REVENUES

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

REVENUES

REVENUES

Revenues

BMTX recognizes operating revenue in accordance with FASB ASC 606, Revenue from Contracts with Customers.

The following table presents BMTX’s revenues disaggregated by nature of the revenue stream and the pattern or timing of revenue recognition for the three and nine months ended September 30, 2022 and 2021. The Company has one reportable segment and all revenues are earned in the U.S.

	Three Months Ended September 30,				Nine Months Ended September 30,
(amounts in thousands)	2022		2021		2022		2021
Revenues:
Revenue recognized at point in time:
Interchange and card revenue	$	5,325	$	6,529	$	17,283	$	21,530
Servicing fees from Partner Bank	10,163		11,823		37,650		31,774
Account fees	2,110		2,569		6,872		7,847
University fees - disbursement activity	175		380		932		918
Other	903		446		1,702		4,164
Total revenue recognized at point in time	18,676		21,747		64,439		66,233
Revenue recognized over time:
University fees - subscriptions	1,182		1,094		3,474		3,211
Total revenue recognized over time	1,182		1,094		3,474		3,211
Total revenues	$	19,858	$	22,841	$	67,913	$	69,444

Deferred Revenue

Deferred revenue consists of payments received from customers, most significantly from our Partner Bank, prior to the performance of services. Deferred revenue is recognized over the service period on a straight-line basis or when the contractual performance obligation has been satisfied. The Company classifies deferred revenue on the Consolidated Balance Sheets in Deferred revenue, current and Deferred revenue, non-current based upon the expected timing of revenue recognition.

The deferred revenue balances were as follows:

(amounts in thousands)	September 30, 2022		December 31, 2021
Deferred revenue (current and non-current)	$	11,264	$	15,577

During the nine months ended September 30, 2022, the Company recognized revenue of approximately $15.4 million included in deferred revenue at the beginning of the period. During the nine months ended September 30, 2021, the Company recognized revenue of approximately $11.5 million included in deferred revenue at the beginning of the period.

Unbilled receivables

The Company had $2.0 million of unbilled receivables, or amounts recognized as revenue for which invoices have not yet been issued, as of September 30, 2022, and $2.1 million as of December 31, 2021. Unbilled receivables are reported in Accounts receivable, net on the Consolidated Balance Sheets.