Interest income Other income Total other income, net Income from operations before benefit (provision) for income taxes $ $ $ Payment processing services revenue and gross profit are the result of transactions that primarily originated in the Americas. For the year ended December 31, 2015, Customer B and Customer G had revenue concentration of 14% and 24% , respectively. No individual merchant of the payment processing segment was greater than 10% of segment revenue. “Corporate allocated cost of sales” includes expenses of running its platform infrastructure including: internet connectivity, hosting and data storage expenses, amortization expenses of capitalized software development costs, compensation and related benefits of its technology personnel and a portion of general overhead expenses. Concentration of revenue by customer by geographical region: Year ended December 31, 2015 2014 2013 Multi-currency processing services revenue: APAC: Customer A % % % The Americas: Customer D Customer E Customer F * * Customer I ** EMEA: Customer C Customer H * Revenue less than 10%. ** New customer in 2014.

Stock Repurchase Program

Stock Repurchase Program	12 Months Ended
	Dec. 31, 2015
Stock Repurchase Program
Stock repurchase program	18. Stock repurchase program In October 2014, we announced that our Board of Directors authorized the repurchase of up to $6.0 million of our outstanding shares of common stock. The shares may be purchased from time to time during a period ending on December 31, 2015. The timing, price and quantity of purchases are at our discretion and the program may be discontinued or suspended at any time. As of December 31, 2014, the total amount of common stock repurchased under the program was 0.5 million shares for an aggregate price of $0.8 million. On August 4, 2015 and December 21, 2015, our Board of Directors expanded our share repurchase authorization by an incremental $5.2 million and $2.3 million, respectively. Under the new authorizations, we may repurchase shares in the open market or as otherwise may be determined by us, subject to market conditions, business opportunities and other factors, at prices not to exceed $3.20 per share. We have no obligation to repurchase shares under this program. This authorization has no expiration date and may be suspended or terminated at any time. For the year ended December 31, 2015, we repurchased 3.1 million shares for an aggregate price of $7.1 million. These repurchases bring our total common stock repurchased under the program through December 31, 2015 to 3.6 million shares for an aggregate price of $7.9 million. As of December 31, 2015, $5.6 million remains available for repurchase under the program. From January 1, 2016 to February 29, 2016, we repurchased approximately 0.9 million shares of common stock for an aggregate price of $2.6 million. The total amount of common stock repurchased under the program through February 29, 2016 was 4.5 million shares for an aggregate price of $10.5 million . As of February 29, 2016, $3.0 million remains available for repurchase under the program.

Subsequent events

Subsequent events	12 Months Ended
	Dec. 31, 2015
Subsequent events
Subsequent events	19. Subsequent events On February 2, 2016, the Company entered into an employment agreement with Carl J. Williams, its Chief Executive Officer and Chairman of the Board of Directors (the “Agreement”). The initial term of the Agreement expires on May 1, 2017, and the Agreement is subject to evergreen one -year renewals. The Agreement provides for the extension of certain applicable vesting and expiration periods in respect of stock options and restricted stock upon the occurrence of certain events, including death, disability, involuntary termination, and a change of control. Further, the Agreement provides for (i) payment of twelve months of base salary as severance and up to twelve months of health benefits continuation in the event of certain “involuntary” terminations of employment occurring prior to a change of control, i.e., termination by the Company without ‘cause’ or by Mr. Williams for ‘good reason’; and (ii) payment of six months of base salary in the event of a change of control of the Company, in each case, subject to an execution of a release of claims in favor of the Company.

Schedule II - Valuation and qua

Schedule II - Valuation and qualifying accounts	12 Months Ended
	Dec. 31, 2015
Schedule II - Valuation and qualifying accounts
Schedule II - Valuation and qualifying accounts	Planet Payment, Inc. Schedule II—Valuation and qualifying account s Balance at Additions Balance at beginning of charged to Other end of Description period expenses Deductions adjustments period As of December 31, 2015: Allowance for doubtful accounts $ $ $ $ — $ Deferred tax valuation allowance(1) — As of December 31, 2014: Allowance for doubtful accounts $ $ $ $ — $ Deferred tax valuation allowance(2) — As of December 31, 2013: Allowance for doubtful accounts(3) $ $ $ $ — $ Deferred tax valuation allowance(4) — (1) For the year ended December 31, 2015, the deferred tax valuation allowance was decreased by $ 7.9 million primarily due to the Company utilizing net operating losses and anticipated net operating loss to be used. (2) For the year ended December 31, 2014, the deferred tax valuation allowance was decreased by $ 0.9 million primarily due to the Company utilizing net operating losses. (3) For the year ended December 31, 2013, the decrease to the allowance for doubtful accounts is primarily due to the write ‑off of a previously reserved trade receivable in the amount of $1.3 million. (4) For the year ended December 31, 2013, the deferred tax valuation allowance was increased by $0.9 million consisting primarily of an increase of $0.4 million due to the Company’s net operating losses and an increase of $0.2 million due to stock options and restricted stock. These increases were offset by decreases in bonus of $0.2 million and bad debt of $0.5 million.

Summary of significant accoun29

Summary of significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2015
Summary of significant accounting policies
Use of estimates	Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. On an on ‑going basis, the Company evaluates its estimates, including those related to the accounts receivable allowance, recoverability of goodwill, intangibles and other long ‑lived assets, and other assets and liabilities; the useful lives of intangible assets, property and equipment, capitalized software development costs; assumptions used to calculate stock ‑based compensation expense including volatility, expected life and forfeiture rate; and income taxes (including recoverability of deferred taxes), among others. The Company bases its estimates on historical experience and on other various assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities.
Revenue recognition	Revenue recognition The Company derives revenue principally through fees earned under fixed contractual arrangements with customers who use our international payment and multi ‑currency processing services. The Company has two revenue streams: Multi ‑currency processing services revenue Multi ‑currency processing services revenue is the foreign currency transaction fee earned on processing and converting of a credit or debit card transaction from one currency into another currency. Multi ‑currency transaction processing services revenue is recognized upon settlement of the transaction. Payment processing services revenue The Company follows the requirements of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) topic 605 ‑45 Revenue Recognition—Principal Agent Consideration , in determining its payment processing services revenue reporting. Generally, where the Company has merchant portability, credit risk and ultimate responsibility for the merchant, revenue is reported at the time of settlement on a gross basis equal to the full amount of the discount charged to the merchant. This amount may include interchange paid to card issuing banks and assessments paid to payment card associations. Payment processing services revenue is transaction based and priced either as a fixed fee per transaction or calculated based on a percentage of the transaction value. The fees are charged for processing services provided in facilitating the sale of goods and services by means of credit, debit and prepaid cards and other electronic payments and do not include the gross sales price paid by the ultimate buyer. Payment processing services revenue is recognized upon settlement of the transaction. Our revenue is presented net of a provision for sales credits, which is estimated based on historical results and established in the period in which services are provided. As of the periods presented, there were no such provisions.
Cash and cash equivalents	Cash and cash equivalents Cash and cash equivalents consist of cash and highly liquid investments purchased with original maturity of three months or less.
Restricted cash	Restricted cash Restricted cash is primarily held by either processing partners where the Company holds a share of underwriting risk and for other potential liabilities under processing or by the Company on behalf of an automated clearing house, or ACH, transaction processing customer. The long ‑term portion of restricted cash is contractually required to be held by some of the Company’s processing partners and will remain restricted as long as the associated contracts are effective. As such, the Company classifies these portions as long-term.
Translation of non-U.S. currencies	Translation of non-U.S. currencies The translation of assets and liabilities denominated in foreign currency into U.S. Dollars is made at the prevailing rate of exchange at the balance sheet date. Revenue and expenses are translated at the average exchange rates during the period. Translation adjustments are reflected in accumulated other comprehensive income (loss) on our consolidated balance sheets, while gains and losses resulting from foreign currency transactions are included in our consolidated statements of operations. Amounts resulting from foreign currency transactions included in our statement of operations were $0.4 million, $0.2 million and $0.1 million for the years ended December 31, 2015, 2014 and 2013, respectively.
Allowance for doubtful accounts	Allowance for doubtful accounts The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of our customers to make payments due to the Company. The amount of the allowance is based on historical experience and our analysis of the accounts receivable balance outstanding. While credit losses have historically been within the Company’s expectations and the provisions established, the Company cannot guarantee that it will continue to experience the same credit loss rates that it has in the past. If the financial condition of our customers were to deteriorate, resulting in their inability to make payments, additional allowances may be required which would result in an additional expense in the period that this determination was made. The Company has included an allowance for doubtful accounts of approximately $0.1 million for the years ended December 31, 2015 and 2014.
Property, equipment and depreciation	Property, equipment and depreciation Property and equipment are stated at cost less accumulated depreciation, which is provided for by charges to income over the estimated useful lives of the assets using the straight ‑line method. Maintenance and repairs, which do not improve or extend the useful life of the respective asset, are charged to operating expenses as incurred. Upon sale or other disposition, the applicable amounts of asset cost and accumulated depreciation are removed from the accounts and the net amount, less proceeds from disposal, is charged or credited to income.
Software development costs and amortization	Software development costs and amortization The Company capitalizes costs of materials, consultants and payroll and payroll ‑related costs incurred by employees involved in developing internal use computer software during the application development stage. Costs incurred during the preliminary project and post ‑implementation stages are charged to processing and service costs, which are included in cost of revenue as incurred. Software development costs are amortized to processing and service costs, which are included in cost of revenue on a straight ‑line basis over estimated useful lives of approximately three to five years. The Company performs periodic reviews to ensure that unamortized software costs remain recoverable from future cash flows. Capitalized software development costs, net, were $4.0 million and $ 4. 6 million as of December 31, 2015 and 2014, respectively. Amortization expense totaled $1.9 million, $1.7 million and $1.6 million for the years ended December 31, 2015, 2014 and 2013, respectively.
Goodwill, intangibles and long-lived assets	Goodwill, intangibles and long ‑lived assets Goodwill represents the excess of the cost over the fair value of net tangible and identified intangible assets of acquired businesses. Goodwill amounts are assigned to reporting units at the time of acquisition and are adjusted for any subsequent significant transfers of business between reporting units. We assess the impairment of goodwill annually in the fourth quarter or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. We perform the impairment tests of goodwill at our reporting unit level, which is one level below our operating segments. We first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. The qualitative factors include economic environment, business climate, market capitalization, operating performance, competition, and other factors. We may proceed directly to the two-step quantitative test without performing the qualitative test. The goodwill impairment test consists of a two-step process. The first step of the goodwill impairment test, used to identify potential impairment, compares the fair value of a reporting unit to its carrying value, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired, and the second step of the impairment test is not required. The second step, if required, compares the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. The fair value of a reporting unit is allocated to all of the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit was the price paid to acquire the reporting unit. If the carrying amount of the reporting unit's goodwill exceeds its implied fair value, an impairment charge is recognized in an amount equal to that excess. We use a projected discounted cash flow model to determine the fair value of a reporting unit. This discounted cash flow method for determining goodwill may be different from the fair value that would result from an actual transaction between a willing buyer and a willing seller. Projections such as discounted cash flow models are inherently uncertain and accordingly, actual future cash flows may differ materially from projected cash flows. Management judgment is required in developing the assumptions for the discounted cash flow model. These assumptions include revenue growth rates, profit margins, future capital expenditures, working capital needs, expected foreign currency rates, discount rates and terminal values. The discount rates used are compiled using independent sources, current trends in similar businesses and other observable market data. Changes to these rates might result in a change in the valuation and determination of the recoverability of goodwill. For example, an increase in the discount rate used to discount cash flows will decrease the computed fair value. Our impairment tests resulted in excessive fair value over book value ranging from 52% to 60% for our reporting unit. In order to estimate the fair value of goodwill, we may engage a third party to assist management with the valuation. To validate the reasonableness of the reporting unit fair values, we reconcile the aggregate fair values of the reporting units to the enterprise market capitalization. In performing the reconciliation we may, depending on the volatility of the market value of our stock price, use either the stock price on the valuation date or the average stock price over a range of dates around the valuation date. The entire goodwill balance as of December 31, 2015 is attributable to the acquisition of BPS. We did not record any impairment of goodwill for the three years ended December 31, 2015. We evaluate long-lived assets, including property and equipment, capitalized software and finite-lived intangible assets for potential impairment on an individual asset basis or at the lowest level asset grouping for which cash flows can be separately identified. Long-lived asset impairments are assessed whenever changes in circumstances could indicate that the carrying amounts of those productive assets exceed their projected undiscounted cash flows. When it is determined that impairment exists, the related asset group is written down to its estimated fair market value. The determination of future cash flows and the estimated fair value of long-lived assets, involve significant estimates on the part of management. In order to estimate the fair value of a long-lived asset, we may engage a third party to assist management with the valuation. For the year ended December 31, 2015, we recorded an impairment of capitalized software of $0.3 million. Our process for assessing potential triggering events may include, but is not limited to, analysis of the following: · any sustained decline in our stock price below book value; · results of our goodwill impairment test; · sales and operating trends affecting products and groupings; · the impact of current and future operating results; · any losses of key acquired customer relationships; and · changes to or obsolescence of acquired technology, data, and trademarks. We also evaluate the remaining useful life of our long-lived assets on a periodic basis to determine whether events or circumstances warrant a revision to the remaining estimated amortization period .
Due to merchants	Due to merchants Due to merchants represents funds collected on behalf of all the Company’s acquired merchants using the Planet Payment Gateway ACH product or funds collected on behalf of directly acquired merchants as security deposits. The ACH funds are generally held for an average of three days before payment to the merchant.
Income taxes	Income taxes Management is required to make estimates related to our income tax provision in each of the jurisdictions in which we operate. This process involves estimating our current tax exposures, as well as making judgments regarding the recoverability of deferred tax assets in each jurisdiction. Deferred tax assets and liabilities reflect the tax effects of losses, credits and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Management assesses the likelihood that the deferred tax assets will be recovered from future taxable income and to the extent management believes that recovery is not likely, a valuation allowance must be established. To the extent management establishes a valuation allowance or increases this allowance in a period, an increase to expense within the provision for income taxes in the consolidated statements of income may result. Our policy is to recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements on a particular tax position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. The amount of unrecognized tax benefits is adjusted as appropriate for changes in facts and circumstances, such as significant amendments to existing tax law, new regulations or interpretations by the tax authorities, new information obtained during a tax examination, or resolution of an examination. We recognize both accrued interest and penalties, where appropriate, related to unrecognized tax benefits in income tax expense. Our overall effective tax rate is subject to fluctuations because of changes in the geographic mix of earnings, changes to statutory tax rates and tax laws, and because of the impact of various tax audits and assessments, as well as generation of tax credits . Refer to footnote 13 for further information.
Concentration of credit risk	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 also maintains cash balances at foreign banking institutions, which are not insured by the FDIC. 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 December 31, 2015 2014 Customer A % % Customer B * Customer C * Customer H * (*) Less than 10% accounts receivable concentration. The Company’s revenue concentrations of 10% and greater are as follows: Year ended December 31, 2015 2014 2013 Customer A % % % Customer C * * Customer H * * (*) Less than 10% revenue concentration.
Net income per share	Net income per share The Company computes net income 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 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, 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 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 per share: Year ended December 31, 2015 2014 2013 Numerator: Net income $ $ $ Amounts allocated to participating preferred stockholders under the two-class method Net income applicable to common stockholders (basic and dilutive) $ $ $ Denominator: Weighted-average common stock outstanding (basic) Common equivalent shares from options and warrants to purchase common stock Weighted-average common stock outstanding (diluted)(1) Basic net income per share applicable to common stockholders $ $ $ Diluted net income per share applicable to common stockholders(1) $ $ $ (1) In accordance with ASC 260 ‑10 ‑45 ‑48 for the years ended December 31, 2015, 2014 and 2013, the Company has excluded 1. 0 million, 1.3 million and 1.6 million, 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 income per share calculation because the effect would have been anti ‑dilutive: Year ended December 31, 2015 2014 2013 Stock options Restricted stock awards — Warrants — Convertible preferred stock(1) Total anti-dilutive securities (1) Diluted net income per share 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 years ended December 31, 2015, 2014 and 2013.
Stock-based compensation expense and assumptions	Stock ‑based compensation expense and assumptions 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: Year ended December 31, 2015 2014 2013 Processing and service costs $ $ $ Selling, general and administrative expenses Restructuring charges — Total stock-based compensation expense $ $ $ The following summarizes stock ‑based compensation expense recognized by type: Year ended December 31, 2015 2014 2013 Stock options $ $ $ Restricted stock awards Total stock-based compensation expense $ $ $ For the years ended December 31, 2015, 2014 and 2013, stock ‑based compensation expense included capitalized stock-based compensation of approximately $0.1 million. A summary of the unamortized stock ‑based compensation expense and associated weighted-average remaining amortization periods is presented below: As of December 31, 2015 As of December 31, 2014 Unamortized Weighted-average Unamortized Weighted-average stock-based remaining stock-based remaining compensation amortization period compensation amortization period expense (in years) expense (in years) Stock options $ $ Restricted stock awards Stock ‑based compensation expense assumptions and vesting requirements Determining the appropriate fair value model and calculating the fair value of stock-based awards require the input of highly subjective assumptions, including the expected life, expected stock price volatility, and the number of expected stock-based awards that will be forfeited prior to the completion of the vesting requirements. The Company uses the Black-Scholes Option Pricing Model to determine the fair value of stock option awards, the fair-market value of the Company’s common stock on the date the award is approved to measure fair value for service-based and performance-based restricted stock awards, and binomial lattice-based valuation pricing models to value its market condition awards. Expected life Due to the Company’s limited public company history, the expected life for the Company’s stock ‑based awards granted was determined based on the “simplified” method under the provisions of ASC 718 ‑10, Compensation—Stock Compensation . Expected stock price volatility We estimate the expected volatility using a time-weighted average of the Company’s historical volatility in combination with the historical volatility of similar entities whose common shares are publicly traded. For every 5% increase or decrease in expected stock price volatility, total stock-based compensation expense for stock option awards granted in 2015 would have changed by approximately $25,000 . Risk ‑free interest rate and dividend yield The risk ‑free interest rates used for the Company’s stock ‑based awards granted were the U.S. Treasury zero ‑coupon rates for bonds matching the expected life of a stock ‑based award on the date of grant. The expected dividend yield is not applicable as the Company has not paid any dividends and intends to retain any future earnings for use in its business. Vesting requirements Options granted to employees generally vest 1/3rd of the amount of shares subject to each option on each 12 ‑month anniversary from the vesting commencement date over a three year period and expire ten years from the grant date. Restricted stock awards are earned upon the achievement of certain performance targets and/or other vesting conditions. On an annual basis, the Company’s Board of Directors are granted either stock options or restricted stock awards. A director’s annual grant vests and becomes exercisable as to 1/12th of the shares each month from the vesting commencement date for option awards, or 12-months from the grant date in the case of a restricted stock award. A director’s initial grant vests and becomes exercisable as to 1/3rd of the shares on the 12 ‑month anniversary from the vesting commencement date and then 1/36th of the shares each month thereafter, such that the grant vests in full after three years. All directors’ options expire ten years from the grant date. The Company’s 2000 Stock Incentive Plan allows for acceleration of the vesting of outstanding options granted upon the occurrence of certain events related to change of control, merger, and the sale of substantially all of our assets or liquidation of the company, at the discretion of the Company’s Board of Directors. The Company’s 2006 Equity Incentive Plan provides that if outstanding options are not assumed or replaced by a successor corporation, options shall immediately vest as to 100% of the shares at such time and on such conditions as the Company’s Board of Directors shall determine. The Company’s 2012 Equity Incentive Plan provides that if outstanding options are not assumed or replaced by successor corporations options shall immediately vest as to 100% of the shares (and any applicable right of repurchase shall fully lapse prior to relevant event). Fair value inputs The fair market value of each stock option award granted has been estimated on the grant date using the Black ‑Scholes Option Pricing Model with the following assumptions: Year ended December 31, 2015 2014 2013 Expected life (in years) 5.41 - 6.00 5.88 - 6.02 5.51 - 5.98 Expected volatility (percentage) 35.11 - 39.57 38.48 - 41.98 40.74 - 42.41 Risk-free interest rate (percentage) 1.52 - 1.94 1.77 - 2.02 0.94 - 1.77 Expected dividend yield — — — For all option grants the Company’s Board of Directors set the exercise price of stock options based on a price per share not less than the fair value of our common stock on the date of grant.
Long-term incentive restricted stock agreements assumptions and vesting requirements	Long ‑term incentive restricted stock agreements assumptions and vesting requirements On July 26, 2011, the Company made a restricted stock grant of 915,000 shares of the Company’s common stock to Philip Beck pursuant to a Long ‑Term Incentive Restricted Stock Agreement. The agreement provides that (1) upon a corporate transaction, certain unvested shares accelerate and become vested, and (2) upon Mr. Beck’s involuntary termination, certain unvested shares shall remain outstanding and become vested only at such time as the performance goals applicable to such unvested shares are satisfied. The 915,000 shares vest in four separate tranches, each with a different long ‑term performance goal. In February 2014, the Company entered into a separation agreement with Philip Beck and in accordance with the incentive agreement the Company exercised its repurchase option of 35% , or 320,250 , of the restricted shares at the price of $1.00 in the aggregate. On December 31, 2014, the first tranche of 198,250 of the remaining awards expired unvested as the performance condition was not achieved. The remaining 396,500 shares awards expire December 31, 2017 and are subject to vest based on the following: · Performance condition award consisting of 30,550 shares that vest based upon the achievement of adjusted EBITDA (as will be defined in the Company’s earnings releases for the relevant periods) per fully diluted share greater than or equal to $0.64 per share for any fiscal year concluding after the date of the restricted stock grant and on or prior to the expiration date. The fair value is $19,552 . · Performance condition award consisting of 304,850 shares that vest based upon the achievement of adjusted EBITDA (as will be defined in the Company’s earnings releases for the relevant periods) per fully diluted share greater than or equal to $0.71 per share for any fiscal year concluding after the date of the restricted stock grant and on or prior to the expiration date. The fair value is $216,444 . · Market condition award consisting of 61,100 shares that vest based upon the fair market value of the Company’s stock being greater than or equal to $12.00 per share for 75 consecutive trading days in the United States for any period of time beginning after the date of the restricted stock grant and concluding on or prior to the expiration date. The fair value is $3,640 . In accordance with ASC 718 ‑10, the Company valued the performance condition and market condition awards using the Black ‑Scholes and binomial lattice models, respectively. The fair values of the performance condition awards are based upon the closing price of shares of the Company’s common stock that trade on AIM under the symbol “PPTR” on the date of grant. The total fair value of all three tranches of the performance condition awards is $0.3 million (adjusted for the exercise of the repurchase, noted above), of which no amounts have been expensed as it was not deemed probable that the performance conditions would be satisfied based on the financial assessment as of December 31, 2015. The Company will reassess the probability of achieving each performance condition metric at each reporting period. The total fair value of the market condition award is $3,640 . Given the inconsequential nature of the amount, the Company recorded the entire expense at the time of grant. The expense related to the market condition award is not reversed even if the market conditions are not satisfied. On November 15, 2013, the Company made a restricted stock grant of 200,000 shares of our common stock to Carl J. Williams, Chief Executive Officer and Chairman of the Board of Directors, pursuant to the Company’s 2012 Equity Incentive Plan. Furthermore, on March 10, 2014, the Company also made a restricted stock grant of 150,000 shares of our common stock to Philip Beck, former Chairman of the Board. These shares would have vested if, prior to May 31, 2015, the closing price of the Company’s common stock on NASDAQ is at least $6.00 per share for 30 consecutive trading days, or if the Company completed a change of control transaction of at least $6.00 per share, or the fair market value of the Company’s common stock immediately following such change of control transaction is at least $6.00 per share. These shares expired unvested on May 31, 2015 as the market conditions were not achieved. The total fair value of the market condition awards was $2,647 and $3,000 , respectively. Given the inconsequential nature of the amount, we recorded the entire expense at the time of grant. On June 27, 2014 and on August 15, 2014, the Company made a restricted stock grant of 325,000 and 250,000 shares of our common stock, respectively, to certain employees pursuant to the Company’s 2012 Equity Incentive Plan. These shares would have become vested if, prior to December 31, 2015, the closing price of the Company’s common stock on NASDAQ is at least $6.00 per share for 30 consecutive trading days, or if the Company completed a change of control transaction of at least $6.00 per share, or the fair market value of the Company’s common stock immediately following such change of control transaction is at least $6.00 per share. During the year ended December 31, 2014, 125,000 of these shares were forfeited due to a termination of an employee. The remaining 450,000 shares expired unvested on December 31, 2015 as the market conditions were not achieved. The total fair value of the market condition award was $5,735 and $1,023 . Given the inconsequential nature of the amount, we recorded the entire expense at the time of grant. During the second and third quarters of 2014, 205,830 restricted stock awards with a grant date fair value of $0.5 million were granted to certain employees and members of the Board of Directors of the Company. The final number of vested shares is subject to service-based vesting conditions. These grants were valued using the fair-market value of the Company’s common stock on the date the awards were approved. Expense is recorded on a straight-line basis from the date of the grant over the applicable service period of 36 months for employees and 12 months for the Board of Directors. During the year ended December 31, 2015, 152,835 restricted stock awards with a grant fair value of $0.3 million were granted to certain employees and members of the Board of Directors of the Company. These grants were valued using the fair-market value of the Company’s common stock on the date the awards were approved. 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 for employees and 12 months for the Board of Directors. During the third quarter of 2015, the Company granted 300,000 restricted stock awards to certain officers of the Company. These 300,000 shares vest in four tranches. · The first three tranches consist of 75,000 shares which expire May 1, 2018. Vesting is contingent on satisfying a combination of market and service based conditions. The market condition shall be satisfied any time after the grant and before the expiration date if the Company’s stock price on NASDAQ is greater than or equal to $4.00 per share for either seven consecutive trading days, or any ten trading days over a consecutive thirty-five day period. Once such stock price is achieved the market condition shall be forever satisfied, even in the event that it subsequently falls below $4.00 per share, and in such event, the vesting of shares shall be subject only to the vesting schedule. All shares will be forfeited if the aforementioned market condition is not achieved by the expiration date. The first three tranches of the award were valued at $0.1 million. · The fourth tranche consists of 225,000 shares which expire December 31, 2017. Vesting is contingent on satisfying either a market or performance based condition. The market condition shall be satisfied at any time after the grant and before the expiration date if the Company’s stock on NASDAQ is greater than or equal to $3.50 per share for seven consecutive trading days, or any ten trading days over a consecutive thirty-five day period, or if the Company achieves Adjusted EBITDA of not less than $18.0 million in respect of any fiscal year ending on or prior to December 31, 2017. Once the aforementioned stock price or Adjusted EBITDA performance conditions are achieved, all shares in this tranche will immediately vest. All such shares will be forfeited if the aforementioned stock price or performance conditions are not achieved by the expiration date. The market and performance condition were valued separately at $0.3 million and $0.6 million, respectively. During the third quarter of 2015, the Company also granted 300,000 restricted stock awards to a certain officer of the Company. These 300,000 shares vest in three tranches. The first two tranches expire May 1, 2017; vesting terms are consistent with the terms of the first three tranches of the grant described above. The third tranche expires December 31, 2017; vesting terms are consistent with the terms of the fourth tranche of the grant described above. The first two tranches of the award were valued at $0.1 million. The market and performance condition of the third tranche of the award were valued separately at $0.3 million and $0.6 million, respectively. In accordance with ASC 718-10, the Company valued the market condition and performance conditions on the 2015 restricted stock awards using binomial lattice-based and Black-Scholes valuation pricing models, respectively, using the following assumptions: Market Condition Performance Condition Expected life (in years) 0.85 - 2.74 Expected volatility (percentage) 29.97 - 31.36 Risk-free interest rate (percentage) 0.88 - 0.99 Expected dividend yield — — For the market condition awards the expense will be recorded on a straight-line basis over the derived service period for each tranche. For the awards with both the market condition and performance condition, if the performance condition is achieved prior to the stock price target, the expense is trued up to the value of the performance condition. The expense related to the market condition portion of the award is not reversed even if the market conditions are not satisfied. As of December 31, 2015, no amounts have been expensed in relation to the performance condition of the award as it was not deemed probable that the performance conditions would be satisfied. For further information on the Company’s equity plans, please refer to Notes 14 and 15.
Fair value measurements	Fair value measurements Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Inputs used to measure fair value are prioritized into a three ‑level fair value hierarchy. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair values are as follows: · Level 1—Fair value measurements of the asset or liability using observable inputs such as quoted prices in active markets for identical assets and liabilities; · Level 2—Fair value measurements of the asset or liability using inputs other than quoted prices that are observable for the applicable asset or liability, either directly or indirectly, such as quoted prices for similar (as opposed to identical) assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and · Level 3—Fair value measurements of the asset or liability using unobservable inputs that reflect the Company’s own assumptions regarding the applicable asset or liability. The Company’s cash and cash equivalents balances are residing in cash operating accounts and are not invested in money market funds or an equivalent. The Company’s remaining asset and liability accounts are reflected in the consolidated financial statement at cost which approximates fair value because of the short ‑term nature of these items.
Other Comprehensive Income	Other Comprehensive Income Other Comprehensive income includes all changes in equity from non-owner sources. All the activity in other comprehensive income relates to foreign currency translation adjustments. The Company accounts for other comprehensive income in accordance with ASC 220, Comprehensive Income .
Recent accounting pronouncements	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. The original effective date of ASU 2014-09 of January 1, 2017 has been delayed until January 1, 2018. Early adoption is not permitted before the original effective date. 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 April 2015, the Financial Accounting Standards Board issued Accounting Standards Update No. 2015-03, Interest-Imputation of Interest Simplifying the Presentation of Debt Issuance Costs (Topic 835) (“ASU No. 2015-03”). The purpose of this update is to simplify presentation of debt issuance costs. The amendments in this update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. The amendments in this update are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption of the amendments in this update is permitted for financial statements that have not been previously issued. We do not expect a material impact on our financial condition, results of operations or cash flows from the adoption of this guidance. In August 2015, the Financial Accounting Standards Board issued Accounting Standards Update No. 2015-15, Interest-Imputation of Interest Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Agreements (Subtopic 835-30) (“ASU No. 2015-15”). The amendment in this update was to address the absence of authoritative guidance within Update 2015-03 for debt issuance costs related to line-of-credit agreements. ASU No. 2015-15 permits the Company to defer and present debt issuance costs as an asset and amortize the deferred debt issuance cost ratably over the term of the Company’s existing line of credit agreement with Citizens Bank, regardless of whether there are any outstanding borrowings thereon. We do not expect a material impact on our financial condition, results of operations or cash flows from the adoption of this guidance. In November 2015, the Financial Accounting Standards Board issued Accounting Standards Update No. 2015-17, Income Taxes (Topic 740) (“ASU No. 2015-17). The amendments in this update require that deferred tax liabilities and assets be classified as noncurrent in the consolidated balance sheet. ASU No. 2015-17 will be effective for financial statements issued for interim and annual periods beginning after December 15, 2016. Early application is permitted for all entities as of the beginning of an interim or annual reporting period. The standard allows for either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. As of December 31, 2015, we have adopted the provisions of ASU No. 2015-17 . In February 2016, the Financial Accounting Standards Board issued Accounting Standards Update No. 2016-02, Leases (“ASU No. 2016-02) . The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application of the amendments in this Update is permitted for all entities. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the effect ASU 2016-02 will have on the Company’s Consolidated Financial Statements and disclosures.

Summary of significant accoun30

Summary of significant accounting policies (Tables)	12 Months Ended
	Dec. 31, 2015
Schedule of computation of basic and diluted net income (loss) per share	Year ended December 31, 2015 2014 2013 Numerator: Net income $ $ $ Amounts allocated to participating preferred stockholders under the two-class method Net income applicable to common stockholders (basic and dilutive) $ $ $ Denominator: Weighted-average common stock outstanding (basic) Common equivalent shares from options and warrants to purchase common stock Weighted-average common stock outstanding (diluted)(1) Basic net income per share applicable to common stockholders $ $ $ Diluted net income per share applicable to common stockholders(1) $ $ $ (1) In accordance with ASC 260 ‑10 ‑45 ‑48 for the years ended December 31, 2015, 2014 and 2013, the Company has excluded 1. 0 million, 1.3 million and 1.6 million, 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 income (loss) per share calculation because the effect would have been anti-dilutive	Year ended December 31, 2015 2014 2013 Stock options Restricted stock awards — Warrants — Convertible preferred stock(1) Total anti-dilutive securities (1) Diluted net income per share 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 years ended December 31, 2015, 2014 and 2013.
Summary of stock-based compensation expense recognized by income statement classification	Year ended December 31, 2015 2014 2013 Processing and service costs $ $ $ Selling, general and administrative expenses Restructuring charges — Total stock-based compensation expense $ $ $
Summary of stock-based compensation expense recognized by type	Year ended December 31, 2015 2014 2013 Stock options $ $ $ Restricted stock awards Total stock-based compensation expense $ $ $
Summary of the unamortized stock-based compensation expense and associated weighted average remaining amortization periods	As of December 31, 2015 As of December 31, 2014 Unamortized Weighted-average Unamortized Weighted-average stock-based remaining stock-based remaining compensation amortization period compensation amortization period expense (in years) expense (in years) Stock options $ $ Restricted stock awards
Schedule of valuation assumptions used for the estimated fair market value of each stock based award granted on the grant date using the Black-Scholes Option Pricing Model	Year ended December 31, 2015 2014 2013 Expected life (in years) 5.41 - 6.00 5.88 - 6.02 5.51 - 5.98 Expected volatility (percentage) 35.11 - 39.57 38.48 - 41.98 40.74 - 42.41 Risk-free interest rate (percentage) 1.52 - 1.94 1.77 - 2.02 0.94 - 1.77 Expected dividend yield — — —
Restricted Stock With Performance And Market Conditions [Member]
Schedule of valuation assumptions used for the estimated fair market value of each stock based award granted on the grant date using the Black-Scholes Option Pricing Model	Market Condition Performance Condition Expected life (in years) 0.85 - 2.74 Expected volatility (percentage) 29.97 - 31.36 Risk-free interest rate (percentage) 0.88 - 0.99 Expected dividend yield — —
Accounts Receivable
Schedule of concentrations of 10% and greater	As of December 31, 2015 2014 Customer A % % Customer B * Customer C * Customer H * (*) Less than 10% accounts receivable concentration.
Revenue
Schedule of concentrations of 10% and greater	Year ended December 31, 2015 2014 2013 Customer A % % % Customer C * * Customer H * * (*) Less than 10% revenue concentration.

Property and equipment (Tables)

Property and equipment (Tables)	12 Months Ended
	Dec. 31, 2015
Property and equipment
Schedule of property and equipment, net	Estimated useful life As of December 31, (in years) 2015 2014 Equipment 2 - 7 $ $ Computer hardware 3 - 5 Furniture and fixtures 5 - 7 Leasehold improvements 3 - 10 Total property and equipment, gross Less: Accumulated depreciation and amortization Property and equipment, net $ $
Schedule of property and equipment depreciation and amortization expense	Year ended December 31, 2015 2014 2013 Depreciation and amortization expense $ $ $

Goodwill and intangible assets

Goodwill and intangible assets (Tables)	12 Months Ended
	Dec. 31, 2015
Goodwill and intangible assets
Schedule of changes in carrying amount of goodwill	Goodwill, gross, as of December 31, 2013 $ Impact of change in Euro exchange rate Accumulated impairment losses as of December 31, 2014 — Goodwill, net, as of December 31, 2014 Impact of change in Euro exchange rate Accumulated impairment losses as of December 31, 2015 — Goodwill, net, as of December 31, 2015 $
Schedule of the gross book value, accumulated amortization and amortization periods of intangible assets	As of December 31, 2015 As of December 31, 2014 Amortization Gross book Accumulated Net book Gross book Accumulated Net book period value amortization value value amortization value (in years) Trademarks and patents $ $ $ $ $ $ 15 - 21 Technology 5 Intangible assets, net $ $ $ $ $ $
Schedule of amortization expense related to intangible assets	Year ended December 31, 2015 2014 2013 Amortization expense $ $ $
Schedule of intangible amortization expense that will be charged to income and is estimated on the basis of book value	Intangible amortization expense that will be charged to income for the subsequent five years and thereafter is estimated on the December 31, 2015 book value, as follows: 2016 $ 2017 2018 2019 2020 Thereafter Total $

Long and short-term capital l33

Long and short-term capital leases (Tables)	12 Months Ended
	Dec. 31, 2015
Long and short-term capital leases
Schedule of long and short-term capital leases	December 31, 2015 2014 Capital leases to various lessors secured by financed equipment with interest rates ranging from 4.67% to 13.45% . Principal and interest are payable monthly through September 2018 $ $ Total long and short-term portions of capital leases Less: short-term portion capital leases Long-term portion of capital leases $ $
Schedule of interest expense related to capital leases	Year ended December 31, 2015 2014 2013 Capital leases $ $ $

Restructuring charges (Tables)

Restructuring charges (Tables)	12 Months Ended
	Dec. 31, 2015
Restructuring charges
Schedule of cash components and activity associated with the realignment of workforce and business	Balance as of Balance as of January 1, 2015 Charges Cash Payment December 31, 2015 Severance and benefits $ $ $ $ — Legal expenses and other — — Total restructuring charges $ $ $ $ — The table below sets forth the cash components and activity associated with the realignment of the workforce and business for the year ended December 31, 2014: Balance as of Balance as of January 1, 2014 Charges Cash Payment December 31, 2014 Severance and benefits $ — $ $ $ Legal expenses and other — — Total restructuring charges $ — $ $ $

Commitments and contingencies (

Commitments and contingencies (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments and contingencies
Schedule of operating lease expense	Year ended December 31, 2015 2014 2013 Operating lease expense $ $ $
Schedule of future minimum rental payments under non-cancelable operating leases	Years ending December 31, 2016 $ 2017 2018 2019 — 2020 — Thereafter — Total minimum lease payments $
Schedule of leased property under capital leases	December 31, 2015 2014 Computer hardware $ $ Computer software Total capital leases, gross Less: Accumulated depreciation Total capital leases, net $ $
Schedule of future minimum rental payment under capital leases	Years ending December 31, 2016 $ 2017 2018 2019 — 2020 — Thereafter — Total minimum lease payments Less: Amounts representing taxes, included in total minimum lease payments(*) — Net minimum lease payments Less: Amounts representing interest payments Present value of net minimum lease payments $ (*) Tax amounts related to capital lease payments are inconsequential.
Schedule of future minimum payments under those agreements	Years ending December 31, 2016 $ 2017 2018 2019 — 2020 — Thereafter — Total payments $

Common stock (Tables)

Common stock (Tables)	12 Months Ended
	Dec. 31, 2015
Common stock.
Schedule of common stock issued	During the year ended December 31, 2015, the Company issued 510,390 shares of common stock as follows: Restricted stock grants Restricted stock cancellations Employee option exercises Total common stock issued During the year ended December 31, 2014, the Company issued 643,511 shares of common stock as follows: Restricted stock grants Restricted stock cancellations Employee option exercises Warrant exercises Total common stock issued

Related party transactions (Tab

Related party transactions (Tables)	12 Months Ended
	Dec. 31, 2015
Related party transactions
Schedule of amounts incurred to companies that are principally owned by executives, directors or stockholders of the Company or their families	Year ended December 31, 2015 2014 2013 Rent $ $ $ Consulting and professional fees

Accrued expenses (Tables)

Accrued expenses (Tables)	12 Months Ended
	Dec. 31, 2015
Accrued expenses
Schedule of the components of accrued expenses	As of December 31, 2015 2014 Bonus $ $ Professional fees — Gift card liabilities — Deferred revenue(*) Deferred incentive(**) — Other(***) Total accrued expenses $ $ (*) Short-term deferred revenue will be recognized as revenue ratably over the next 12 months. As of December 31, 2015, included in the balance sheet classification “Other long-term liabilities” is the non ‑current portion of deferred revenue in the amount of approximately $0.6 million. The long-term portion of deferred revenue as of December 31, 2014 was approximately $1.0 million. (**) As of December 31, 2015, the Company recorded approximately $1.0 million in short-term incentives in relation to future obligations under a contract. Additionally, as of December 31, 2015, included in the balance sheet classification “Other long-term liabilities” is the non ‑current portion of these incentives of approximately $0.7 million. (***) As of December 31, 2015, included in “other” were third party referral commissions of approximately $1.6 million. No other amount exceeded 10% of total current liabilities.

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income taxes
Schedule of components of the Company's income (loss) before provision for income taxes by jurisdiction	Year ended December 31, 2015 2014 2013 United States $ $ $ Outside United States Income before (benefit) provision for income taxes, net $ $ $
Schedule of components of the provision for income taxes	Year ended December 31, 2015 2014 2013 Current tax: United States—Federal $ — $ — $ — United States—State and local Outside United States Total current tax Deferred tax: United States—Federal — — United States—State and local — — Outside United States Total deferred tax (Benefit) provision for income taxes, net $ $ $
Schedule of reconciliation from the U.S. Federal statutory income rate of 34.0% to the effective income tax rate	Year ended December 31, 2015 2014 2013 Federal statutory rate % % % State tax Permanent differences Foreign tax rates at rates different from U.S. rates Valuation allowance Total tax (benefit) provision % % %
Schedule of components of deferred tax assets and liabilities	As of December 31, 2015 2014 Deferred tax assets: Net operating loss carryforwards $ $ Stock options Bonuses and salaries Restricted stock Provision for doubtful accounts Foreign nonrefundable withholding tax — Foreign tax credit Total deferred tax assets Less: Valuation allowance Net deferred tax assets Deferred tax liabilities: Depreciation and amortization Total deferred tax liabilities Total deferred tax assets, net(*) $ $ (*) As of December 31, 2015 and 2014, deferred tax assets, net, are included in the balance sheet classification “Deferred tax asset and other long-term assets.”

Stock incentive plan (Tables)

Stock incentive plan (Tables)	12 Months Ended
	Dec. 31, 2015
Stock-based compensation expense and assumptions
Summary of stock option activity	Weighted-average Number of Weighted-average remaining contractual Aggregate options exercise price life (in years) intrinsic value Outstanding as of December 31, 2014 $ $ Options granted Options exercised Options cancelled Options expired Options forfeited Outstanding as of December 31, 2015 Options exercisable as of December 31, 2015 Vested and expected to vest as of December 31, 2015
Schedule of additional information pertaining to the stock options	Year ended December 31, 2015 2014 2013 Weighted-average grant date fair value for options granted during the period $ $ $ Total fair value of options vested during the period Total intrinsic value of options exercised during the period
Summary of the status of the non-vested shares of restricted stock grants	Weighted-Average Number of Grant Date Fair Awards Value Non-vested awards as of January 1, 2015 $ Awards granted Awards vested Awards repurchased — — Awards cancelled and forfeited Non-vested awards as of December 31, 2015 $

Warrants (Tables)

Warrants (Tables)	12 Months Ended
	Dec. 31, 2015
Warrants.
Schedule of additional information related to warrants	Year ended December 31, 2015 2014 2013 Weighted-average grant date fair value for warrants granted during the period $ — $ — $ — Total fair value of warrants vested during the period — — — Total intrinsic value of warrants exercised during the period —

Segment information (Tables)

Segment information (Tables)	12 Months Ended
	Dec. 31, 2015
Segment information
Schedule of revenue by segment and geographical region and reconciliations to consolidated revenue and gross profit	Year ended December 31, 2015 2014 2013 Net Revenue: APAC $ $ $ The Americas EMEA Total multi-currency processing services revenue Payment processing services revenue Net revenue $ $ $ Gross Profit: APAC $ $ $ The Americas EMEA Total multi-currency processing services gross profit Payment processing services gross profit Total reportable segment gross profit Corporate allocated cost of sales Total gross profit $ $ $ Income from operations before benefit (provision) for income taxes: Total gross profit $ $ $ Selling, general and administrative expenses Restructuring charges — Income from operations Interest expense Interest income Other income Total other income, net Income from operations before benefit (provision) for income taxes $ $ $
Schedule of concentration of revenue by customer by geographical region	Year ended December 31, 2015 2014 2013 Multi-currency processing services revenue: APAC: Customer A % % % The Americas: Customer D Customer E Customer F * * Customer I ** EMEA: Customer C Customer H * Revenue less than 10%. ** New customer in 2014.

Business description and basi43

Business description and basis of presentation (Details)	Dec. 31, 2015item
Business description and basis of presentation
Number of active merchant locations to which the Company provides services	118,000
Number of countries in which the entity provides services	21

Summary of significant accoun44

Summary of significant accounting policies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Revenue recognition
Number of revenue streams | item	2
Payment processing services revenue
Provision for sales credits	$ 0	$ 0	$ 0
Translation of non-U.S. currencies
Amounts resulting from foreign currency transactions included in statement of operations	0.4	0.2	$ 0.1
Allowance for doubtful accounts
Allowance for doubtful accounts	$ 0.1	$ 0.1

Summary of significant accoun45

Summary of significant accounting policies - Software development costs and amortization (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Software development costs and amortization
Capitalized software development costs	$ 3,964,454	$ 4,612,457
Amortization expense	1,900,000	$ 1,700,000	$ 1,600,000
Goodwill and intangible assets
Impairment charges of Capitalized software	300,000
Impairment of goodwill	$ 0
Minimum
Software development costs and amortization
Estimated useful live	3 years
Goodwill and intangible assets
Excessive Fair Value Over Book Value (in percent)	52.00%
Maximum
Software development costs and amortization
Estimated useful live	5 years
Goodwill and intangible assets
Excessive Fair Value Over Book Value (in percent)	60.00%

Summary of significant accoun46

Summary of significant accounting policies - Due to merchants & Income taxes (Details)	12 Months Ended
	Dec. 31, 2015
Due to merchants
Number of average days for which ACH funds are generally held before payment to merchant	3 days

Summary of significant accoun47

Summary of significant accounting policies - Concentration of credit risk (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Concentration Risk [Line Items]
Cash, cash equivalents, and restricted cash with financial banking institutions that are insured by the Federal Deposit Insurance Corporation ("FDIC")	$ 250,000
Accounts Receivable | Credit concentration risk | Customer A
Concentration Risk [Line Items]
Concentration Risk, Percentage	15.00%	28.00%
Accounts Receivable | Credit concentration risk | Customer B
Concentration Risk [Line Items]
Concentration Risk, Percentage		13.00%
Accounts Receivable | Credit concentration risk | Customer C
Concentration Risk [Line Items]
Concentration Risk, Percentage		17.00%
Accounts Receivable | Credit concentration risk | Customer H
Concentration Risk [Line Items]
Concentration Risk, Percentage	11.00%
Revenue | Customer concentration risk | Customer A
Concentration Risk [Line Items]
Concentration Risk, Percentage	18.00%	21.00%	21.00%
Revenue | Customer concentration risk | Customer C
Concentration Risk [Line Items]
Concentration Risk, Percentage			12.00%
Revenue | Customer concentration risk | Customer H
Concentration Risk [Line Items]
Concentration Risk, Percentage	11.00%

Summary of significant accoun48

Summary of significant accounting policies - Net income per share (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Numerator:
Net income	$ 10,362,448	$ 3,160,385	$ 22,006
Amounts allocated to participating preferred stockholders under the two-class method	(1,218,970)	(357,248)	(2,507)
Net income applicable to common stockholders (basic and dilutive)	$ 9,143,478	$ 2,803,137	$ 19,499
Denominator:
Weighted-average common stock outstanding (basic) (in shares)	52,545,934	53,494,952	52,943,203
Common equivalent shares from options and warrants to purchase common stock (in shares)	725,314	1,138,229	1,522,082
Weighted average common stock outstanding (diluted) (in shares)	53,271,248	54,633,181	54,465,285
Basic net income per share applicable to common stockholders ( in dollars per share)	$ 0.17	$ 0.05	$ 0
Diluted net income per share applicable to common stockholders (in dollars per share)	$ 0.17	$ 0.05	$ 0
Total anti-dilutive securities (in shares)	11,857,746	12,117,389	9,395,244
Contingently issued restricted shares
Denominator:
Total anti-dilutive securities (in shares)	1,000,000	1,300,000	1,600,000

Summary of significant accoun49

Summary of significant accounting policies - Anti-dilutive securities (Details) - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Anti-dilutive securities excluded from computation of diluted earnings per share
Total anti-dilutive securities (in shares)	11,857,746	12,117,389	9,395,244
Stock options
Anti-dilutive securities excluded from computation of diluted earnings per share
Total anti-dilutive securities (in shares)	4,897,096	5,107,474	2,458,471
Restricted stock
Anti-dilutive securities excluded from computation of diluted earnings per share
Total anti-dilutive securities (in shares)	109,506	90,467
Warrants
Anti-dilutive securities excluded from computation of diluted earnings per share
Total anti-dilutive securities (in shares)		68,304	85,629
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

Summary of significant accoun50

Summary of significant accounting policies - Stock based compensation expense and assumptions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Stock-based expense
Total stock-based compensation expense	$ 1,811,156	$ 1,263,660	$ 1,227,369
Capitalized stock-based compensation	$ 33,001	52,473	52,133
Increase (decrease) in expected stock price volatility	5.00%
Estimated change in stock based compensation expense	$ 25,000
Stock options
Stock-based expense
Total stock-based compensation expense	1,053,510	850,727	983,810
Capitalized stock-based compensation	100,000	100,000	100,000
Unamortized stock-based compensation expense	$ 1,354,926	$ 813,461
Weighted average remaining amortization period	1 year 8 months 23 days	1 year 10 months 6 days
Restricted stock
Stock-based expense
Total stock-based compensation expense	$ 757,646	$ 412,933	243,559
Unamortized stock-based compensation expense	$ 785,419	$ 424,795
Weighted average remaining amortization period	1 year 7 months 21 days	1 year 5 months 27 days
Processing and service costs
Stock-based expense
Total stock-based compensation expense	$ 179,750	$ 259,663	238,101
Selling general and administrative expenses
Stock-based expense
Total stock-based compensation expense	1,594,482	849,640	$ 989,268
Restructuring charge
Stock-based expense
Total stock-based compensation expense	$ 36,924	$ 154,357

Summary of significant accoun51

Summary of significant accounting policies - Vesting requirements & Fair Value Inputs (Details) - Stock options	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Assumptions used to estimate fair market value of each stock based award granted
Expected volatility, low end of the range (as a percent)	35.11%	38.48%	40.74%
Expected volatility, high end of the range (as a percent)	39.57%	41.98%	42.41%
Risk-free interest rate, low end of the range (as a percent)	1.52%	1.77%	0.94%
Risk-free interest rate, high end of the range (as a percent)	1.94%	2.02%	1.77%
2006 Equity Incentive Plan
Stock-based expense
Percentage of awards that will immediately vest if outstanding awards are not assumed or replaced by successor		100.00%
2012 Equity Incentive Plan
Stock-based expense
Percentage of awards that will immediately vest if outstanding awards are not assumed or replaced by successor		100.00%
Minimum
Assumptions used to estimate fair market value of each stock based award granted
Expected life	5 years 4 months 28 days	5 years 10 months 17 days	5 years 6 months 4 days
Maximum
Assumptions used to estimate fair market value of each stock based award granted
Expected life	6 years	6 years 7 days	5 years 11 months 23 days
Employees
Stock-based expense
Vesting period	3 years
Expiration term	10 years
Employees | Vesting period each 12-month anniversary
Stock-based expense
Vesting rights percentage	33.00%
Directors
Stock-based expense
Expiration term	10 years
Directors | Initial grant
Stock-based expense
Vesting period	3 years
Directors | Initial grant | Vesting period 12-month anniversary
Stock-based expense
Vesting rights percentage	33.00%
Directors | Initial grant | Vesting period each month thereafter
Stock-based expense
Vesting rights percentage per month	2.77%
Directors | Annual grant | Vesting period each month
Stock-based expense
Vesting rights percentage per month	8.33%

Summary of significant accoun52

Summary of significant accounting policies - Long term incentive restricted stock agreements assumptions and vesting requirements (Details)

Aug. 15, 2014USD ($)item$ / sharesshares

Jun. 27, 2014USD ($)item$ / sharesshares

Mar. 10, 2014USD ($)item$ / sharesshares

Nov. 15, 2013USD ($)item$ / sharesshares

Jul. 26, 2011USD ($)item$ / sharesshares

Feb. 28, 2014$ / sharesshares

Sep. 30, 2015USD ($)item$ / sharesshares

Sep. 30, 2014USD ($)shares

Jun. 30, 2014USD ($)shares

Dec. 31, 2015USD ($)shares

Dec. 31, 2014shares

Jun. 26, 2011USD ($)

Restricted Stock With Market Conditions Tranche4 [Member] | Minimum

Valuation assumptions used for estimated fair value on grant date

Risk-free interest rate, low end of the range (as a percent)

0.88%

Restricted Stock With Market Conditions Tranche4 [Member] | Maximum

Valuation assumptions used for estimated fair value on grant date

Expected volatility, high end of the range (as a percent)

31.36%

Restricted Stock With Market Conditions [Member] | Minimum

Valuation assumptions used for estimated fair value on grant date

Expected life

10 months 6 days

Expected volatility, low end of the range (as a percent)

29.97%

Restricted Stock With Market Conditions [Member] | Maximum

Valuation assumptions used for estimated fair value on grant date

Expected life

2 years 8 months 27 days

Risk-free interest rate, high end of the range (as a percent)

0.99%

Restricted Stock With Performance Conditions [Member]

Valuation assumptions used for estimated fair value on grant date

Expected life

1 year 10 months 28 days

Expected volatility (percentage)

29.97%

Risk-free interest rate (percentage)

0.63%

Restricted stock

Long-term incentive restricted stock agreements assumptions and vesting requirements

Stock granted (in shares)

752,835

Number of shares outstanding

1,224,737

1,641,585

Valuation assumptions used for estimated fair value on grant date

Forfeited (in shares)

1,011,216

Restricted stock | Awarded third quarter 2015, expires May 1, 2018

Long-term incentive restricted stock agreements assumptions and vesting requirements

Number of tranches | item

4

Restricted stock | Directors

Long-term incentive restricted stock agreements assumptions and vesting requirements

Stock granted (in shares)

205,830

205,830

152,835

Fair value of awards granted | $

$ 500,000

$ 500,000

$ 300,000

Requisite service period

12 months

12 months

Restricted stock | Employees

Long-term incentive restricted stock agreements assumptions and vesting requirements

Requisite service period

36 years

Restricted stock | Officers | Awarded third quarter 2015, expires May 1, 2018

Long-term incentive restricted stock agreements assumptions and vesting requirements

Stock granted (in shares)

300,000

Restricted stock | Officers | Awarded third quarter 2015 expires December 31, 2017

Long-term incentive restricted stock agreements assumptions and vesting requirements

Number of tranches | item

2

Restricted stock | Philip Beck | Board Of Directors Chairman [Member]

Long-term incentive restricted stock agreements assumptions and vesting requirements

Percentage of shares repurchased upon exercise of the repurchase option (as a percent)

35.00%

Number of shares repurchased upon exercise of the repurchase option (in shares)

320,250

Repurchase option price (in dollars per share) | $ / shares

$ 1

Restricted stock | Restricted Stock With Performance And Market Conditions [Member] | Philip Beck | Board Of Directors Chairman [Member]

Long-term incentive restricted stock agreements assumptions and vesting requirements

Stock granted (in shares)

915,000

Number of separate tranches in which stock-based award will vest | item

4

Restricted stock | Restricted Stock With Market Conditions [Member]

Long-term incentive restricted stock agreements assumptions and vesting requirements

Fair value | $

$ 3,640

Restricted stock | Restricted Stock With Market Conditions [Member] | 2012 Equity Incentive Plan

Long-term incentive restricted stock agreements assumptions and vesting requirements

Stock granted (in shares)

250,000

325,000

Fair value | $

$ 1,023

$ 5,735

Valuation assumptions used for estimated fair value on grant date

Forfeited (in shares)

450,000

125,000

Restricted stock | Restricted Stock With Market Conditions [Member] | Carl Williams | Director Chief Executive Officer And President [Member] | 2012 Equity Incentive Plan

Long-term incentive restricted stock agreements assumptions and vesting requirements

Stock granted (in shares)

200,000

Fair value | $

$ 2,647

Restricted stock | Restricted Stock With Market Conditions [Member] | Philip Beck | Board Of Directors Chairman [Member] | 2012 Equity Incentive Plan

Long-term incentive restricted stock agreements assumptions and vesting requirements

Stock granted (in shares)

150,000

Fair value | $

$ 3,000

Restricted stock | Restricted Stock With Market Conditions [Member] | Minimum | 2012 Equity Incentive Plan

Valuation assumptions used for estimated fair value on grant date

Closing price of common stock as reported on NASDAQ (in dollars per share) | $ / shares

$ 6

$ 6

$ 6

$ 6

Number of consecutive trading days during which the closing price of the entity's common stock on the NASDAQ stock market must exceed the specified price in order for the award to vest | item

30

30

30

30

Minimum per share consideration for change in control for shares to vest (in dollars per share) | $ / shares

$ 6

$ 6

$ 6

$ 6

Fair market value of stock immediately following change of control transaction, upon achievement of which share will be vested (in dollars per share) | $ / shares

$ 6

$ 6

$ 6

Restricted stock | Restricted Stock With Market Conditions [Member] | Restricted Stock With Market Conditions Tranche4 [Member]

Long-term incentive restricted stock agreements assumptions and vesting requirements

Stock granted (in shares)

61,100

Fair value | $

$ 3,640

Number of consecutive trading days during which the fair market value of the entity's common stock must exceed the specified price in order for the award to vest | item

75

Restricted stock | Restricted Stock With Market Conditions [Member] | Restricted Stock With Market Conditions Tranche4 [Member] | Minimum

Long-term incentive restricted stock agreements assumptions and vesting requirements

Fair market value of stock upon achievement of which share will be vested (in dollars per share) | $ / shares

$ 12

Restricted stock | Restricted Stock With Performance Conditions [Member]

Long-term incentive restricted stock agreements assumptions and vesting requirements

Fair value | $

$ 300,000

Restricted stock | Restricted Stock With Performance Conditions [Member] | Restricted Stock With Performance Conditions Tranche One [Member]

Long-term incentive restricted stock agreements assumptions and vesting requirements

Stock granted (in shares)

198,250

Number of shares outstanding

396,500

Restricted stock | Restricted Stock With Performance Conditions [Member] | Restricted Stock With Performance Conditions Tranche Two [Member]

Long-term incentive restricted stock agreements assumptions and vesting requirements

Stock granted (in shares)

30,550

Fair value | $

$ 19,552

Restricted stock | Restricted Stock With Performance Conditions [Member] | Restricted Stock With Performance Conditions Tranche Two [Member] | Minimum

Long-term incentive restricted stock agreements assumptions and vesting requirements

Adjusted EBITDA per fully diluted share when upon achievement shares will vest (in dollars per share) | $ / shares

$ 0.64

Restricted stock | Restricted Stock With Performance Conditions [Member] | Restricted Stock With Performance Conditions Tranche Three [Member]

Long-term incentive restricted stock agreements assumptions and vesting requirements

Stock granted (in shares)

304,850

Fair value | $

$ 216,444

Restricted stock | Restricted Stock With Performance Conditions [Member] | Restricted Stock With Performance Conditions Tranche Three [Member] | Minimum

Long-term incentive restricted stock agreements assumptions and vesting requirements

Adjusted EBITDA per fully diluted share when upon achievement shares will vest (in dollars per share) | $ / shares

$ 0.71

Restricted stock | Tranches one, two and three | Officers | Awarded third quarter 2015, expires May 1, 2018

Long-term incentive restricted stock agreements assumptions and vesting requirements

Stock granted (in shares)

75,000

Fair value of awards granted | $

$ 100,000

Number of tranches | item

3

Restricted stock | Tranche one | Officers | Awarded third quarter 2015, expires May 1, 2017

Long-term incentive restricted stock agreements assumptions and vesting requirements

Fair value of awards granted | $

$ 100,000

Restricted stock | Tranche two | Officers | Awarded third quarter 2015, expires May 1, 2017

Long-term incentive restricted stock agreements assumptions and vesting requirements

Fair value of awards granted | $

$ 100,000

Restricted stock | Tranche four | Officers | Awarded third quarter 2015 expires December 31, 2017

Long-term incentive restricted stock agreements assumptions and vesting requirements

Stock granted (in shares)

225,000

Restricted stock | Tranche three | Officers | Awarded third quarter 2015, expires May 1, 2017 and December 31, 2017

Long-term incentive restricted stock agreements assumptions and vesting requirements

Stock granted (in shares)

300,000

Number of tranches | item

3

Market condition | Tranches one, two and three | Officers | Awarded third quarter 2015, expires May 1, 2018

Long-term incentive restricted stock agreements assumptions and vesting requirements

Number of consecutive trading days

7 years

Number of trading days | item

10

Period of consecutive days for stock price

35 years

Market condition | Tranche four | Officers | Awarded third quarter 2015, expires May 1, 2018

Long-term incentive restricted stock agreements assumptions and vesting requirements

Share Price For Market Condition | $ / shares

$ 4

Market condition | Tranche four | Officers | Awarded third quarter 2015 expires December 31, 2017

Long-term incentive restricted stock agreements assumptions and vesting requirements

Fair value of awards granted | $

$ 300,000

Share Price For Market Condition | $ / shares

$ 3.50

Number of consecutive trading days

7 years

Number of trading days | item

10

Period of consecutive days for stock price

35 years

Market condition | Tranche three | Officers | Awarded third quarter 2015 expires December 31, 2017

Long-term incentive restricted stock agreements assumptions and vesting requirements

Fair value of awards granted | $

$ 300,000

Performance shares | Tranche four | Officers | Awarded third quarter 2015 expires December 31, 2017

Long-term incentive restricted stock agreements assumptions and vesting requirements

Fair value of awards granted | $

600,000

Performance shares | Tranche four | Minimum | Officers | Awarded third quarter 2015 expires December 31, 2017

Long-term incentive restricted stock agreements assumptions and vesting requirements

Threshold for Performance Condition | $

18,000,000

Performance shares | Tranche three | Officers | Awarded third quarter 2015 expires December 31, 2017

Long-term incentive restricted stock agreements assumptions and vesting requirements

Fair value of awards granted | $

$ 600,000

Property and equipment (Details

Property and equipment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Property and equipment
Total property and equipment, gross	$ 5,163,309	$ 4,852,419
Less: Accumulated depreciation and amortization	(3,351,690)	(2,712,672)
Total property and equipment, net	1,811,619	2,139,747
Depreciation and amortization expense	664,303	621,695	$ 554,765
Equipment
Property and equipment
Total property and equipment, gross	$ 958,175	945,116
Equipment | Minimum
Property and equipment
Estimated useful life	2 years
Equipment | Maximum
Property and equipment
Estimated useful life	7 years
Computer hardware
Property and equipment
Total property and equipment, gross	$ 3,266,233	2,963,629
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	$ 192,565	194,399
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	$ 746,336	$ 749,275
Leasehold improvements | Minimum
Property and equipment
Estimated useful life	3 years
Leasehold improvements | Maximum
Property and equipment
Estimated useful life	10 years

Goodwill and intangible asset54

Goodwill and intangible assets - Goodwill (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Goodwill
Goodwill, gross, at the Beginning of the period	$ 319,671	$ 362,063
Impact of change in Euro exchange rate	(32,819)	(42,392)
Goodwill, net, at the end of the period	$ 286,852	$ 319,671

Goodwill and intangible asset55

Goodwill and intangible assets - Intangible assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Intangible assets
Gross book value	$ 3,573,464	$ 3,820,736
Accumulated amortization	(2,195,200)	(1,774,036)
Net book value	1,378,264	2,046,700
Amortization expense	573,116	707,657	$ 735,265
Trademarks and patents
Intangible assets
Gross book value	1,184,612	1,158,572
Accumulated amortization	(472,914)	(387,134)
Net book value	$ 711,698	771,438
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	$ 2,388,852	2,662,164
Accumulated amortization	(1,722,286)	(1,386,902)
Net book value	$ 666,566	$ 1,275,262
Amortization period	5 years

Goodwill and intangible asset56

Goodwill and intangible assets - Intangible amortization expense (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Intangible amortization expense
2,016	$ 563,353
2,017	265,849
2,018	76,848
2,019	75,994
2,020	73,366
Thereafter	322,854
Net book value	$ 1,378,264	$ 2,046,700

Long and short-term capital l57

Long and short-term capital leases (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Long and short-term capital leases
Less: short-term portion capital leases	$ (290,911)	$ (458,812)
Capital leases to various lessors secured by financed equipment with interest rates ranging from 4.67% to 13.45%.
Long and short-term capital leases
Capital leases to various lessors secured by financed equipment with interest rates ranging from 4.67% to 13.45%. Principal and interest are payable monthly through September 2018	487,111	816,718
Total long and short-term portions of capital leases	487,111	816,718
Less: short-term portion capital leases	(290,911)	(458,812)
Long-term portion of capital leases	196,200	357,906
Total term debt interest expense	$ 46,958	$ 61,591	$ 60,106
Capital leases to various lessors secured by financed equipment with interest rates ranging from 4.67% to 13.45%. | Minimum
Long and short-term capital leases
Interest rate (as a percent)	4.67%
Capital leases to various lessors secured by financed equipment with interest rates ranging from 4.67% to 13.45%. | Maximum
Long and short-term capital leases
Interest rate (as a percent)	13.45%

Restructuring charges (Details)

Restructuring charges (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Restructuring charges
Restructuring charges	$ 283,726	$ 1,227,204
Cash components and activity associated with the realignment of workforce and business under the restructuring program
Balance at beginning of period	195,773
Charges	246,802	1,042,367
Cash Payments	442,575	846,594
Balance at end of period		195,773
Severance and benefits
Cash components and activity associated with the realignment of workforce and business under the restructuring program
Balance at beginning of period	195,773
Charges	218,850	987,994
Cash Payments	414,623	792,221
Balance at end of period		195,773
Legal expenses and other
Cash components and activity associated with the realignment of workforce and business under the restructuring program
Charges	27,952	54,373
Cash Payments	$ 27,952	$ 54,373

Commitments and contingencies -

Commitments and contingencies - Operating leases (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating Leases
Operating lease expense	$ 1,577,764	$ 1,549,343	$ 1,509,465
Maximum
Operating Leases
Renewable option term	5 years

Commitments and contingencies60

Commitments and contingencies - Future minimum rental payments under operating leases (Details)	Dec. 31, 2015USD ($)
Future minimum rental payments under noncancellable operating leases
2,016	$ 1,519,039
2,017	126,827
2,018	4,477
Total minimum lease payments	$ 1,650,343

Commitments and contingencies61

Commitments and contingencies - Capital leases (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Analysis of the leased property under capital leases
Total capital leases, gross	$ 2,465,351	$ 2,279,931
Less: Accumulated depreciation	(1,415,472)	(1,039,927)
Total capital leases, net	1,049,879	1,240,004
Future minimum rental payments under capital leases
2,016	311,472
2,017	160,563
2,018	43,210
Total minimum lease payments	515,245
Net minimum lease payments	515,245
Less: Amounts representing interest payments	(28,134)
Present value of net minimum lease payments	487,111
Computer hardware
Analysis of the leased property under capital leases
Total capital leases, gross	2,145,668	1,989,836
Computer software
Analysis of the leased property under capital leases
Total capital leases, gross	$ 319,683	$ 290,095

Commitments and contingencies62

Commitments and contingencies - Acquiring bank sponsorship agreements (Details)	Sep. 01, 2013USD ($)	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)
Contingent liabilities
Number of acquiring bank sponsoring agreements | item		2
Employment agreements
Commitment to pay severance in event of employment termination without cause		$ 900,000	$ 800,000
Commitment to pay severance in event of employment termination upon change of control		1,100,000	$ 1,000,000
Future minimum payments under acquiring bank sponsorship agreements
2,016		366,667
2,017		416,667
2,018		300,000
Total payments		1,083,334
Fraud related to certain credit card transactions
Contingent liabilities
Reserves posted by merchants with sponsor bank		900,000
Reserves posted by entity		300,000
Cash reserves required to be posted by merchant, entity		2,200,000
Contingent liability		0
Bank Sponsorship Agreement
Contingent liabilities
Contingent liability		0
Term of Bank Sponsorship Agreement	5 years
Bank Sponsorship Agreement | Financial Guarantee | Minimum
Contingent liabilities
Bank sponsorship agreement annual fees in year one	$ 300,000
Bank sponsorship agreement fees final year	500,000
Cost of sales | Bank Sponsorship Agreement | Financial Guarantee | Minimum
Contingent liabilities
Bank sponsorship agreement fees due	$ 1,800,000
Insurance reimbursement | Selling general and administrative expenses
Future minimum payments under acquiring bank sponsorship agreements
Gain on insurance reimbursement		$ 500,000

Credit Facility (Details)

Credit Facility (Details) - USD ($) $ in Millions	Jun. 10, 2015	Dec. 31, 2015	Jan. 28, 2016
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 10
Minimum availability requirement		$ 5
Letters of Credit Outstanding		$ 0
Subsequent event
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 20
LIBOR
Debt Instrument [Line Items]
Variable interest rate	2.50%
Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 2

Convertible preferred stock (De

Convertible preferred stock (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)shares	Dec. 31, 2014shares
Convertible preferred stock
Shares designated (and issued)	2,243,750	2,243,750
Series A Preferred stock
Convertible preferred stock
Shares designated (and issued)	2,243,750
Shares undesignated (and unissued)	1,756,250
Number of common shares into which each issued share to be converted	3.05
Total number of common shares into which issued shares to be converted	6,851,144
Aggregate liquidation preference | $	$ 9
Amount of purchase price to be received by holders in the event of acquisition | $	$ 9
Series A Preferred stock | Minimum
Convertible preferred stock
Percentage of preferred shareholders voting right required for automatic conversion	0.66
Valuation of the entity immediately prior to closing of initial public offering of common stock for automatic conversion | $	$ 50
Net proceeds of the offering for automatic conversion | $	$ 25

Common stock (Details)

Common stock (Details)	12 Months Ended
	Dec. 31, 2015itemshares	Dec. 31, 2014shares	Dec. 31, 2013shares
Common stock
Number of votes to which holders of common shares are entitled for each share held at all general meetings | item	1
Common Stock
Common stock issued
Restricted stock grants (in shares)	752,835	789,394
Restricted stock cancellations (in shares)	(1,025,559)	(789,637)
Employee option exercises (in shares)	783,114	564,077	304,769
Warrant exercises (in shares)		79,677	213,123
Total common stock issued	510,390	643,511

Related party transactions (Det

Related party transactions (Details) - USD ($)	1 Months Ended	12 Months Ended
	Feb. 28, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related party transactions
Rent		$ 90,887	$ 503,995	$ 422,882
Consulting and professional fees		$ 1,929	$ 9,103	$ 56,986
BDP Realty Corporation
Related party transactions
Ownership interest owned by related party (as a percent)		33.33%
Rent expenses period	2 months

Accrued expenses (Details)

Accrued expenses (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Bonus	$ 710,739	$ 116,476
Professional fees		175,465
Gift card liabilities		28,167
Deferred revenue	688,418	800,650
Deferred incentive	950,000
Other	4,089,443	1,797,887
Total accrued expenses	$ 6,438,600	2,918,645
Recognition period of deferred revenue	12 months
Non-current portion of deferred revenue		$ 1,000,000
Noncurrent Portion Of Deferred Incentive	$ 700,000
Multicurrency Referral Commissions	$ 1,600,000
Maximum percentage of total current liabilities	10.00%
Long-term lease and deferred income
Non-current portion of deferred revenue	$ 600,000

Income taxes - Income (Loss) be

Income taxes - Income (Loss) before provision & Provision for income taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Components of income (loss) before provision for income taxes by jurisdiction
United States	$ 4,431,779	$ 2,563,036	$ 537,097
Outside United States	1,960,309	1,397,812	(474,222)
Income from operations before benefit (provision) for income taxes	6,392,088	3,960,848	62,875
Current tax:
United States-State and local	24,456	9,456	5,754
Outside United States	1,484,002	756,752	619,043
Total current tax	1,508,458	766,208	624,797
Deferred tax:
United States-Federal	(5,840,470)
United States-State and local	(352,782)
Outside United States	714,434	34,255	(583,928)
Total deferred tax	(5,478,818)	34,255	(583,928)
(Benefit) provision for income taxes, net	(3,970,360)	800,463	40,869
Foreign Tax Receivable Expensed	700,000
Deferred Tax Reversal	500,000
Amount of deferred tax asset from which it is more likely than not that the Company would realize the benefit		29,900,000	31,200,000
Valuation allowance	20,561,516	28,475,080	29,400,000
Deferred tax liability	408,657	653,074	1,000,000
Deferred tax liability/ net deferred tax asset	$ 6,206,313	$ 727,495	$ 800,000

Income taxes - Reconciliation o

Income taxes - Reconciliation of Federal statutory income rate to effective income tax rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reconciliation from the U.S. Federal statutory income rate of 34.0% to the effective income tax rate
Federal statutory rate	34.00%	34.00%	34.00%
State tax	0.38%	0.24%	9.20%
Permanent differences	0.42%	2.49%	54.30%
Foreign tax rates at rates different from U.S. rates	(11.90%)	(22.06%)	(82.70%)
Valuation allowance	(85.02%)	6.05%	50.20%
Total tax (benefit) provision	(62.12%)	20.72%	65.00%
Uncertain tax positions	$ 0	$ 0

Income taxes - Deferred tax ass

Income taxes - Deferred tax assets and liabilities (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Deferred tax assets:
Net operating loss carryforwards	$ 22,842,817	$ 25,425,715
Stock options	3,458,886	3,482,800
Bonuses and salaries	26,988	26,993
Restricted stock	247,620	91,580
Provision for doubtful accounts	10,987	14,568
Foreign nonrefundable withholding tax		478,295
Foreign tax credit	589,188	335,698
Total deferred tax assets	27,176,486	29,855,649
Less: Valuation allowance	(20,561,516)	(28,475,080)	$ (29,400,000)
Net deferred tax assets	6,614,970	1,380,569
Deferred tax liabilities:
Depreciation and amortization	(408,657)	(653,074)
Total deferred tax liabilities	(408,657)	(653,074)	(1,000,000)
Total deferred tax assets, net	$ 6,206,313	$ 727,495	$ 800,000

Income taxes - Net Operating Lo

Income taxes - Net Operating Loss Carryforwards (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income taxes
Net operating loss carryforwards	$ 61,200,000
Valuation allowance	20,561,516	$ 28,475,080	$ 29,400,000
Valuation allowance deferred tax asset change in amount	6,200,000
Net Operating Loss Deferred Tax Asset	$ 16,600,000

Stock incentive plan (Details)

Stock incentive plan (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Number of options
Options expired (in shares)	(50,000)
Weighted-average exercise price
Options expired (in dollars per share)	$ 4
Additional information
Closing price of common stock as reported on NASDAQ (in dollars per share)			$ 2.78	$ 3.05	$ 2.08
Stock options
Number of options
Outstanding at the beginning of the period (in shares)	7,066,876
Options granted (in shares)	1,869,446
Options exercised (in shares)	(946,475)
Options cancelled (in shares)	(505,347)
Options forfeited (in shares)	(95,204)
Outstanding at the end of the period (in shares)	7,339,296	7,066,876
Options exercisable at the end of the period (in shares)				5,315,067
Vested and expected to vest at the end of the period (in shares)				7,289,098
Weighted-average exercise price
Outstanding at the beginning of the period (in dollars per share)	$ 2.44
Options granted (in dollars per share)	2.50
Options exercised (in dollars per share)	$ 2.24
Options cancelled (in dollars per share)	2.70
Options forfeited (in dollars per share)	$ 2.97
Outstanding at the end of the period (in dollars per share)	$ 2.45	$ 2.44
Options exercisable (in dollars per share)				$ 2.39
Vested and expected to vest at the end of the period (in dollars per share)				$ 2.44
Weighted average remaining contractual life (years)
Outstanding at the end of the period	5 years 9 months 18 days	5 years 2 months 19 days
Exercisable at the end of the period	4 years 2 months 5 days
Vested and expected to vest at the end of the period	5 years 6 months
Aggregate intrinsic value
Outstanding at the end of the period				$ 4,587,530	$ 885,057
Exercisable at the end of the period				3,613,601
Vested and expected to vest at the end of the period				$ 4,566,241
Additional information
Weighted-average grant date fair value for options granted during the period (in dollars per share)	$ 0.92	$ 1.36	$ 1.14
Total fair value of options vested during the period	$ 784,965	$ 775,899	$ 949,588
Total intrinsic value of options exercised during the period	$ 1,090,711	$ 803,141	$ 212,580
Exercise prices for options outstanding and exercisable, low end of the range (in dollars per share)	$ 1.20
Exercise prices for options outstanding and exercisable, high end of the range (in dollars per share)	$ 3.64
Restricted stock
Stock-based expense
Number of shares outstanding	1,641,585	1,641,585		1,224,737	1,641,585
Number of Awards
Non-vested awards at the beginning of the period (in shares)	1,641,585
Awards granted (in shares)	752,835
Awards vested (in shares)	(158,467)
Awards cancelled and forfeited (in shares)	(1,011,216)
Non-vested awards at the end of the period (in shares)	1,224,737	1,641,585
Weighted Average Grant Date Fair Value
Non-vested awards at the beginning of the period (in dollars per share)	$ 1.13
Awards granted (in dollars per share)	1.54
Awards vested (in dollars per share)	2.68
Awards cancelled and forfeited (in dollars per share)	0.74
Non-vested awards at the end of the period (in dollars per share)	$ 1.71	$ 1.13
2012 Employee Stock Purchase Plan
Stock-based expense
Number of shares outstanding	0			0
Aggregate shares authorized for issuance				800,000
Increase in number of shares reserved for issuance (as a percent)	1.00%
Additional information
Specified percentage used to calculate the purchase price of shares of common stock	85.00%
Duration of each offering period	10 years
Number of Awards
Awards granted (in shares)	0
Non-vested awards at the end of the period (in shares)	0
2000 Stock Incentive Plan
Stock-based expense
Shares available for future issuance				0
2000 Stock Incentive Plan | Stock options
Number of options
Outstanding at the beginning of the period (in shares)	50,000
Outstanding at the end of the period (in shares)	50,000	50,000
2006 Equity Incentive Plan
Stock-based expense
Shares available for future issuance				0	0
Aggregate shares authorized for issuance				7,621,127	8,245,761
Number of options issued below fair value (in shares)				0
2006 Equity Incentive Plan | Restricted stock
Number of Awards
Cumulative Equity Instruments	594,750
2012 Equity Incentive Plan
Stock-based expense
Shares available for future issuance				5,121,052
Aggregate shares authorized for issuance				8,874,274
Equity Incentive Plan 2012 And 2006 Member
Stock-based expense
Aggregate shares authorized for issuance				5,000,000

Warrants (Details)

Warrants (Details) - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2015
Number of warrants
Warrant outstanding			0
Additional information
Closing price of common stock as reported on NASDAQ (in dollars per share)	$ 2.08	$ 2.78	$ 3.05
Warrants
Additional information
Total intrinsic value of warrants exercised during the period (in dollars)	$ 142,625	$ 594,002
Shares issued on warrant exercise (in shares)	79,677
Number of shares subject to warrant that were cancelled	32,623

Segment information - Informati

Segment information - Information about revenue, profit and assets (Details)	12 Months Ended
	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Segment information
Number of reportable segments | item	2
Cost of sales included in processing and services costs	$ 14,860,804	$ 13,483,282	$ 13,048,294
Long-lived assets	$ 7,400,000	9,100,000
Number of geographical regions in which the entity conducts its business | item	3
Net Revenue:
Net revenue	$ 52,815,088	47,368,739	46,566,065
Gross Profit:
Total gross profit	27,050,624	23,481,778	22,281,509
Income from operations before provision for income taxes:
Total gross profit	27,050,624	23,481,778	22,281,509
Selling, general and administrative expenses	20,408,308	18,370,691	22,241,656
Restructuring charges	283,726	1,227,204
Income from operations	6,358,590	3,883,883	39,853
Interest expense	(57,575)	(65,122)	(66,905)
Interest income	1,579	2,212	1,038
Other income	89,494	139,875	88,889
Total other income, net	33,498	76,965	23,022
Income from operations before benefit (provision) for income taxes	6,392,088	3,960,848	62,875
Operating segments
Net Revenue:
Net revenue	38,189,095	34,919,585	33,650,276
Corporate allocated cost of sales
Net Revenue:
Net revenue	11,138,471	11,437,807	11,368,767
Multi-currency processing services
Segment information
Cost of sales included in processing and services costs	3,700,000	2,000,000	1,700,000
Net Revenue:
Net revenue	33,463,439	30,954,085	29,813,449
Gross Profit:
Total gross profit	29,741,106	28,908,610	28,133,922
Income from operations before provision for income taxes:
Total gross profit	29,741,106	28,908,610	28,133,922
Payment processing services
Net Revenue:
Net revenue	19,351,649	16,414,654	16,752,616
Gross Profit:
Total gross profit	8,447,989	6,010,975	5,516,354
Income from operations before provision for income taxes:
Total gross profit	8,447,989	6,010,975	5,516,354
APAC | Multi-currency processing services
Net Revenue:
Net revenue	16,265,076	16,621,147	15,666,192
Gross Profit:
Total gross profit	16,136,562	16,513,492	15,572,813
Income from operations before provision for income taxes:
Total gross profit	16,136,562	16,513,492	15,572,813
Americas | Multi-currency processing services
Net Revenue:
Net revenue	7,162,346	6,893,337	6,165,431
Gross Profit:
Total gross profit	6,725,223	6,733,037	6,045,441
Income from operations before provision for income taxes:
Total gross profit	6,725,223	6,733,037	6,045,441
EMEA | Multi-currency processing services
Net Revenue:
Net revenue	10,036,017	7,439,601	7,981,826
Gross Profit:
Total gross profit	6,879,321	5,662,081	6,515,668
Income from operations before provision for income taxes:
Total gross profit	$ 6,879,321	$ 5,662,081	$ 6,515,668

Segment information - Concentra

Segment information - Concentration of revenue by customer by geographical region (Details) - item	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Payment processing services
Revenue concentration
Number of Individual Customers with Revenue Greater than Specified Percentage of Segment Revenue	0
Revenue | Geographical concentration risk | Multi-currency processing services | APAC | Customer A
Revenue concentration
Concentration risk (as a percent)	58.00%	61.00%	63.00%
Revenue | Geographical concentration risk | Multi-currency processing services | Americas | Customer D
Revenue concentration
Concentration risk (as a percent)	12.00%	17.00%	25.00%
Revenue | Geographical concentration risk | Multi-currency processing services | Americas | Customer E
Revenue concentration
Concentration risk (as a percent)	18.00%	23.00%	32.00%
Revenue | Geographical concentration risk | Multi-currency processing services | Americas | Customer F
Revenue concentration
Concentration risk (as a percent)			11.00%
Revenue | Geographical concentration risk | Multi-currency processing services | Americas | Customer I
Revenue concentration
Concentration risk (as a percent)	12.00%	20.00%
Revenue | Geographical concentration risk | Multi-currency processing services | EMEA | Customer C
Revenue concentration
Concentration risk (as a percent)	42.00%	60.00%	71.00%
Revenue | Geographical concentration risk | Multi-currency processing services | EMEA | Customer H
Revenue concentration
Concentration risk (as a percent)	58.00%	40.00%	28.00%
Revenue | Customer concentration risk | Customer A
Revenue concentration
Concentration risk (as a percent)	18.00%	21.00%	21.00%
Revenue | Customer concentration risk | Customer C
Revenue concentration
Concentration risk (as a percent)			12.00%
Revenue | Customer concentration risk | Customer H
Revenue concentration
Concentration risk (as a percent)	11.00%
Revenue | Customer concentration risk | Multi-currency processing services | Customer B
Revenue concentration
Concentration risk (as a percent)	14.00%
Revenue | Customer concentration risk | Multi-currency processing services | Customer G
Revenue concentration
Concentration risk (as a percent)	24.00%

Stock Repurchase Program (Detai

Stock Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended	2 Months Ended	12 Months Ended		15 Months Ended	17 Months Ended
	Dec. 31, 2014	Feb. 29, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Feb. 29, 2016	Dec. 21, 2015	Aug. 04, 2015	Oct. 31, 2014
Shares repurchased, authorized amount									$ 6
Shares repurchased, increased authorized amount							$ 2.3	$ 5.2
Stock Repurchased During Period, Shares	0.5		3.1		3.6
Stock Repurchased During Period, Value			$ 7.1	$ 0.8	$ 7.9
Shares available for repurchase			5.6		5.6
Share price							$ 3.20
Subsequent event
Stock Repurchased During Period, Shares		0.9				4.5
Stock Repurchased During Period, Value		$ 2.6				$ 10.5
Remaining shares available for purchase, value		$ 3				$ 3

Subsequent events (Details)

Subsequent events (Details) - Subsequent event - Carl J. Williams	Feb. 02, 2016
Subsequent events
Term of renewal	1 year
Period of base salary as severance	12 years
Period of health benefit continuation	12 years
Period Of Base Salary Paid At Change Of Control	6 months

Schedule II - Valuation and q78

Schedule II - Valuation and qualifying accounts (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Allowance for doubtful accounts
Activity in valuation and qualifying accounts
Balance at beginning of period	$ 108,765	$ 169,674	$ 1,484,087
Additions charged to expenses	8,388	46,652	326,457
Deductions	(24,799)	(107,561)	(1,640,870)
Balance at end of period	92,354	108,765	169,674
Tax valuation allowance
Trade receivable written-off			1,300,000
Deferred tax valuation allowance
Activity in valuation and qualifying accounts
Balance at beginning of period	28,475,080	29,416,464	29,238,264
Additions charged to expenses	653,947	843,479	903,463
Deductions	(8,567,511)	(1,784,863)	(725,263)
Balance at end of period	$ 20,561,516	$ 28,475,080	29,416,464
Tax valuation allowance
Valuation allowance related to net operating losses			400,000
Increase in allowance attributable to decrease in bonus			200,000
Increase in allowance attributable to decrease in bad debt			500,000
Valuation allowance related to stock options and salaries and bonuses			$ 200,000