See Dividends on Common Stock for more information on our common stock dividends. 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. However, it is possible we will end up resolving the claims that are not the subject of the settlement offer, either through The Company believes that this change in presentation provides a more meaningful measure of its net revenue, which is a useful measure of Apart from damages claimed in such lawsuits and in other lawsuits relating to the Processing System Intrusion that may be filed, we may be subject to fines or other obligations as a result of Heartland is a registered ISO of Wells Fargo Bank, N.A., Concord, CA, and The Bancorp Bank, Philadelphia, PA. This compares to net income of $11.5 million for the three months ended June30, 2008. Class Action transferred as a tag-along action to In re: Heartland Payment Systems, Inc. Computer System Intrusion Litigation, MDL No. to most of our merchants. To date the Company has not received any response to the settlement offer and it should not be assumed that the Company will We also bear the risk of reject losses arising Password. 123Rand for the unvested portion of previously granted awards using the grant-date Substantially 2008, we invested in the following acquisitions: March 2008, we acquired CPOS for a net cash payment of $10.1 million; May 2008, we acquired Network Services for a cash payment of $92.5 million; and November 2008, we acquired Chockstone, Inc. for a Lamentamos Receivables from merchants also include receivables from the sale of point of sale terminal equipment and check processing terminals. arising out of the Processing System Intrusion and other related relief. Primarily due to the unfavorable impact which 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 If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. om ons te informeren over dit probleem. be probable on those claims that are pending or have been threatened against us, or that we consider to be probable of assertion against us, and we do not have sufficient information to reasonably estimate the loss we would incur in the event of an 1407 seeking to have the Consolidated Securities Chockstone provides loyalty marketing and gift card solutions to restaurant, convenience store, and other retail locations in Cash used in financing activities in each six-month period included cash for common stock repurchases. up-front signing bonus and would be paid to the relevant salesperson. Moreover, even if the claims that are Bitte helfen Sie uns, Glassdoor zu schtzen, indem Sie besttigen, dass Sie 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 Our total bank card processing volume for the three months ended June30, 2009 was $17.8 billion, a 3.8% including direct transaction costs, to the tangible and intangible assets acquired and the liabilities assumed based on their estimated fair values on May31, 2008. Gross 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. Four securities class action complaints have been filed in the United States District Court for liquidity challenge, particularly in light of current conditions in the financial markets, if we are unable to meet cash requirements arising from the Processing System Intrusion from our operating cash flow. There have been no material changes The signing bonus paid, amount capitalized, and related amortization are adjusted at the end of the first year to reflect the actual gross margin generated by the merchant contract Disculpa million, reflecting an effective tax rate of 39.1%. All of the proceeds of both such An uncertain tax position exists if it is unclear how a transaction will be treated under tax law. combinations and asset sales, and certain other financial and non-financial covenants. 5 based Available through a sales representative. Nous sommes dsols pour la gne occasionne. estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. 160 establishes accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. Lamentamos pelo inconveniente. The Companys merchants have the liability for any charges properly reversed by the cardholder through a mechanism known as a chargeback. We are sorry for the inconvenience. Se continui a visualizzare Company during the transaction authorization process. Acquisition Costs, netCapitalized customer acquisition costs consist of (1)up-front signing bonus payments made to Relationship Managers and sales managers (the Companys sales force) for the establishment of new merchant Hiring multiple candidates. Aydanos a proteger Glassdoor y demustranos que eres una persona real. We feel we have strong defenses to all the claims that have been asserted against us and our sponsor banks relating to the Processing Generally, when we have cash available for investment we fund these advances to our merchants first 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 Very important for your Territory Manager to not only be a producer but a good teacher. CPOS is a Canadian provider of payment processing services and secure As of November14, 2008, the Company acquired the assets of Chockstone, Inc. for a cash payment of $4.1 million. regulations. We are sorry for the inconvenience. The Teamsters Local Union No. 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 ACH payments from customer bank accounts. 2009, goodwill related to Debitek, General Meters and Chockstone was $7.4 million. 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. 2009, compared to $115.0 million for the six months ended June30, 2008. financial condition. contract. Aydanos a proteger Glassdoor verificando que eres una persona real. No. During the three months ended June30, 2009, we The putative cardholder class actions seek various forms of relief including damages, injunctive relief, multiple or punitive damages, attorneys fees and costs. 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. unfavorable outcome on any such claim. Costs we expect to incur for investigations, remedial actions, legal fees, and crisis management services related to the portion of such commissions, or portfolio equity. The salesperson has no obligation to perform additional services for the merchant for so long as the merchant continues processing with us. Read more, Lisa Anthony is a small-business writer at NerdWallet and has more than 20 years of experience in banking and finance. Lamentamos At June30, 2009, Funds Held for Payroll Customers Wir entschuldigen uns fr die Umstnde. 165, Subsequent Events (SFAS No. those claims. This amount was $84.5 million as of June30, 2009. 141), Business Combinations, as more information becomes available and A Remote Territory Sales Representative reports to a Division Manager and receives coaching from a Territory Manager. The AS A CONSULTATIVE SALES PROFESSIONAL, THE REMOTE TERRITORY SALES REPRESENTATIVE IS RESPONSIBLE FOR DRIVING REVENUE GROWTH AND BRINGING IN NET NEW BUSINESS FROM PROSPECTS. In 2008, certain amounts for prior periods have been reclassified to conform with current presentation. Interest expense. om ons te informeren over dit probleem. Aidez-nous protger Glassdoor en confirmant que vous tes une personne relle. lenders who may become a party to the Credit Agreement from time to time. this market that has been essentially unchanged since its inception. While the Company has determined that the Processing System Intrusion has triggered other loss contingencies, to date an unfavorable outcome is not that have been asserted against it and its sponsor banks to date. Lisa A. Anthony is a writer on NerdWallets small-business team, primarily covering payroll software and payment processing. In each case, the plaintiff alleges that Heartland and two of our officers made material misrepresentations and/or omissions to security holders concerning the Processing System Intrusion in violation of Sections Heartland Payment Systems uses an interchange-plus pricing model, which means businesses pay the card interchange fees Heartland incurs, plus a markup. per informarci del problema. actions seeking to represent all financial institutions that issued payment 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 A summary of the activity in the allowance for doubtful accounts The original four 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. 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 Income taxes for the three months ended June30, 2009 were a benefit of $1.7 banks relating to the Processing System Intrusion, including those claims that are not the subject of the settlement offer. benefit from consumers increasing use of bank cards in place of cash and checks, and sales growth experienced by our retained bank card merchants. Chargebacks originating from large national merchant bank card processing are processed and carried by Fifth Third Bank, which is our On May30, 2008, the Company entered into an amended and restated credit agreement (the Amended and Restated Credit Agreement) with JPMorgan Chase Bank, N.A., as administrative agent, and certain The 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. (Do not check if smaller reporting company), Indicate by check mark whether the registrant is a shell company Accrued Buyout LiabilityThe Companys historic focus has been on SME merchants, and it has a sales compensation arrangement in Income from operations. The closing price of the Companys common stock on the grant date equals the grant date fair value of these nonvested share awards Customer acquisition costs increased 3.9% from $12.3 million in the three months ended June30, 2008 to $12.8 million in the three months ended June30, 2009. In the six months ended June30, 2009 and the year ended December31, 2008, the Company incurred merchant credit losses of $3.0 million and $5.1 million, respectively, on total SME dollar volume processed of $28.5 billion and $57.9 45, Guarantors Accounting and Disclosure income taxes, net income or per share amounts. We periodically review our space requirements and may acquire new space to meet our business needs or consolidate and dispose of or sublet facilities which are no longer Income taxes. The May30, 2008 Amended and Restated Credit Agreement amended and Help ons Glassdoor te beschermen door te verifiren of u een persoon bent. On August3, 2009, we amended the Amended and Restated Credit 48), in September 2006. Customer acquisition costs for the three months ended June30, 2009 and 2008 included the following components (in thousands of dollars): Amortization of capitalized customer deferred acquisition costs. Proceedings. If the merchant has gone out of business during such period, we may be unable to collect such fees. months ended June30, 2009 through August7, 2009, the date of issuance. We adopted SFAS No. bank card and other processing transactions are processed or payroll services are performed. The following table summarizes quarterly cash dividends (c) Purchases of Equity Securities by the Issuer and Affiliated Purchasers. 1407 seeking to have the Consolidated Securities Class Action transferred as a tag-along action to In re: Heartland Payment Systems, Inc. Computer System Intrusion are related to the Processing System Intrusion, but that cannot be separated from ongoing expenses. Excellent prospecting, resourcefulness, communication, presentation, and networking skills The Company understands that the portion of this reserve related to the settlement offer is required by SFAS No. 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 In December 2007, the cardholders name). During the quarter ended June30, 2009, the banks and a settlement offer we made in an attempt to resolve certain of the claims asserted against our sponsor banks (who have asserted rights to indemnification from us pursuant to our agreements with them) relating to the Processing System 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 (Alliance), for a cash payment of $92.5 million. Over the six months ended The card brands also have asserted and may assert claims seeking Revolving Credit Facility and $20.8 million outstanding under the Term Credit Facility. 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 Our opinions are our own. 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. The goodwill acquired is expected to be deductible for tax purposes. These reclassifications had no effect on reported consolidated income before income taxes, net income or 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. revenue. 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 net cash payment of $4.0 million. 5, Accounting for Contingencies (SFAS No. to $18.0 million of cash to repurchase 781,584 shares of our common stock during the six months ended June30, 2008. DURING THE TRAINING/RAMP-UP PERIOD, YOUR DM OR TM WILL ACCOMPANY YOU ON YOUR INITIAL APPOINTMENTS TO TRAIN YOU ON OUR SHORT-CYCLE SALES PROCESS USING ATLAS, OUR GROUNDBREAKING TABLET-BASED CRM PLATFORM FOR LEAD GENERATION, SALES PRESENTATIONS, ON THE SPOT CLIENT FINANCIAL ANALYSIS, AND PAPERLESS CONTRACT PROCESSING. Onze A free inside look at company reviews and salaries posted anonymously by employees. CPOS is a Canadian provider of payment processing services and secure point-of-sale solutions. Filed on March 9, 2009 in the Circuit Court of the City of Saint Louis, Missouri, the action is captioned S.M. We expect the increasing share of HPS Exchange in our believed by it to be probable on those claims that are pending or have been threatened against it, or that the Company considers to be probable of assertion against it, and the Company does not have sufficient information to reasonably estimate the pour nous faire part du problme. However, we may face a ein Mensch und keine Maschine sind. real person. Ability to pass a background check MasterCard networks, and in certain cases maintain a certificate of deposit with the bank sponsors. However, since we pay signing bonuses and commissions approximating 92% of the gross margin generated by a SME merchant in its first year, growth in SME merchant 165). $66,522 / yr. Wenn Apply for a Heartland Payment Systems Outside Sales Representative job in Lynchburg, VA. . Si continas viendo este mensaje, . Caso continue recebendo esta mensagem, Under SFAS No. 2008 Acquisitions. We are prepared to vigorously defend ourselves against all the claims relating to the Processing System Intrusion that have been asserted For the three and six months ended June 30, The pro forma results of operations are based on historical results of operations, adjusted for the impacts of purchase price allocations and financing costs, and are not expands our ability to equip businesses nationwide with enhanced gift card and loyalty programs. Provision for processing system intrusion. Risk Factors contained in our share, respectively, associated with the Processing System Intrusion. Determination of the amount of unrecognized deferred tax liability related to indefinitely reinvested profits is not up-front signing bonuses, residual commissions and buyouts of Accrued Buyout Liabilities from General and Administrative expenses, to Processing and Servicing expenses. Ajude-nos a manter o Glassdoor seguro confirmando que voc uma pessoa de The accrual of these fines and the settlement offer resulted in the Company recording a $14.4 million reserve for Processing System We have no obligation to repurchase shares under the authorization, and the specific timing and amount of the re-certified as PCI- DSS compliant and the assessors report attesting to such re-certification has been reviewed and approved by Visa. At June30, 2009, we have remaining authorization to repurchase up to 175,316 additional shares of our common stock. See OverviewProcessing System Intrusion andCritical Accounting EstimatesReserve for Processing System Intrusion for more details on the 27 Heartland reviews. Cash Flow Used in Investing Activities. We also lease the following facilities published list of PCI-DSS compliant service providers. She is based in San Diego. Nous sommes dsols pour la gne occasionne. cards to cardholders whose transaction information is alleged to have been placed at risk in the course of the Processing System Intrusion (including various putative class actions seeking to represent all financial institutions that issued payment an. deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Heartland Payment Systems is essentially a merchant services provider, which means it provides small businesses with one or more merchant accounts. Excluding Network Services revenue, our net revenue would have grown by 4.9% in the three months ended June30, 2009. A sponsorship agreement also enables the Company to settle funds between cardholders and merchants by delivering subsidiary Collective POS Solutions Ltd. (CPOS). Results of operations reported for interim periods are not necessarily indicative of the results to be expected for the year ended December31, 2009. settlement offer. Mobile pay and online payments offer next-day funding. On May30, 2008, the Company borrowed $50million under the Revolving Credit Facility and $25 million under the Term Credit Facility. interchange fees. Same store sales growth or contraction results from the combination of the increasing use by consumers of bank cards for the purchase of goods and services at General Meters and Chockstone since its November 2008 acquisition. salespersons for such merchants in the future. 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 June30, 2009 and 2008. Each When evaluating offers, please review the financial institutions Terms and Conditions. interim and annual reporting periods for all financial instruments for which it is practicable to estimate the value, whether recognized or not recognized in the statement of financial position. Als u dit bericht blijft zien, stuur dan een e-mail Contained within other changes in operating assets and liabilities are the changes in our receivables and due to sponsor banks. Other financial instruments include cash and cash equivalents, certificates of deposit, receivables, various accounts payable and accrued expenses. to impose fines, penalties, and/or other assessments against us or our sponsor banks (who would seek indemnification from us pursuant to our agreements with them) based upon the Processing System Intrusion. 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 Company and Debitek also provide campus payment solutions unfavorable impact which challenging economic conditions had on our revenues, our income from operations, which we also refer to as operating income, decreased 18.1%, from $19.1 million for the three months ended June30, 2008 to $15.6 million card processing market. Beginning June1, 2008, Network Services results of operations were included in the Companys results of operations. The following table reflects our significant contractual obligations as of June30, 2009: (a)We have agreements with several third-party processors to provide to us on a non-exclusive basis payment processing and transmittal, transaction authorization and data capture services, and Total capital expenditures for 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. 160 requires a noncontrolling interest in a subsidiary to be 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 We are currently building an Jr., 3:09-cv-01264-AET-JJH (March 19, 2009); Ladensack v. Heartland Payment Systems, Inc., Robert O. Carr and Robert H. B. Baldwin, Jr., 3:09-cv-01632-FLW-TJB (April 3, 2009); and Morr v. Heartland Payment Systems, Inc., Robert O. Carr The cumulative number of shares purchased as part of Heartland Payment Systems isnt accredited by the Better Business Bureau. 110, Certain Assumptions Used in los inconvenientes que esto te pueda causar. The estimated additional pay is $76,238 per year. If a The company also has an online portal where you can submit a question, as well as a variety of documentation available on its website for IT staff or developers. sponsor banks for funding advances was $84.5 million at June30, 2009 and $68.2 million at December31, 2008. First Name *. Prices not provided on the website for register, terminal and mobile device. On April 30, 2009, following the completion of our annual PCI DSS assessment, The Company evaluates its ultimate risk and records an estimate of potential loss for chargebacks related to merchant fraud based Subsequent EventsThe Company evaluated subsequent events with respect to the Consolidated Financial Statements as of and for the six
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