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Summary of significant accounting policies (Tables)
 12 Months Ended
Dec. 31, 2013
Summary of significant accounting policies  
Schedule of computation of basic and diluted net income (loss) per share

 

 
   Year ended December 31,  
 
   2013   2012   2011  

Numerator:

                    

Net income (loss)

   $ 22,006   $ (4,452,305 ) $ 2,384,729  

Amounts allocated to participating preferred stockholders under the two-class method

     (2,507 )   —     (283,154 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income (loss) applicable to common stockholders (basic and dilutive)

   $ 19,499   $ (4,452,305 ) $ 2,101,575  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               

Denominator:

                    

Weighted average common stock outstanding (basic)

     52,943,203     52,187,144     49,348,033  

Common equivalent shares from options and warrants to purchase common stock

     1,522,082     —     2,819,459  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Weighted average common stock outstanding (diluted)(1)

     54,465,285     52,187,144     52,167,492  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               

Basic net income (loss) per share applicable to common stockholders

   $ 0.00   $ (0.09 ) $ 0.04  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               

Diluted net income (loss) per share applicable to common stockholders(1)

   $ 0.00   $ (0.09 ) $ 0.04  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               
(1)
In accordance with ASC 260-10-45-48 for the year ended December 31, 2013, 2012 and 2011, the Company has excluded 1.6 million, 0.9 million and 0.9 million, respectively, contingently issued restricted shares from diluted weighted average common stock outstanding as the contingencies (a) have not been 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 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,  
 
   2013   2012   2011  

Stock options

     2,458,471     8,528,816     170,543  

Warrants

     85,629     2,055,722     182,539  

Convertible debt(1)

     —     —     1,316,071  

Convertible preferred stock(1)

     6,851,144     6,851,144     6,851,144  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total antidilutive securities

     9,395,244     17,435,682     8,520,297  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               
(1)
Diluted net income per share increases when the convertible debt and convertible preferred stock are included in the required sequence in the diluted earnings per share computation. As such both the convertible debt and convertible preferred stock are excluded from the computation of diluted earnings per share for the years ended December 31, 2013, 2012 and 2011. In April 2011, the convertible debt holders converted their entire holdings.
Summary of stock-based compensation expense recognized by income statement classification

 

 
   Year ended December 31,  
 
   2013   2012   2011  

Processing and service costs

   $ 238,101   $ 262,775   $ 135,444  

Selling, general and administrative expenses

     989,268     872,272     435,366  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total stock-based compensation expense

   $ 1,227,369   $ 1,135,047   $ 570,810  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               
Summary of stock-based compensation expense recognized by type

 

 
   Year ended December 31,  
 
   2013   2012   2011  

Stock options

   $ 983,810   $ 1,135,047   $ 555,882  

Restricted stock awards

     243,559     —     —  

Warrants

     —     —     14,928  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total stock-based compensation expense

   $ 1,227,369   $ 1,135,047   $ 570,810  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               
Summary of the unamortized stock-based compensation expense and associated weighted average remaining amortization periods for stock options and warrants

 

 
   As of
December 31, 2013		   As of
December 31, 2012		  
 
   Unamortized
stock-based
compensation
expense		   Weighted
average remaining
amortization period
(in years)		   Unamortized
stock-based
compensation
expense		   Weighted
average remaining
amortization period
(in years)		  

Stock options

   $ 1,263,133     1.79   $ 1,383,725     1.80  

Restricted stock awards

     1,624,187     2.05     —     —  
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,  
 
   2013   2012   2011  

Expected life (in years)

     5.51 - 5.98     5.25 - 6.00     5.00 - 6.32  

Expected volatility (percentage)

     40.74 - 42.41     45.13 - 47.36     27.80 - 36.68  

Risk-free interest rate (percentage)

     0.94 - 1.77     0.91 - 1.39     1.58 - 2.72  

Expected dividend yield

     —     —     —  
Schedule of valuation assumptions used for estimated fair value of the market condition award on the grant date using a binomial lattice-based valuation pricing model

 

 
   July 26,
2011		  

Expected life (in years)

     5.3  

Expected volatility (percentage)

     31.68  

Risk-free interest rate (percentage)

     2.04  

Expected dividend yield

     —  

     

 
   November 15,
2013		  

Expected life (in years)

     1.37  

Expected volatility (percentage)

     27.3  

Risk-free interest rate (percentage)

     0.23  

Expected dividend yield

     —  
Accounts Receivable
  
Concentration of credit risk  
Schedule of concentrations of 10% and greater

 

 

 
   As of
December 31,		  
 
   2013   2012  

Customer A

     22 %   26 %

Customer B*

     **     14  

Customer C

     13     11  

Customer D*

     12     **  
*
Customers B and D are sponsoring banks for certain merchants within the Company's payment processing services. Customers B and D serve as an aggregator of merchant transactions and therefore, there is a concentration risk relating to receivables. However, revenues are generated from individual merchants that individually do not exceed 10% of the Company's revenue.

**
Less than 10% accounts receivable concentration.
Revenue
  
Concentration of credit risk  
Schedule of concentrations of 10% and greater

 

 

 
   Year ended
December 31,		  
 
   2013   2012   2011  

Customer A

     21 %   23 %   28 %

Customer C

     12     17     12