PROPERTY, EQUIPMENT AND SOFTWARE

3 Months Ended

Mar. 31, 2020

Property, Plant and Equipment [Abstract]

PROPERTY, EQUIPMENT AND SOFTWARE

PROPERTY, EQUIPMENT AND SOFTWARE

The Company's property, equipment, and software balance primarily consists of furniture, fixtures, and equipment used in the normal course of business, computer software developed for internal use, and leasehold improvements. Computer software represents purchased software and internally developed back office and merchant interfacing systems used to assist the reporting of merchant processing transactions and other related information.

A summary of property, equipment, and software as of March 31, 2020 and December 31, 2019 follows:

(in thousands)	March 31, 2020			December 31, 2019			Useful Life
Furniture and fixtures	$	2,808		$	2,787		2-7 years
Equipment	10,225			10,101			3-7 years
Computer software	39,553			37,440			3-5 years
Leasehold improvements	6,390			6,367			5-10 years
	58,976			56,695
Less accumulated depreciation	(34,916		)	(33,177		)
Property, equipment, and software, net	$	24,060		$	23,518

Depreciation expense for property, equipment, and software totaled $1.8 million and $1.4 million for the three months ended March 31, 2020 and 2019, respectively.

Purchases of property, equipment and software accrued in accounts payable were not material for any period presented.