Annual report pursuant to Section 13 and 15(d)

PROPERTY, EQUIPMENT AND SOFTWARE

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PROPERTY, EQUIPMENT AND SOFTWARE
12 Months Ended
Dec. 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 December 31, 2020 and December 31, 2019 was as follows:

As of December 31,
(in thousands) 2020 2019 Estimated Useful Life
Furniture and fixtures $ 2,795  $ 2,787 
2 - 7 years
Equipment 10,216  10,101 
3 - 7 years
Computer software 44,320  37,440 
3 - 5 years
Leasehold improvements 6,250  6,367 
5 - 10 years
  63,581  56,695   
Less accumulated depreciation (40,706) (33,177)  
Property, equipment and software, net $ 22,875  $ 23,518   
Depreciation expense totaled $7.7 million, $6.6 million, and $5.1 million for the years ended December 31, 2020, 2019, and 2018, respectively.