Revenue from Contracts with Customers

6 Months Ended

Jun. 30, 2021

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Note 13 – Revenue from Contracts with Customers

Revenue is recognized as the obligation to the customer is satisfied. The following is detail of the Company’s revenue from contracts with clients.

Invoice processing fees – The Company earns fees on a per-item or monthly basis for the invoice processing services rendered on behalf of customers. Per-item fees are recognized at the point in time when the performance obligation is satisfied. Monthly fees are earned over the course of a month, representing the period over which the performance obligation is satisfied. The contracts have no significant impact of variable consideration and no significant financing components.

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Invoice payment fees – The Company earns fees on a transaction level basis for invoice payment services when making customer payments. Fees are recognized at the point in time when the payment transactions are made, which is when the performance obligation is satisfied. The contracts have no significant impact of variable consideration and no significant financing components.

Bank service fees – Revenue from service fees consists of service charges and fees on deposit accounts under depository agreements with customers to provide access to deposited funds. Service charges on deposit accounts are transaction based fees that are recognized at the point in time when the performance obligation is satisfied. Service charges are recognized on a monthly basis representing the period over which the performance obligation is satisfied. The contracts have no significant impact of variable consideration and no significant financing components.

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(In thousands)	2021		2020		2021		2020
Fee revenue and other income
In-scope of FASB ASC 606
Invoice processing fees	$	19,753	$	17,923	$	38,817	$	37,047
Invoice payment fees		6,595		4,738		12,747		11,117
Information services payment and processing revenue		26,348		22,661		51,564		48,164
Bank service fees		530		398		1,024		808
Fee revenue (in-scope of FASB ASC 606)		26,878		23,059		52,588		48,972
Other income (out-of-scope of FASB ASC 606)		109		115		574		1,297
Total fee revenue and other income		26,987		23,174		53,162		50,269