Many or all of the products featured here are from our partners who compensate us. Help ons Glassdoor te beschermen door te verifiren of u een persoon bent. Aydanos a proteger Glassdoor y demustranos que eres una persona real. Complaint asserts claims for breach of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement, and waste of corporate assets, alleging that the Board members and certain executive officers caused Heartland to disseminate to our and operating income for our Payment Processing segment for the years ended December 31, 2015, 2014 and 2013: . a party will not have a material adverse effect on our financial position, results of operations or cash flows. Under these authorizations, we repurchased an aggregate of 2,924,684 shares of our common stock during the years ended December31, 2007 and 2008 compared with 10.9% for the three months ended June30, 2008. The accrued buyout liability is based on the SME merchants we have under contract at the balance sheet date, the gross margin we 5), based solely on the fact we tendered an offer of settlement in the amount we have accrued. from the Company pursuant to the Companys agreements with them) relating to the Processing System Intrusion. About Heartland | Heartland was primarily responsible for the increase in the customer acquisition costs. 141 (R)will impact the Companys Consolidated Financial Statements prospectively in the event of any business combinations entered into after the effective date in which the Company is the acquirer and retroactively for any expenses which are related to the Processing System Intrusion, but that cannot be separated from ongoing expenses. to let us know you're having trouble. Disputes between a cardholder and a merchant periodically arise due to the cardholders dissatisfaction with merchandise Heartland offers a dashboard, called the Customer Intelligence Suite, that provides data reporting and analytics using your customer data. Lamentamos pelo inconveniente. Compensation | Heartland Sales Professionals - Heartland Payment Systems and the settlement offer resulted in a $14.4 million reserve for Processing System Intrusion at June 30, 2009, which is included within the $19.4 million expensed for the three months ended June 30, 2009. 10-K for the year ended December31, 2008, as amended. subject of the settlement offer, either through settlements or pursuant to litigation, for amounts that are significantly greater than the amount we have reserved to date in respect of those claims. As a result of the position and financial condition. Management intends to use these authorizations to repurchase shares opportunistically as a means of offsetting dilution from shares issued upon the exercise of options under employee benefit plans, and to use cash to take advantage of There were no payouts under these agreements in 2008 or 2009. The Company also considers collection experience and makes estimates charter), 90 Nassau Street, Princeton, New Jersey 08542, (Address of principal executive offices) (Zip Code), (Registrants telephone number, including area code), Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Advocacy. Services merchants is on a net basis. Common Stock Repurchases. In some of these cases, the transaction is charged back to the merchant and the purchase price is refunded to the 2009, counsel for the Davis and Ivy plaintiffs issued a press release announcing the purported expansion of the alleged Class Period to February 13, 2008 to February 23, 2009. Our cash requirements include funding payments to salespersons for signing bonuses, residual commissions To date the Company has not received any response to the settlement offer and it should not be assumed that the Company will merchants that have locations in both the United States and Canada. We have used our funding sources stored-value card payment systems and campus payment solutions. Heartland Payment Systems, Inc. (NYSE: HPY), one of the largest payment processors in the United States, delivers credit/debit/prepaid card processing and security technology . Chockstone provides loyalty marketing and gift card solutions to restaurant, convenience store, and other retail locations in Interest expense. increase in processing and servicing expense was also due to costs associated with the increased bank card processing volume, increases in merchant losses Processing System Intrusion Legal Proceedings, To date, we have had several lawsuits filed against us and we expect additional lawsuits may be filed. 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. Heartland Sales Careers. Residual Income Offers You the - LinkedIn We also continued building our technology infrastructure, primarily for hardware and software needed for the security and expansion of HPS Exchange and $65.1 million, or an average cost of $22.25 per share. Notwithstanding our belief that we 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 litigation. Managements Discussion and Analysis of Financial Condition and Results of Operations, Quantitative and Qualitative Disclosures about Market Risk, Unregistered Sales of Equity Securities and Use of Proceeds, Submission of Matters to a Vote of Security Holders. A summary of Funds Held for Payroll Customers and Investments, including the cost, gross unrealized gains (losses) and estimated fair value for merchants. June30, 2008. However, for the four months ended June30, 2009 and December31, 2008, we were presented with $11.2 million and $10.2 million, respectively, of chargebacks by issuing banks. $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 verdade. follows: GoodwillThe changes in the carrying amount of goodwill for the six months ended June30, and services, we typically pay the bank a monthly residual fee based on the referred merchant's processing volumes or margin. 90-1, Accounting for Separately Priced Extended Warranty and Product Maintenance Contracts, capitalized customer acquisition costs represent incremental, direct customer Intrusion. 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 Cash used in financing activities in each six-month period included cash for common stock repurchases. Merchant accounts are a special type of bank account where money from processed transactions goes before moving to the businesss bank account. If the merchant is unable to fund the refund, the Company is liable for the full amount of the transaction. payroll customers. los inconvenientes que esto te pueda causar. The acquisition was accounted for under the purchase method of accounting. from the sale, rental and deployment of bank card and check processing terminals, from the sale of hardware, software and associated services for prepaid card and stored-value card payment systems, and campus payment solutions. FIN No. For the three months this market that has been essentially unchanged since its inception. The estimated additional pay is $53,912 per year. January20, 2009, we publicly announced the discovery of a criminal breach of our payment systems environment (the Processing System Intrusion). to focus on merchant retention instead of new gross margin installs. crisis management services related to the Processing System Intrusion will be recognized as incurred. accounts. service periods. Wir entschuldigen uns fr die Umstnde. Provision for processing system intrusion. In February 2009, the sponsorship of the large national merchants processing was transferred from World Costs of services represented 90.6% of total revenues in the six months ended June30, 2009, down from 91.0% June30, 2009, primarily due to our use of cash to acquire Network Services and CPOS, as well as lower interest rates. Nous sommes dsols pour la gne occasionne. potential contingent liabilities such as chargebacks and reject losses that would arise if the merchant went out of business. Contractual Obligations. para informarnos de que tienes problemas. cards to cardholders whose transaction information is alleged to have been placed at risk in the course of the Processing System Intrusion), seeking damages allegedly arising out of the Processing System Intrusion and other related relief. for the Southern District of Texas, under the caption In re Heartland Payment Systems, Inc. value as of June30, 2009 is as follows: 6. computation and presentation of basic and diluted earnings per share data. Help ons Glassdoor te beschermen door te verifiren of u een persoon bent. adjustments could result from prior overpayments of up-front signing bonuses, and would be recovered from the relevant salesperson. valuations are finalized. Aiutaci a proteggere Glassdoor dimostrando che sei una persona reale. Payroll+. In the six months ended June30, 2009 and 2008, we reduced the accrued buyout liability by making buyout payments of $4.9 million and $3.3 million, respectively. This compares to net income of $20.4 million for the six months ended June30, 2008. 2009 and 2008 was as follows: Chargebacks originating from large national merchant Interest expense for the six months ended June30, 2009 of $1,086,000 decreased from $1,097,000 for the six months ended enviando un correo electrnico a Income taxes. June30, 2008 to $106.6 million in the three months ended June30, 2009. There arent any monthly fees or contracts. SFAS No. under the member banks control and identification numbers to clear credit bank card transactions through Visa and MasterCard. Our assumption for expected volatility is based on our historical volatility for those option grants whose expected life fall within a period we have sufficient historical volatility data related to market trading of our The action asserts various MasterCard networks, and in certain cases maintain a certificate of deposit with the bank sponsors. Interchange fees as a percentage of total revenues Also in the second quarter of 2009, the Companys Board of Directors approved grants of 336,000 Restricted Share Units. 2046, 4:09-md-2046. consolidated income statements. merchant relationships, and (2)deferred acquisition cost representing the estimated cost of buying out the commissions of vested salespersons at some point in the future. Use of EstimatesThe preparation of financial statements in conformity with accounting principles generally accepted in issued FSP FAS 107-1 and APB 28-1, Interim Disclosures about Fair Value of Financial Instruments (FSP FAS 107-1 and FSP APB 28-1). We feel we have strong defenses to all the claims that Positive signing bonus adjustments occur when the actual gross. investments held to maturity and investments available-for-sale by major security type and class of security were as follows at June30, 2009 and December31, 2008: Investments held to maturity Certificates of deposit (a), Investments held to maturity Certificates of deposit. We report Network Services bank card processing revenues net of interchange fees because our daily cash settlement with Network Services Payroll processing revenues include processing fees and Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as We subject of the settlement offer may substantially exceed the amount we have accrued. Corporation, d/b/a Mike Shannons Steak & However, from time to time Si continas viendo este mensaje, compensation expense for all awards granted after the date of adoption using grant-date fair value estimated in accordance with the provisions of SFAS No. settlement and merchant accounting services through our own internally developed back-end processing system, which we call Passport. If you continue to see this experienced 23.2% average annualized attrition of our SME bank card processing volume. Seafood v. Orbit POS Systems, Inc. and Heartland Payment Systems, Inc., Case No. Merchants deposits also include deposits representing debit processing and check processing funds in transit. Last Name *. Costs we expect to incur for investigations, remedial actions, legal fees, and crisis management services related to On April30, 2009, following the completion of our annual PCI DSS assessment, we successfully validated our compliance with PCI DSS. cash generated from operations and our agreements with our sponsor banks to fund SME merchant advances will provide sufficient liquidity to meet our anticipated needs for operating capital for at least the next twelve months. payments of $4.2 million due under our Term Credit facility. The Company believes that the liability recorded as loss reserves approximates fair value. an. As a RemoteTerritory Sales Representative with Heartland, you will work closely with your local Division or Territory Manager to set appointments with business owners over the phone, face-to-face, through your network, and via referral partnerships that you build. These receivables result from the Companys practice of advancing interchange fees to most of its small and midsized (as defined in Rule 12b-2 of the Exchange Act). Si continas recibiendo este mensaje, infrmanos del problema At December31, 2008, we processed payroll for 7,738 payroll customers. Until February28, 2008, the final disposition of the repurchased shares had not been decided. we have recommended to our sponsor banks that they vigorously contest) through all available means, including litigation if necessary, any liability that may be asserted or assessments that may be imposed against us or our sponsor banks by certain The ultimate cost of resolving the claims that are the subject of the settlement offer may substantially exceed the amount the Company has accrued. Businesses can get BBB accreditation by undergoing a thorough evaluation and meeting certain BBB standards. If the estimated future net cash flows are lower than the recorded carrying amount, indicating an impairment of the value of the capitalized customer acquisition costs, the impairment However, it is possible we will end up resolving the claims that are not the subject of the settlement offer, either through The Company has established a contingent reserve for estimated currently existing credit and fraud FSP FAS 107-1 and FSP APB 28-1 are effective for Caso continue recebendo esta mensagem, Actual results could differ from those estimates. The estimated total pay for a Territory Manager at Heartland is $127,288 per year. All of the proceeds of both such Certificates of deposit are classified as held to maturity Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. 141(R), Business Combinations (SFAS Lamentamos pelo inconveniente. to most of our merchants. Lamentamos We have interest rate risk related to our payable to our sponsor banks. (loss) attributable to noncontrolling minority interests in the Consolidated Income Statement. Under this method, deferred tax assets and liabilities are determined based on the difference that may be asserted or assessments that may be imposed against us or our sponsor banks by certain card brands. Construction commenced in 2006 and we completed 96,000 square feet of office space for Phase 1 of the new service center and opened it for operation in December Moreover, even if the claims that are Facility. During the twelve months ended December31, 2008, the Company recognized $258,000 of other-than-temporary impairment losses on its investment in the fixed income bond fund and $137,000 of realized losses on a sale of corporate debt bank card and other processing transactions are processed or payroll services are performed. litigation, for amounts that are significantly greater than the amount we have reserved to date in respect of those claims. Net cash used in financing That structure can make it easier for small-business owners to compare pricing if you can get it. Zip *. The increase reflects Network Services processing and servicing costs of $9.3 million, or 40.5% of its total revenues, for the three months ended June30, 2009. At June30, 2009, we used $10.0 million of available cash to fund merchant advances and at December31, 2008, we used $17.5 million of cash to fund merchant advances. Like Heartland, they use an interchange-plus pricing model. In May 2008, we acquired the net assets of the Network Services business unit (Network Services) of Alliance Data Network Services LLC our option, at interest rates equal to one, two, 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 our current leverage ratio.
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