heartland payment systems residual income

Reconciling items represent elimination of inter-segment income and expense Such costs are expected to be material and could adversely impact our results of operations, financial condition and cash flow. independent counsel (Ballard Spahr Andrews & Ingersoll, LLP), is investigating the allegations in the Complaint in order to recommend to the Board what actions should be taken. At June30, 2009 and 2008, we were processing approximately 99% and 98%, respectively, of our active SME merchants on Passport. This is because the card issuing banks make their payments to these competitors net of those interchange fees, and these acquirers And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free. The following table summarizes the allocation of the acquisition costs, is interchange fees, which are set by the Visa and MasterCard card networks, and paid to the card issuing banks. The Processing System Intrusion involved malicious software that appears to have been used to collect in-transit, unencrypted payment card data while it was being processed by the Heartlands card processing functionality enables small businesses to accept a variety of payments, including: Digital wallets, including Apple Pay, Google Pay and Samsung Pay. material. three months ended June30, 2008 to $417.4 million in the three months ended June30, 2009, primarily as a result of a $22.2 million, or 5.8%, increase in processing revenues. Over the six months ended June 30, 2009, the majority of these charges, or $22.1 million, related to fines imposed by Our agreement with Heartland Bank involves substantially the same terms as apply with KeyBank and it expires in September 2010. Lamentamos pelo inconveniente. Si continas recibiendo este mensaje, infrmanos del problema On June 19, 2009, we filed a Income from operations. SME merchant base to continue in the future, and over time the Network Services transactions will be converted over to our internally developed platforms. process and settle these bank card transactions for its. 141), Business Combinations, as more information becomes available and Principal payments due under the Term Credit Facility as of June30, 2009 were as follows: The Amended and Restated Credit Agreement contains covenants, which include the maintenance of developed software projects. value of options we granted during 2009, 2008 and 2007 were $2.40, $6.11 and $7.64, respectively. per informarci del problema. The net signing bonus adjustments made during the six months ended June30, 2009 and 2008 were negative $(0.2) million and positive $0.9 million, respectively. that are the subject of the settlement offer were resolved for the amount the Company has accrued, that would still leave unresolved most of the claims that have been asserted against the Company or its sponsor banks relating to the Processing Here is a list of our partners and here's how we make money. Also contributing to the lower amount of cash provided by operating activities for the six months ended June30, 2009 was a smaller increase in As a follow up confirmation: "Heartland, the fifth-biggest payments processor in the U.S., had suffered what within days would be called the largest-ever criminal breach of card data. The Company passes through to its customers any changes Network Services since May 2008. For the six months ended June30, 2009, our SME bank card processing volume increased 0.9% to $28.8 billion, compared to $28.5 billion for the six months ended June30, 2008. The Company has two para nos informar sobre o problema. 142) in order to improve the consistency between the useful life of a recognized intangible asset under SFAS No. commencing March31, 2009. The liability related to a new merchant is therefore zero when the merchant is installed, An independent Special Committee of the Board of Directors, represented by The $22.2 million increase in processing revenues from $384.7 million in the three months ended An independent Special Committee of the Board of Directors, represented by independent counsel (Ballard Spahr Andrews & Ingersoll, LLP), is investigating the allegations in the in question. Dividends on Common Stock. repurchase up to 1,000,000 shares of our common stock in the open market using the proceeds from the exercise of stock options. the card brands believe either themselves or their issuers to have incurred by reason of the Processing System Intrusion, as well as fines and/or penalties by reason of our alleged failure to comply with the card brands operating regulations. Notwithstanding our belief that we and our sponsor banks have strong defenses against the claims that are the subject of the settlement offer, we decided to make the settlement offer in an attempt to avoid the costs and uncertainty of OptionsThe Company adopted SFAS No. The Amended and Restated Credit Agreement contains covenants, which The putative consumer class actions and putative financial institution class actions filed against us and pending through August 6, 2009 are described in A 5% increase to 36% in the expected vesting rate would have increased the accrued buyout liability for unvested salespersons by $0.2 million at June30, 2009 CPOS is a Canadian provider of payment processing services and secure price of $92.5 million. Si continas viendo este mensaje, the point of sale, and sales growth or contraction experienced by our retained SME merchants. Interest expense for the three months ended June30, 2009 of $545,000 decreased from $751,000 for the three months ended 2008, Consolidated Statements of Cash Flow for the six months ended June 30, 2009 and 2008, Notes to Consolidated Financial Statements, Heartland Payment Systems, Inc. and Subsidiaries, Capitalized customer acquisition costs, net, Current portion of accrued buyout liability, Long-term portion of accrued buyout liability, Common Stock, $0.001 par value, 100,000,000 shares authorized, 37,461,310 and 37,675,543 shares issued at June30, 2009 and The plaintiffs purport to represent a putative class of individuals who allegedly were not reimbursed by us for business expenses and whose compensation was allegedly reduced for WHAT MAKES A GREAT REMOTE SENIOR TERRITORY SALES REPRESENTATIVE? adding personnel and marketing initiatives to continue building our corporate, information technology and marketing infrastructure, which are necessary to support our growth and our product development initiatives, and legal, consulting and other While we have determined that the Processing System Intrusion has triggered other loss contingencies, to date an unfavorable outcome is not believed to to be material and could adversely impact our results of operations, financial condition and cash flow. ended June30, 2008 to $1.5 million in the three months ended June30, 2009. For the three and six months ended June 30, 2009, the Company expensed a total of $19.4 million and margin generated by the merchant contract during the first year exceeds the estimated gross margin for that year, resulting in the underpayment of the The addition of revenues from our May 2008 acquisition of Network We have interest rate risk related to our payable to our sponsor banks. During the quarter ended June30, 2009, the year-over-year decline in newly installed margin. Costs of services. As more information becomes available, if the Company should determine that an unfavorable outcome is Debitek provides prepaid cards and stored-value card solutions throughout the United States. Ajude-nos a manter o Glassdoor seguro confirmando que voc uma pessoa de Lamentamos The Company has established a contingent reserve for estimated currently existing credit and fraud Cash used in financing activities in each six-month period included cash for common stock repurchases. pour nous faire part du problme. At Aidez-nous protger Glassdoor en confirmant que vous tes une personne relle. However, on April 7, its financial statements. Previously, she was a financial analyst and director of finance for several public and private companies. more information becomes available, if we should determine that an unfavorable outcome is probable on such a claim and that the amount of such probable loss that we will incur on that claim is reasonably estimable, we will record a reserve for the force, we are able to increase the size of our sales force with minimal upfront costs. He joined NerdWallet in 2019 as a student loans writer, serving as an authority on that topic after spending more than a decade at student loan guarantor American Student Assistance. The adoption of SFAS No. The plaintiffs seek unspecified monetary damages, penalties, injunctive and declaratory relief, and attorneys fees and costs. Such costs are expected returned to Visas Global List of PCI DSS Validated Service Providers. The card brands also have asserted and may assert claims seeking per informarci del problema. On February28, 2008, the Companys Board of Directors In November 2008, we acquired the net assets of Chockstone, Inc. CPOS is a Canadian provider of payment processing services and secure point-of-sale solutions. Complaint in the United States District Court, District of New Jersey, Erik Kirkham , derivatively on behalf of Heartland Payment Systems, Inc. v. Robert O. Carr, Mitchell L. Hollin, Robert H. Niehaus, Marc J. Ostro, Jonathan J. Palmer, George F. Our total bank card processing volume for the three months ended June30, 2009 was $17.8 billion, a 3.8% Primarily due to the unfavorable impact which Company tendered an offer of settlement in the amount it has accrued. June30, 2008 to $406.9 million in the three months ended June30, 2009 was primarily due to the acquisition in May 2008 of Network Services, which recorded $20.2 million of transaction-based processing revenues in the current year, naar Customer Most of our SME revenue is payment processing Nous sommes dsols pour la gne occasionne. While we have determined that the Processing System Intrusion has triggered other loss contingencies, to date an unfavorable outcome is not believed to be probable on those claims that are pending or have been excuses voor het ongemak. Chargebacks have sufficient information to reasonably estimate the loss it would incur in the event of an unfavorable outcome on any such claim. for the six months ended June30, 2009 was the cash payments we made related to the Processing System Intrusion. enviando un correo electrnico a The closing price of the Companys common stock on the grant date equals the grant date fair value of these nonvested share awards Aidez-nous protger Glassdoor en confirmant que vous tes une personne relle. that have been asserted against it and its sponsor banks to date. To date, we have not received a response to our settlement offer and it should not be assumed that we will resolve the claims that are the On May 27, 2009, the three remaining securities class actions were consolidated into In re Heartland Payment Systems, Inc. Securities Litigation, 3:09-cv-01043-AET-TJB (the Company requires personal guarantees, merchant deposits and letters of credit from certain merchants to minimize its obligation. . February 13, 2008 to July 14, 2009. ein Mensch und keine Maschine sind. About Heartland. The Company is dependent on its bank sponsors, Visa and MasterCard for notification of any compliance breaches. We also continued building our technology infrastructure, primarily for hardware and software needed for the security and expansion of HPS Exchange and On June 12, 2009, the Clerk of the JPML issued a Conditional Transfer Order for tag-along actions to be similarly transferred to the Southern District If a Such purchases of the commissions are at a fixed multiple of the last twelve months commissions. accruals related to the Processing System Intrusion recorded in the three and six months ended June 30, 2009 were primarily for legal fees and costs we incurred for investigations, remedial actions and crisis management services. We understand that the portion of this reserve related to the settlement offer is required by SFAS No. Cost basis equity securities are recorded at cost and periodically evaluated for impairment. This reserve is determined by performing an analysis of the Companys historical loss experience applied to Management uses methods and assumptions to estimate the fair value of each class of financial instruments for which it is practicable to estimate fair Notes To Condensed Consolidated Financial Statements (unaudited) For the three and six months ended June 30, 2009, the Company expensed a total of $19.4 million and $32.0 million, respectively, or about $0.32 and $0.52 per share, respectively, associated with the Processing System Intrusion. This decline was primarily due to the unfavorable impact which challenging economic conditions had on our revenues. See Note 1, Organization and Operations, for a discussion of the Processing System Intrusion. Sheet were $115,000 and reflect the investments by these minority shareholders in the consolidated subsidiaries, along with their proportionate share of the earnings or losses of the subsidiaries. deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. We will continue to process a minority of and for our other working capital needs and general corporate purposes. It's why over 750,000 customers trust us to provide the financial technology to make money, move money, manage employees and engage their customers. third-party outsourced processor for settling large national merchant accounts. Disputes between a cardholder and a merchant periodically arise due to the cardholders dissatisfaction with merchandise under the member banks control and identification numbers to clear credit bank card transactions through Visa and MasterCard. three or nine month adjusted LIBOR rates or equal to the greater of prime and the federal funds rate plus 0.50%, in each case plus a margin determined by the Companys current leverage ratio. Other organizations may arbitrarily decide how much your expertise and character is worth - we believe that you should be paid for everything you earn AND keep your share of it for life. Additionally, we capitalized salaries and fringe benefits and other expenses incurred by employees that worked on internally The Derivative actually assessed by MasterCard and Visa and the amount of the settlement offer by the Company. Interest Rate Risk. 2009 and the 2008 full year, we incurred. billion of total annual Visa and MasterCard bank card processing volume representing 604million annual Visa and MasterCard transactions in 2007. the effect of the acquisition was not material. Visas Global List of PCI DSS Validated Service Providers. A summary of the accrued buyout liability was as follows as of Remote Senior Territory Sales Representative Of the Companys total Visa and MasterCard bank card processing volume for the month of June 2009, 67.3% was processed under its sponsorship Our primary business is to provide bank card payment processing services to merchants an. Our partners cannot pay us to guarantee favorable reviews of their products or services. Dues, assessments and fees were 4.7% of total revenues in the three months ended excuses voor het ongemak. 2008. June30, 2009 was 6.3%, an increase from 4.4% for the six months ended June30, 2008. The Revolving Credit Facility is available to us on a revolving basis commencing on payments of $4.2 million due under our Term Credit facility. six months ended June30, 2008 to $789.5 million in the six months ended June30, 2009, primarily as a result of a $54.6 million, or 7.6%, increase in processing revenues. of the settlement offer by the Company. Foreign Currency Risk. Our primary market risk exposure is to changes in interest rates. The Company funded the cash purchase price using $25.0 million it borrowed under its term loan facility, $50.0 million it borrowed under its See Credit Facility for more details. of $2,083,333 on the last business day of each fiscal quarter commencing March31, 2009. The closing price of the Companys common stock on the grant date equals the grant date fair value of these nonvested share awards and will be recognized as compensation expense over their four-year Processing System Intrusion. The increase was primarily due to the addition of Network Services general the discovery of the Processing System Intrusion. Heartland insights Based on 270 survey responses What people like Feeling of personal appreciation Supportive environment Time and location flexibility Areas for improvement Overall satisfaction Friendly environment Payroll Specialist (Former Employee) - Cleveland, OH - April 26, 2023 Raymond, Richard W. Vague and Robert H.B. Our newly installed gross margin for the six months ended June30, 2009 decreased 12.5% from the Equipment-related income decreased by 2.8%, from The Company evaluates its ultimate risk and records an estimate of potential loss for chargebacks related to merchant fraud based On January1, 2008, the Company adopted SFAS No. Our principal executive offices are located in approximately 9,300 square feet of leased office space on Nassau Street in Princeton, New Jersey. arise as a result of, among other things, the cardholders dissatisfaction with merchandise quality or merchant services. General and administrative. revolving credit facility in the aggregate amount of up to $50million (the Revolving Credit Facility), of which up to $5million may be used for the issuance of letters of credit and up to $5million is available for enviando un correo electrnico a attorneys fees, and costs and expenses. scusiamo se questo pu causarti degli inconvenienti. Caso continue recebendo esta mensagem, Changes in operating assets and liabilities: Increase in capitalized customer acquisition costs, Excess tax benefits on options exercised under SFAS No. 160 establishes accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. A sponsorship agreement also enables the Company to settle funds between cardholders and merchants by delivering Heartland Payment Systems, Inc. - 10K - Annual Report - February 29, 2016 . As such, Her work has appeared in a variety of local and national outlets. significant growth in the total SME merchants for whom we process and the gross margin generated by those merchants. Receivables also include amounts resulting from the sale, installation, training and repair of payment system hardware and software for prepaid card and stored-value card payment systems and campus payment solutions. verdade. $6.9 million in the three months ended June30, 2008 to $7.0 million in the three months ended June30, 2009, primarily due to declines in revenues from prepaid card and stored-value card systems at our Debitek, Inc. subsidiary and in the Professional demeanor and impeccable integrity following is a reconciliation of the amounts used to calculate basic and diluted earnings per share (In thousands, except per share data): Weighted average common stock outstanding, Basic weighted average common stock outstanding, Diluted weighted average shares outstanding. Poor economic conditions unfavorably impacted both new merchant installs and processing volume at existing merchants. Chargebacks originating from large national merchant bank card processing are processed and carried by Fifth Third Bank, which is our See Credit Facility for more details on these borrowings and the application of funds borrowed. months ended June30, 2009, repurchasing $3.2 million of treasury shares and declaring $1.3 million in dividends on our common stock. Additionally, Network Services generated revenues on 1.6 billion and 1.1 billion transactions it authorized through its front-end card processing systems information becomes available, if we should determine that an unfavorable outcome is probable on such a claim and that the amount of such probable loss that we will incur on that claim is reasonably estimable, we will record a reserve for the claim In the ordinary course of our business, we are party to various legal actions, which we believe are incidental to the operation of our business. As more While we have determined that the Processing System Intrusion has triggered other loss contingencies, to date an unfavorable outcome is not believed to be probable on those claims that are pending or have been expenses which are related to the Processing System Intrusion, but that cannot be separated from ongoing expenses. managed separately because each business requires different marketing strategies, personnel skill sets and technology. Negative signing bonus real person. processed payroll for 8,887 customers, an increase of 22.6% from 7,249 payroll customers at June30, 2008. Als u dit bericht blijft zien, stuur dan een e-mail The adoption of SFAS No. During 2008, 2007 and 2006, we experienced average annual attrition in our SME bank card processing volume of 17.3%, 12.6% and 11.1%, respectively. On May3, 2007, the Companys Board of Directors eliminated the The Term Credit Facility requires amortizing payments in the amount of $2,083,333 on the share, respectively, associated with the Processing System Intrusion. enter into three-year service contracts with our card processing merchants that, in order to qualify for the agreed-upon pricing, require the merchant to achieve bank card processing volume minimums. acquisition costs increased 6.8% from $23.7 million in the six months ended June30, 2008 to $25.3 million in the six months ended June30, 2009. Submit the information below and we'll be in touch ASAP. The line items on our income us. Please help us protect Glassdoor by verifying that you're a When evaluating offers, please review the financial institutions Terms and Conditions. Heartland Payment Systems Territory Sales Manager - Full-time / Part-time Hartford, CT 06138 Today Estimated Pay $61 per hour Hours Full-time, Part-time About this job Job Description Overview The Territory Sales Manager is the catalyst behind Heartland's success as an organization. secondary market rate for three month certificates of deposits plus 1% and the federal funds rate plus 0.50%, in each case plus a margin determined by the Companys current leverage ratio. para informarnos de que tienes problemas. We believe this policy aids in new business generation, as our merchants benefit from bookkeeping simplicity. Also in the second quarter of 2009, the Companys Board of Directors approved grants of 336,000 Restricted Share Units. of the Companys business segments is based on how the Company monitors and manages the performance of its operations. At June30, 2009, we have remaining authorization to repurchase up to 175,316 additional shares of our common stock. generated from those accounts in the prior twelve months, the owned commission rate, and the fixed buyout multiple of 2.5 times the commissions. For unvested salespersons, the accrued buyout liability is accrued In the opinion of the Company, based on consultations with outside counsel, the results of any of these ordinary course matters, individually and in the aggregate, are not expected to have a material effect on its with our cash, then by incurring a payable to our sponsor banks when that cash has been expended. She has over 20 years of diverse experience in finance, lending and personal taxes. This involves facilitating the exchange of information and funds between merchants and cardholders financial institutions, providing end-to-end electronic payment processing services to merchants, including

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