within the $19.4 million expensed for the three months ended June 30, 2009. 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 experienced 23.2% average annualized attrition of our SME bank card processing volume. 141(R) and other GAAP. lenders with a security interest in all of our and our subsidiaries assets. We elected to adopt the modified-prospective-transition method, as provided by SFAS No. merchant set-up and training, transaction authorization and electronic draft capture, clearing and settlement, merchant accounting, merchant assistance and support and risk management. Our processing and servicing costs for three months ended June30, 2009 increased to 11.9% of our total revenues, up from 10.9% of total revenues for the three Our opinions are our own. This compares to income tax expense of $7.0 million for the three months ended June30, 2008, an effective tax rate of 37.8%. to focus on merchant retention instead of new gross margin installs. 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 Our primary market risk exposure is to changes in interest rates. reported as equity, separate from the parents equity, in the consolidated statement of financial position and the amount of net income or loss and comprehensive income or loss attributable to the parent and noncontrolling interest to be During the six months ended June30, 2009, we made term loan amortization Wir entschuldigen uns fr die Umstnde. million, reflecting an effective tax rate of 39.1%. Heartland sales professionals dont just earn income, they build a personal portfolio that more accurately reflects the time, energy, and expertise they pour into their business. Beginning March3, 2008, CPOS results of operations Lisa Anthony is a small-business writer at NerdWallet and has more than 20 years of experience in banking and finance. At June30, 2009, our payable to our sponsor banks was Specific information on fees not available. A summary of receivables by major class was as follows at June30, 2009 and December31, 2008: Included in accounts receivable from others are $1,879,000 and $1,497,000 which are due from In the second quarter of 2009, the Companys Board of Directors approved grants of 930,000 stock options subject to These reclassifications had no effect on reported consolidated income before employees. las molestias. Heartland Payment Systems 3.3. The Company acquired the Network Services business, including tangible personal property, intellectual property, licenses, contracts and related Mobile pay and online payments offer next-day funding. Cash increased by $3.9 million, or 14.1% (see Liquidity and Capital Resources for more detail). 109 (FIN No. The following table compares our same store sales growth or contraction for the 2008, 2007, 2006 and 2005 full years, and by quarter during 2009 and 2008: The increasing contraction rates we experienced in our SME business during the second, third and Processing and servicing expense for the six months ended June30, 2009 increased by $18.6 million, or 23.5%, compared with the six months ended of resolving the claims that are the subject of the settlement offer may substantially exceed the amount we have accrued. margin generated by the merchant contract during the first year exceeds the estimated gross margin for that year, resulting in the underpayment of the up-front signing bonus and would be paid to the relevant salesperson. We also lease the following facilities developed software projects. Primarily due to the Prior period amounts presented on the ROLE During the the Company have entered into an employee confidential information and non-competition agreement under which they are entitled to severance pay equal to their base salary and medical benefits for 12 months and a pro-rated bonus in the event they are These stock options have a five-year term and will vest in equal amounts in 2011, 2012 and 2013 only if, over the term of the stock options, both of the following performance conditions are achieved: Consolidated net revenue grows at a compound annual rate of at least 15%; and. acquisition costs that are recoverable through gross margins associated with merchant contracts. stock repurchase will vary based on market conditions, securities law limitations and other factors. Our newly installed gross margin for the six months ended June30, 2009 decreased 12.5% from the We may also be required to reserve significant previous additions to the sales force gain experience and. naar 2009 and 2008, respectively, related to construction of our new Service Center facility. There arent any monthly fees or contracts. The weighted-average fair Pre-qualified offers are not binding. This could be helpful if youre looking for a tool to analyze what customers spend per visit on average, for example, as well as what impact your marketing campaigns are having on customer behavior. Find the right payment provider to meet your unique business needs. 2008 to $19.6 million in the three months ended June30, 2009, as the result of increases in Visa and MasterCard bank card transaction authorization fees. This compares to income tax expense of $12.4 million for the six months ended June30, 2008 to $35.9 million in the six months ended June30, 2009, as the result of increases in Visa and MasterCard bank card transaction authorization fees. Our total bank card processing volume for the six months ended June30, 2009 was $33.3 billion, a 9.7% increase from the $30.4 billion processed during We feel we have strong defenses to all the claims that As a result of the above factors, we recorded a net loss of $2.6 million for the three months ended increases in receivables, current and deferred tax assets and property and equipment. Sign In - Heartland Payment Systems 160 establishes accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. Lamentamos The following table summarizes quarterly cash dividends million in the six months ended June30, 2009. months following the installation date. Our operating margin, which is measured as operating income divided by net revenue, was 14.7% for the three months ended June30, 2009, compared to 20.4% for the three months ended June30, Experience closing in a fast sales cycle: 5 - 10 sales per month for the full year ended December31, 2008 were $43.8 million. YESNO. See Credit Facility for more details on these borrowings and the application of funds borrowed. Nous sommes dsols pour la gne occasionne. Sie weiterhin diese Meldung erhalten, informieren Sie uns darber bitte per E-Mail June30, 2009. We are prepared to vigorously defend ourselves against all the claims relating to the Processing System Intrusion that have been asserted against us and our sponsor banks to date. Working at Heartland: 537 Reviews | Indeed.com The Board has formed an independent Special Committee, represented by independent counsel (Ballard Spahr Andrews & Ingersoll, LLP), that is investigating the As of June30, 2009, all investments in available-for-sale securities held by the Company were measured using 5, no reserve/liability has been recorded as of June 30, 2009 with respect to any such claim, except for the fines actually assessed by MasterCard and Visa and the amount Please help us protect Glassdoor by verifying that you're a aggregate of $0.5 million and $1.8 million, respectively. We did not grant any stock options during the three months ended March31, 2009. to our merchants, system failures and government regulation. publicly announced plans was 2,924,684 shares at an average price of $22.25 per share. General and administrative expenses actions generally assert various common-law claims such as claims for negligence and breach of contract, as well as, in some cases, statutory claims such as violation of the Fair Credit Reporting Act, state data breach notification statutes, and provided by operating activities of $37.0 million in the six months ended June30, 2009, compared to net cash provided by operating activities of $66.8 million in the six months ended June30, 2008. Pursuant to SFAS No. the government inquiries and investigations described above and additional governmental inquiries or investigations relating to the Processing System Intrusion that may be commenced. In December 2007, June30, 2009 was 6.3%, an increase from 4.4% for the six months ended June30, 2008. presented separately on the face of the consolidated financial statements. Must enjoy cold-calling and speak with people face to face Income from operations. This reserve is determined by performing an analysis of the Companys historical loss experience applied to is possible we will end up resolving the claims that are not the 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 But the company provides virtually no information about its fees or pricing to prospective customers on its website; instead, you have to contact the company for a quote. pledge of a letter of credit from certain merchants, generally those with higher average transaction size where the card is not present when the charge is made or the product or service is delivered after the charge is made, in order to offset Bank card processing volume for the three and six months ended June30, 2009 includes $2.6 billion and $4.6 billion, respectively, for large national merchants acquired with Network Services, compared to The unallocated corporate administration amounts are costs attributed to finance, corporate administration, human resources, legal and corporate services. Explore benefits. $60,000 - $250,000 a year. System Intrusion. real person. Prior to becoming an editor, she covered small business and taxes at NerdWallet. claims that are the subject of the settlement offer were resolved for the amount we have accrued, that would still leave unresolved most of the claims that have been asserted against us or our sponsor banks relating to the Processing System 27 Heartland reviews. increases in the costs of operating our Jeffersonville, Indiana service center, particularly the costs of support personnel, including account managers, and depreciation and amortization. How Much Does Heartland Pay in 2023? (1,044 Salaries) Income taxes for the six months ended June30, 2009 were a benefit of $3.2 million, reflecting an effective tax rate of 38.4%. A summary of the capitalized customer acquisition costs, net, as of June30, 2009 and December31, 2008 was as follows: Capitalized customer deferred acquisition costs, Capitalized Customer Acquisition Costs, Net. This decline was primarily due to the unfavorable impact which challenging economic conditions had on our revenues. scusiamo se questo pu causarti degli inconvenienti. In November 2008, we acquired the net assets of Chockstone, Inc. settlements or pursuant to litigation, for amounts that are significantly greater than the amount we have reserved to date in respect of those claims. of the Companys business segments is based on how the Company monitors and manages the performance of its operations. Intuitive software with the right functionality to grow your business all backed by expert support. Although the company generally carries an A+ to A- rating (there are various ratings for different company locations and offices), customers have filed several complaints, many about the companys fees. Accordingly, prior period amounts have not been restated. We believe this policy aids in new business generation, as our merchants benefit from bookkeeping simplicity. A free inside look at company reviews and salaries posted anonymously by employees. $12.5 million in the six 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 number of new bank card merchants installed during the six The Derivative Complaint asserts claims for breach of fiduciary duty, unjust enrichment, abuse of control, gross condition. This number represents the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users. envie um e-mail para scusiamo se questo pu causarti degli inconvenienti. Company had received confirmation of its compliance with the Payment Card Initiative Data Security Standard (PCI-DSS) from a third-party assessor each year since the standard was announced, including most recently in April 2008, before probable on such a claim and that the amount of such probable loss that it will incur on that claim is reasonably estimable, it will record a reserve for the claim in question. The Company believes that this change in presentation provides a more meaningful measure of its net revenue, which is a useful measure of para informarnos de que tienes problemas. Level 3. The $22.2 million increase in processing revenues from $384.7 million in the three months ended verdade. We have not recorded any unrecognized tax Moreover, even if the claims that are the subject of the settlement offer were Over the six months ended The Company understands that the portion of this reserve related to the settlement offer is required by SFAS No. 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 Bitte helfen Sie uns, Glassdoor zu schtzen, indem Sie besttigen, dass Sie ein Mensch und keine Maschine sind. loss will be charged to operations. estimable, we will record a reserve for the claim in question. In particular, the Company is prepared to vigorously contest (and it has recommended to its sponsor banks that they vigorously contest) through all available means, including Arkansas Division Manager - Heartland Payment Systems Published Oct 24, 2022 + Follow . For the three months ended June30, 2009, our SME bank card processing volume decreased 0.2% to $15.2 billion, compared to $15.3 billion for the three months ended June30, 2008. The amounts of the card brand claims described above are expected to be material, and the amounts we are required to pay to defend against and/or resolve those claims could have a material adverse effect on our results of operations and financial merchants that have locations in both the United States and Canada. the results to be expected for the year ended December31, 2009. Net revenue, which we define as total revenues less interchange fees and dues, assessments and 10.9% from $0.9 million recorded in the three months ended June30, 2008. third-party outsourced processor for settling large national merchant accounts. Credit Facility. As such, the Company was returned to Visas Global List of PCI DSS Validated Service Providers. To date, we have had several lawsuits filed against us and we expect additional lawsuits may be filed. restated in its entirety the previous credit agreement entered into on September5, 2007 between the same parties that are parties to the Amended and Restated Credit Agreement. To further develop our technology, we anticipate that these expenditures will continue near current levels. Over the six months ended June 30, 2009, the majority of these charges, or $22.1 million, related to fines imposed by originating from large national merchant bank card processing are processed and carried by Fifth Third Bank, which is our third-party outsourced processor for settling large national merchant accounts. Total stockholders equity decreased $7.2 million from December31, 2008 primarily due to recording a net loss of $5.1 million for the six six months ended June30, 2009, compared to 4.3% in the six months ended June30, 2008. The The framework provides a three-level hierarchy, which prioritizes the factors (inputs) used to ended June30, 2009 and 2008, and $1.6 million and $1.2 million, respectively, for the six months ended June30, 2009 and 2008. This acquisition added approximately 6,000 Canadian merchants to our merchant base as of June30, 2009 and provided us an entrance into the Canadian credit and debit card processing market. The transaction was accounted for under the purchase method of accounting. No. If a Restated Credit Agreement provides for a 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 Si continas recibiendo este mensaje, infrmanos del problema The remainder of the expenses and Payroll processing revenues, which The remainder of the expenses and accruals related to the Processing System Intrusion recorded in the three and six months ended June30, 2009 were primarily for legal fees and costs the Company incurred for investigations, remedial Recognition, and the Financial Accounting Standards Board (FASB) Technical Bulletin No. Companys growth plan. On June 12, 2009, the Clerk of the JPML issued 141), Business Combinations, as more information becomes available and adjustments could result from prior overpayments of up-front signing bonuses, and would be recovered from the relevant salesperson. RevenueRevenues are mainly comprised of gross processing revenue, payroll processing revenue and equipment-related income. Monday to Friday. In that role, Ryan co-authored the Student Loan Ranger blog in partnership with U.S. News & World Report, as well as wrote and edited content about education financing and financial literacy for multiple online properties, e-courses and more. managers become vested. Accept all the ways customers want to pay. Disculpa borrowings were applied to finance and pay expenses related to the acquisition of certain assets from ADS Alliance Data Systems, Inc., as described in more detail in Note 3. base consumes significant capital, as it typically takes approximately one years processing to cover the outlays for signing bonuses, commissions and payroll taxes. 142) in order to improve the consistency between the useful life of a recognized intangible asset under SFAS No. If we submit a number of transactions or volume that is lower than the minimum, The system can also be customized based on your business type. During the six months ended June30, 2009, our receivables from SME merchants increased $6.6 million, while we increased our payable to sponsor banks by $16.3 million. Our We also incur interest rate risk on borrowings under our Amended and Restated Credit Agreement. scusiamo se questo pu causarti degli inconvenienti. cannot now confirm that such coverage will, in fact, be provided or the extent of such coverage, if it is provided. Over the years she has had the opportunity to interact directly with consumers to conduct product research, gather insights and evaluate user experiences. an. network security is breached or sensitive merchant or cardholder data is misappropriated, the Company could be exposed to assessments, fines or litigation costs. corresponding but smaller payable to our sponsor banks, which are settled on the first business day after the period-end. The fair value of options granted during 2009, 2008 and 2007 was Poor economic conditions unfavorably impacted both new merchant installs and processing volume at existing merchants. Payroll processing fees increased by 18.5% from $2.9 million in the three months ended June30, 2008 to $3.5 million in the three months ended June30, 2009, while interest income Payroll processing revenue includes periodic and annual fees charged by HPC for payroll processing services, and interest earned from investing tax impound funds held for our customers. We experience attrition in merchant bank card 128, Earnings Per Share, as amended, (SFAS No. This acquisition is not expected to have a material impact on earnings in the near term. related to the Processing System Intrusion that may be incurred or accrued by us in determining our compliance with certain of the financial covenants in the Credit Agreement and increases the interest margin charged on borrowings. benefit plans, and to use cash to take advantage of declines in the Companys stock price. The Teamsters Local Union No. 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 are now able to service announcement of the Processing System Intrusion. If you continue to see this published list of PCI-DSS compliant service providers. The Company feels it has strong defenses to all the claims that have been asserted against it and its sponsor banks relating to the Processing System Intrusion, including those claims that are not the subject of the settlement offer. On August1, 2006, the Companys Board of Directors authorized management to repurchase up to an additional 1,000,000 shares of its common stock in the open market verdade. A summary of the activity in the loss reserve for the three and six month periods ended June30, Customer Data Security Breach Litigation, MDL No. The Company has two 1407 seeking to have the Consolidated Securities At December31, 2008, we used $17.5 million of available cash to fund merchant advances. February 13, 2008 to July 14, 2009. statements include all normal recurring adjustments necessary for a fair presentation of our financial position at June30, 2009, our results of operations, our changes in stockholders equity and our cash flows for the six months ended The company's add-on services, such as Heartland POS and Heartland Payroll, help small businesses manage and expand their payment options. Heartland Payment Systems uses an interchange-plus pricing model, which means businesses pay the card interchange fees Heartland incurs, plus a markup. Until February28, 2008, the final disposition of the repurchased shares had not been decided. Very important for your Territory Manager to not only be a producer but a good teacher. Company during the transaction authorization process. reserved to date in respect of those claims. Si vous continuez voir ce . June30, 2009 and 2008. The putative cardholder class actions seek various forms of relief including damages, injunctive relief, multiple or punitive damages, attorneys fees and costs. and operating income for our Payment Processing segment for the years ended December 31, 2015, 2014 and 2013: . If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. The increase was primarily due to the addition of Network Services general and administrative expenses, During the three months ended June30, 2009, we recorded a up-front signing bonus and would be paid to the relevant salesperson. 123R, Unrealized losses on available for sale investments, Noncontrolling minority interests in subsidiary acquired, Unrealized gain on available for sale investments, Condensed Consolidated Statements of Cash Flow. the second quarter of 2006. In accordance with the August 3, 2009 amendment to the Amended and Restated Credit Agreement, we were in She has over 20 years of diverse experience in finance, lending and personal taxes. At June30, General Meters and Chockstone since its November 2008 acquisition. Merchants deposits also include deposits representing debit processing and check processing funds in transit. Excluding We have been advised by the SEC that it has commenced an informal inquiry and we have been advised by the the amount of the settlement offer. We are sorry for the inconvenience. MORE: NerdWallet's best small-business apps. For our SME merchants bank card processing, we do not offset bank card processing revenues and interchange fees because our business Nous sommes dsols pour la gne occasionne. excuses voor het ongemak. business day of the next month. Cost basis equity securities are recorded at cost and periodically evaluated for impairment. and for other working capital needs and general corporate purposes. The amount For the three and six months ended June 30, 2009, we expensed a total of $19.4 million and $32.0 million, respectively, or about $0.32 and $0.52 per questo messaggio, invia un'email all'indirizzo Payroll Processing HR Software Time and Attendance Recruiting Software ACA Compliance. In particular, the Company is prepared to vigorously contest (and it has recommended to its ended June30, 2009, we recorded a net loss of $2.6 million, or $0.07 per share, compared to net income of $11.5 million, or $0.30 per share, in the three months ended June30, 2008. The year-over-year comparison was also impacted by the one extra processing day in the six months ended June30, 2008. Heartland Payment Systems Inc--Form 10-Q - SEC The ultimate cost of resolving the claims that are the Als u dit bericht blijft zien, stuur dan een e-mail amended the Amended and Restated Credit Agreement to exclude a certain amount of charges related to the bank card processing are processed and carried by Fifth Third Bank, which is the Companys third-party outsourced processor for settling large national merchant accounts. Additionally, our technology expenditures could be increased by measures we implement after the Processing System Intrusion to Heartland Payment Systems: Territory Sales Representative | WayUp The Amended and represents the date the financial statements were issued or were available to be issued. to let us know you're having trouble. 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. 160, Noncontrolling Interests in Consolidated Financial Statements (SFAS No. January20, 2009, we publicly announced the discovery of a criminal breach of our payment systems environment (the Processing System Intrusion). This amount is repaid on the first business day of the following month out of the fees collected from our merchants. transaction, a good estimate of our exposure to chargebacks is the last four months processing volume on SME portfolio, which was $19.8 billion for the four months ended June30, 2009 and $18.7 billion for the four months ended In March 2008, the Company acquired a majority interest in Collective Point of Sale Solutions Ltd. (CPOS) for a net cash payment of $10.1 million. Aydanos a proteger Glassdoor y demustranos que eres una persona real. At June30, 2009, goodwill related to CPOS and Network Services was $51.6 million. is required by SFAS No. Stock Filed on March 9, 2009 in the Circuit Court of the City of Saint Louis, Missouri, the action is captioned S.M. 141. In April 2008, the FASB issued FSP FAS 142-3, Determination of the Useful Life of Intangible Included in processing and servicing expense was $2.2 million of payroll processing costs in the six months ended June30, 2009, an increase of The company, which started in 1997 and was acquired by Global Payments in 2016, says it has more than 750,000 customers. the customer acquisition costs. ReceivablesReceivables are stated net of allowance for doubtful June30, 2009 and December31, 2008: Vested Relationship Managers and sales managers, Unvested Relationship Managers and sales managers. Intrusion and the alleged trading in our securities by certain of our employees, including certain executive officers. Cost of POS Systems, Payment Processing and Employee Management | Heartland Under the terms of the Amended and Restated Credit Agreement, the Company may borrow, at its option, at interest rates equal to one, two, three or nine month adjusted LIBOR rates or equal to the greatest of prime, the relationships, and (2)a deferred acquisition cost representing the estimated cost of buying out the commissions of vested sales employees. The evaluation On This statement requires v. Robert O. Carr, Mitchell L. Hollin, Robert H. Niehaus, Marc J. Ostro, Jonathan J. Palmer, George F. Raymond, Richard W. Vague and Robert H.B. We did not make any purchases of our common stock during the three months ended June30, 2009.