XML 33 R21.htm IDEA: XBRL DOCUMENT
v3.21.2

Concentration of Risks and Significant Customers | 9 Months Ended
--- | ---
Sep. 30, 2021
Risks and Uncertainties [Abstract] |
Concentration of Risks and Significant Customers | Concentration Risks and Significant Customers Financial instruments that potentially expose the Company to concentration of credit risk consist of cash and cash equivalents, marketable securities, accounts receivable and unbilled Customers' receivable, or collectively, Customers' receivables, and settlements receivable. Cash on deposit with financial institutions may, at times, exceed federally insured limits. Management believes that these financial institutions are financially sound and, accordingly, minimal credit risk exists. Cash and cash equivalents as of September 30, 2021 and December 31, 2020 include $1.2 billion and $203.6 million, respectively, of investments in three money market mutual funds, which invest primarily in securities issued by the U.S. Government or U.S. Government agencies. As of September 30, 2021, marketable securities were $409.0 million, and there was no concentration of securities of the same issuer with an aggregate fair value greater than 5% of the total balance, except for U.S. Treasuries, which amounted to $374.6 million, or 92% of the marketable securities. All debt securities within the Company's portfolio are investment grade. As of December 31, 2020, marketable securities were $149.9 million, and there was no concentration of securities of the same issuer with an aggregate fair value greater than 5% of the total balance, except for U.S. Treasuries, which amounted to $125.9 million, or 84% of the marketable securities. All debt securities within the Company's portfolio are investment grade. A significant portion of the Company's payment transactions are settled through one Issuing Bank, Sutton Bank. For the three months ended September 30, 2021 and 2020, 89% and 96% of Total Processing Volume, which is the total dollar amount of payments processed through the Company’s Platform, net of returns and chargebacks, was settled through Sutton Bank, respectively. For the nine months ended September 30, 2021 and 2020, 92% and 96% of Total Processing Volume was settled through Sutton Bank, respectively. A significant portion of the Company's revenue is derived from one Customer. For the three months ended September 30, 2021 and 2020, this Customer accounted for 68% and 72% of the Company’s net revenue, respectively. For the nine months ended September 30, 2021 and 2020, this Customer accounted for 71% and 69% of the Company’s net revenue, respectively. For the three and nine months ended September 30, 2020, another Customer accounted for 9% and 11% of the Company’s net revenue, respectively.

X
- Definition The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -URI http://asc.fasb.org/topic&trid=2134479 + Details
Name: | us-gaap_ConcentrationRiskDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_RisksAndUncertaintiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration