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Revenue
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
The Company provides payment solutions to our business, merchant, consumer and payment network customers. Our payment
solutions are primarily focused on specific spend categories, including Vehicle Payments, Corporate Payments, Lodging
Payments and Other. The Company provides solutions that help businesses of all sizes control, simplify and secure payment of
various domestic and cross-border payables using specialized payment products. The Company also provides other payment
solutions for fleet maintenance, employee benefits and long-haul transportation-related services. 
Payment Services
The Company’s primary performance obligation for the majority of its payment solutions (Vehicle Payments, Corporate
Payments, Lodging Payments and Other) is to stand-ready to provide authorization and processing services (payment services)
for an unknown or unspecified quantity of transactions and the consideration received is contingent upon the customer’s use
(e.g., number of transactions submitted and processed) of the related payment services. Accordingly, the total transaction price
is variable. Payment services involve a series of distinct daily services that are substantially the same, with the same pattern of
transfer to the customer. As a result, the Company directly allocates and recognizes variable consideration in the period it has
the contractual right to invoice the customer. Similarly, for the toll product within Vehicle Payments, the Company's primary
performance obligation is to stand-ready each month to provide access to the toll network and process toll transactions. Each
period of access is determined to be distinct and substantially the same as the customer benefits over the period of access.
The Company records revenue for its payment services net of (i) the cost of the underlying products and services; (ii)
assessments and other fees charged by the credit and debit payment networks (along with any rebates provided by them); (iii)
customer rebates and other discounts; and (iv) taxes assessed (e.g., VAT and VAT-like taxes) by a government, imposed
concurrent with a revenue-producing transaction. Variability arising from rebates is generally resolved and/or reset within the
reporting period to which the variable consideration is allocated. As such, the Company is able to directly allocate net
adjustments against revenue in the reporting period in which they are invoiced and does not materially constrain revenue
recognition as a significant reversal of revenue is not probable at invoicing.
The majority of the transaction price the Company receives for fulfilling the payment services performance obligation are
comprised of one or a combination of the following: 1) interchange fees earned from the payment networks; 2) discount fees
earned from merchants; 3) fees calculated based on a number of transactions processed; 4) fees calculated based upon a
percentage of the transaction value for the underlying goods or services (i.e. fuel, food, toll, lodging and transportation cards
and vouchers); and 5) monthly access fees.
The Company recognizes revenue when the underlying transactions are complete and as its performance obligations are
satisfied. Transactions are considered complete depending upon the related payment solution but generally when the Company
has authorized the transaction, validated that the transaction has no errors and accepted and posted the data to the Company’s
records.
In the Company's cross-border payments business, a portion of revenue is from exchanges of currency at spot rates, which
enables customers to make cross-currency payments. The Company's performance obligation for its foreign exchange payment
services is providing a foreign currency payment to a customer’s designated recipient and therefore, the Company recognizes
revenue on foreign exchange payment services when the underlying payment is made. Revenues from foreign exchange
payment services are primarily comprised of the difference between the exchange rate set by the Company to the customer and
the rate available in the wholesale foreign exchange market.
Gift Card Products and Services
The Company’s Gift solutions deliver both stored value cards and e-cards (cards) and card-based services primarily in the form
of gift cards to retailers. These activities each represent performance obligations that are separate and distinct. Revenue for
stored value cards is recognized (gross of the underlying cost of the related card, recorded in processing expenses within the
Consolidated Statements of Income) at the point in time when control passes to the Company's customer, which is generally
upon shipment.
Card-based services consist of transaction processing and reporting of gift card transactions where the Company recognizes
revenue based on the passage of time as it stands ready to process an unknown or unspecified quantity of transactions. As a
result, the Company directly allocates and recognizes variable consideration over the estimated period of time over which the
performance obligation is satisfied. 
Other
The Company accounts for revenue from late fees and finance charges, in jurisdictions where permitted under local regulations,
primarily in the U.S., Canada and Brazil, in accordance with ASC 310, "Receivables." Such fees are recognized net of a
provision for estimated uncollectible amounts, at the time the fees and finance charges are assessed and services are provided
and represent approximately 4% and 5% of total consolidated revenues, net for the years ended December 31, 2024 and 2023,
respectively. The Company ceases billing and accruing for late fees and finance charges approximately 30 - 40 days after the
customer’s balance becomes delinquent. 
In addition, in its cross-border payments business, the Company writes foreign currency forwards, option contracts and swaps
for its customers primarily to facilitate future payments in foreign currencies. The duration of these derivative contracts at
inception is generally less than one year. The Company aggregates its foreign exchange exposures arising from customer
contracts, including forwards, options and spot exchanges of currency, as necessary, and economically hedges the net currency
risks by entering into offsetting derivatives with established financial institution counterparties. The Company accounts for the
derivatives in its cross-border payments business in accordance with ASC 815, "Derivatives and Hedging." Revenues earned on
the currency spread inherent in the instruments on date of execution, as well as changes in fair value related to these instruments
prior to settlement, represented approximately 8% of consolidated revenues, net, for the years ended December 31, 2024 and
2023.
Revenue is also derived from the sale of equipment and cards in certain of the Company’s businesses, which is recognized at
the time the device or card is sold and control has passed to the customer. This revenue is recognized gross of the cost of sales
related to the equipment and cards in revenues, net within the Consolidated Statements of Income. The Company has recorded
$74.8 million, $76.3 million and $83.1 million of expenses related to sales of equipment and cards in processing expenses
within the Consolidated Statements of Income for the years ended December 31, 2024, 2023 and 2022, respectively.
Revenues from contracts with customers, within the scope of Topic 606, represent approximately 85% of consolidated
revenues, net, for the years ended December 31, 2024 and 2023.
The Company's remaining revenue primarily represents float revenue earned on invested customer funds in jurisdictions where
permitted. Such revenue represented approximately 3% and 2% of consolidated revenues, net for the years ended December 31,
2024 and 2023, respectively, and was not significant for the year ended December 31, 2022.
Disaggregation of Revenues
The Company provides its services to customers across different payment solutions and geographies. Revenues, net by solution
for the years ended December 31 (in millions) are as follows:
 
Revenues by Segment
2024
2023
2022
Vehicle Payments
$2,008.8
$2,005.5
$1,950.0
Corporate Payments
1,221.9
981.1
769.6
Lodging Payments
488.6
520.2
456.5
Other
255.3
250.9
251.0
Consolidated revenues, net
$3,974.6
$3,757.7
$3,427.1
Revenues, net by geography for the years ended December 31 (in millions) are as follows:
Revenues by Geography*
2024
2023
2022
United States (country of domicile)
$2,078.6
$2,045.2
$2,020.7
Brazil
594.3
526.1
442.9
United Kingdom
542.0
478.5
390.9
Other
759.7
707.9
572.7
Consolidated revenues, net
$3,974.6
$3,757.7
$3,427.1
*Columns may not calculate due to rounding. Disclosure of revenues by geography has been conformed in all periods to align
with current presentation.
Contract Liabilities
Deferred revenue contract liabilities for customers subject to ASC 606 were $39.0 million and $45.7 million as of
December 31, 2024 and 2023, respectively. We expect to recognize approximately $29.1 million of these amounts in revenues
within 12 months and the remaining $9.9 million over the next five years as of December 31, 2024. The amount and timing of
revenue recognition is affected by several factors, including contract modifications and terminations, which could impact the
estimate of amounts allocated to remaining performance obligations and when such revenues could be recognized. Revenue
recognized for the year ended December 31, 2024, that was included in the deferred revenue contract liability as of January 1,
2024, was approximately $29.4 million.
Costs to Obtain or Fulfill a Contract and/or Customer Incentives
In accordance with ASC 606, the Company capitalizes the incremental costs of obtaining a contract with a customer if the
Company expects to recover those costs. The incremental costs of obtaining a contract are those that the Company incurs to
obtain a contract with a customer that it would not have incurred if the contract had not been obtained (for example, a sales
commission). 
Costs incurred to fulfill a contract are capitalized if those costs meet all of the following criteria:
a.The costs relate directly to a contract or to an anticipated contract that the Company can specifically identify.
b.The costs generate or enhance resources of the Company that will be used in satisfying (or in continuing to satisfy)
performance obligations in the future.
c.The costs are expected to be recovered.
In order to determine the appropriate amortization period for contract costs, the Company considers a combination of factors,
including customer attrition rates, estimated terms of customer relationships, the useful lives of technology used by the
Company to provide products and services to its customers, whether further contract renewals are expected and if there is any
incremental commission to be paid on a contract renewal. Contract acquisition and fulfillment costs are amortized using the
straight-line method over the expected period of benefit (ranging from five to ten years). Costs to obtain a contract with an
expected period of benefit of one year or less are recognized as an expense when incurred. The amortization of contract
acquisition costs associated with sales commissions that qualify for capitalization is recorded as selling expense in the
Company’s Consolidated Statements of Income.
Amortization of capitalized contract costs recorded in selling expense was $18.9 million, $16.7 million and $15.4 million for
the years ended December 31, 2024, 2023 and 2022, respectively.
Costs to obtain or fulfill a contract are classified as contract cost assets within prepaid expenses and other current assets and
other assets in the Company’s Consolidated Balance Sheets. The Company had capitalized contract costs of $19.7 million and
$19.2 million within prepaid expenses and other current assets and $43.8 million and $44.9 million within other assets in the
Company’s Consolidated Balance Sheets, as of December 31, 2024 and 2023, respectively.
Further, the Company on occasion may make a cash payment to a customer as a contract incentive. We defer these costs as
payments to a customer if recoverable and amortize them over the benefit period, including anticipated customer renewals. The
amortization of costs associated with cash payments for client incentives is included as a reduction of revenues in the
Company’s Consolidated Statements of Income. The Company had deferred customer incentives of $5.5 million and
$10.0 million as of December 31, 2024 and 2023, respectively. Amortization of deferred customer incentives was immaterial
for the years ended December 31, 2024, 2023 and 2022.
Practical Expedients
ASC 606 requires disclosure of the aggregate amount of the transaction price allocated to unsatisfied performance obligations;
however, as allowed by ASC 606, the Company elected to exclude this disclosure for contracts with performance obligations of
one year or less and contracts with variable consideration that is directly allocated to a single performance obligation such as a
stand-ready series. As described above, the Company's most significant single performance obligations consist of variable
consideration directly allocated under a stand-ready series of distinct days of service. Such direct allocation of variable
consideration meets the specified criteria for the disclosure exclusion; therefore, the majority of the aggregate amount of
transaction price that is allocated to unsatisfied performance obligations is variable consideration that is not required for this
disclosure. The aggregate fixed consideration portion of customer contracts with an initial contract duration greater than one
year is not material.
The Company elected to exclude all sales taxes and other similar taxes from the transaction price. Accordingly, the Company
presents all collections from customers for these taxes on a net basis, rather than having to assess whether the Company is
acting as an agent or a principal in each taxing jurisdiction.
In certain arrangements with customers, the Company has determined that certain promised services and products are
immaterial in the context of the contract, both quantitatively and qualitatively. 
As a practical expedient, the Company is not required to adjust the promised amount of consideration for the effects of a
significant financing component if the Company expects, at contract inception, that the period between when the Company
transfers a promised service or product to a customer and when the customer pays for the service or product will be one year or
less. As of December 31, 2024, the Company’s contracts with customers contain standard pricing where the timing on control
transfer is dependent upon the customer in a stand-ready environment and therefore did not contain a significant financing
component.