Revenues
Disaggregation of Revenues
The following table presents a disaggregation of our consolidated revenues by type:
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| Years Ended December 31, |
| (in thousands) | 2025 | | 2024 | | 2023 |
| Revenue Type: | | | | | |
| Merchant card fees | $ | 710,915 | | | $ | 670,411 | | | $ | 595,205 | |
| Money transmission services | 159,169 | | | 130,123 | | | 98,137 | |
| Outsourced services and other services | 70,708 | | | 67,018 | | | 49,600 | |
| Equipment | 12,217 | | | 12,150 | | | 12,670 | |
Total revenues(1)(2) | $ | 953,009 | | | $ | 879,702 | | | $ | 755,612 | |
(1)Includes contracts with an original duration of one year or less and variable consideration under a stand-ready series of distinct days of service. The aggregate fixed consideration portion of customer contracts with an initial contract duration greater than one year is not material.
(2)Approximately $58.4 million, $52.3 million and $33.4 million, of interest income for the years ended December 31, 2025, 2024 and 2023, respectively, is included in outsourced services and other services revenue in the table above.
The following table presents a disaggregation of our consolidated revenues by segment:
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| Year Ended December 31, 2025 |
| (in thousands) | Merchant Card Fees | | Money Transmission Services | | Outsourced and Other Services | | Equipment | | Total |
| Segment | | | | | | | | | |
| Merchant Solutions | $ | 625,232 | | | $ | — | | | $ | 4,620 | | | $ | 12,217 | | | $ | 642,069 | |
| Payables | 84,984 | | | — | | | 15,888 | | | — | | | 100,872 | |
| Treasury Solutions | 5,142 | | | 159,169 | | | 51,468 | | | — | | | 215,779 | |
| Eliminations | (4,443) | | | — | | | (1,268) | | | — | | | (5,711) | |
| Total revenues | $ | 710,915 | | | $ | 159,169 | | | $ | 70,708 | | | $ | 12,217 | | | $ | 953,009 | |
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| Year Ended December 31, 2024 |
| (in thousands) | Merchant Card Fees | | Money Transmission Services | | Outsourced and Other Services | | Equipment | | Total |
| Segment | | | | | | | | | |
| Merchant Solutions | $ | 595,104 | | | $ | — | | | $ | 6,293 | | | $ | 12,150 | | | $ | 613,547 | |
| Payables | 75,822 | | | — | | | 13,281 | | | — | | | 89,103 | |
| Treasury Solutions | 1,989 | | | 130,123 | | | 48,336 | | | — | | | 180,448 | |
| Eliminations | (2,504) | | | — | | | (892) | | | — | | | (3,396) | |
| Total revenues | $ | 670,411 | | | $ | 130,123 | | | $ | 67,018 | | | $ | 12,150 | | | $ | 879,702 | |
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| Year Ended December 31, 2023 |
| (in thousands) | Merchant Card Fees | | Money Transmission Services | | Outsourced and Other Services | | Equipment | | Total |
| Segment | | | | | | | | | |
| Merchant Solutions | $ | 564,356 | | | $ | — | | | $ | 6,225 | | | $ | 12,670 | | | $ | 583,251 | |
| Payables | 31,114 | | | — | | | 10,042 | | | — | | | 41,156 | |
| Treasury Solutions | 410 | | | 98,142 | | | 33,634 | | | — | | | 132,186 | |
| Eliminations | (675) | | | (5) | | | (301) | | | — | | | (981) | |
| Total revenues | $ | 595,205 | | | $ | 98,137 | | | $ | 49,600 | | | $ | 12,670 | | | $ | 755,612 | |
Deferred revenues were not material for the years ended December 31, 2025, 2024 and 2023.
Contract Assets and Contract Liabilities
Material contract assets and liabilities are presented net at the individual contract level in the Consolidated Balance Sheets and are classified as current or noncurrent based on the nature of the underlying contractual rights and obligations.
Contract liabilities were $0.9 million, $0.2 million and $0.6 million as of December 31, 2025, 2024, and 2023, respectively. Substantially all of these balances are recognized as revenue within 12 months.
Contract assets were not material for any period presented.
Impairment losses recognized on receivables or contract assets arising from the Company's contracts with customers were $1.1 million, $6.2 million and $0.5 million for the years ended December 31, 2025, 2024 and 2023,respectively.
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.