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ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE
 9 Months Ended
Sep. 30, 2024
Receivables [Abstract]  
ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE
Accounts Receivable

Accounts receivable represents primarily outstanding balances from sending agents for pending wire transfers or money orders from our customers. The outstanding balance of accounts receivable, net of allowance for credit losses, consists of the following (in thousands):

September 30, 2024December 31, 2023
Accounts receivable$130,418 $157,847 
Allowance for credit losses(4,122)(2,610)
Accounts receivable, net$126,296 $155,237 

Agent Advances Receivable
Agent advances receivable, net of allowance for credit losses, from sending agents is as follows (in thousands):

September 30, 2024December 31, 2023
Agent advances receivable, current$2,543 $1,596 
Allowance for credit losses(157)(82)
Net current$2,386 $1,514 
Agent advances receivable, long-term$2,427 $2,999 
Allowance for credit losses(131)(102)
Net long-term$2,296 $2,897 

The net current portion of agent advances receivable is included in prepaid expenses and other current assets (see Note 5), and the net long-term portion is included in other assets in the condensed consolidated balance sheets. At September 30, 2024 and December 31, 2023, there were $5.0 million and $4.6 million, respectively, of agent advances receivable collateralized by personal guarantees from sending agents and assets from their businesses in case of a default by the agent.

The maturities of agent advances receivable at September 30, 2024 are as follows (in thousands):
Outstanding Balance
Under 1 year$2,543 
Between 1 and 2 years2,147 
More than 2 years to 3 years
280 
Total$4,970 


Allowance for Credit Losses
The changes in the allowance for credit losses related to accounts receivable and agent advances receivable are as follows (in thousands):

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Beginning balance$3,910 $2,690 $2,794 $2,648 
Provision1,665 1,830 5,036 3,770 
Charge-offs(1,405)(1,760)(4,247)(4,194)
Recoveries224 190 904 726 
Other16 (119)(77)(119)
Ending Balance$4,410 $2,831 $4,410 $2,831 

The allowance for credit losses allocated by financial instrument category is as follows (in thousands):
September 30, 2024December 31, 2023
Accounts receivable$4,122 $2,610 
Agent advances receivable288 184 
Allowance for credit losses$4,410 $2,794