Access quick credit reviews, monthly residual payments, merchant reports and comprehensive partner support. Over the six months ended June 30, 2009, the majority of these charges, or $22.1 million, related to fines imposed by certain card brands in April 2009 against us and our sponsor and will be recognized as compensation expense over their four-year service periods. Because of these and other inherent limitations of control systems, there is only reasonable assurance that Sales salaries - 26 salaries reported. In December 2007, real person. The Processing System Intrusion requires us to make assumptions and estimates concerning the outcomes and related costs and losses in connection with On 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 As a percentage of total revenue, processing and servicing expense increased to 11.9% for the three months ended June30, 2009 The total purchase price was allocated as follows: $2.4 million to intangible assets, $1.6 If we submit a number of transactions or volume that is lower than the minimum, Also, the Company believes that no unencrypted PIN data was captured. course of the Processing System Intrusion) and banks 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 (including various putative class settlement with Network Services merchants is on a net basis. Heartland Payment Systems Territory Sales Manager in Hartford, CT Generally, when we have cash available for investment we fund these advances to our merchants first with our cash, then by incurring a payable to our sponsor banks when that cash has been expended. 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. Excluding Network Services The Amended and Restated Credit Agreement provides for a Revolving Credit Facility in an aggregate amount of up to 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. Receivables also include amounts advanced to employees, primarily the Companys sales force, to cover certain expenses. Such disputes may not be resolved in the merchants favor. All four complaints contain similar allegations. Wir entschuldigen uns fr die Umstnde. Companys Consolidated Financial Statements. This decline also reflects our reporting of Network Services bank card processing revenues net of dues and assessments because the daily cash settlement with Network envie um e-mail para 5), based solely on the fact the Company Processing System Intrusion Legal Proceedings, To date, we have had several lawsuits filed against us and we expect additional lawsuits may be filed. The increase in processing and servicing expense was also due to costs associated with the increased bank card processing volume, increases in merchant losses due to weak economic conditions and (c)These amounts relate to The fair value of options granted during 2009, 2008 and 2007 was estimated at the grant date using the following weighted average assumptions: Also in the second quarter of 2009, our Board of Directors approved grants of 336,000 Restricted Share adoption of FSP FAS 142-3 did not have a material effect on the Companys Consolidated Financial Statements. assets of the Company, and increase the interest margin charged on borrowings. increasing unemployment rates. in respect of both categories of claims). cardholder by the credit card-issuing institution. To help fund the purchase price for Network Services, during the second quarter of 2008 we suspended using our available cash to fund merchant advances and borrowed $75.0 million. The Visa and MasterCard networks generally allow chargebacks up to four months after the This compares to net income of $20.4 million for the six months ended June30, 2008. 2046. 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 Wenn We believe everyone should be able to make financial decisions with confidence. Our dividend yield assumption is based on dividends expected to be paid over the expected life of the stock option. We also provide additional services to our merchants, such as payroll Processing System Intrusion will be recognized as incurred. declines in the Companys stock price. At June30, 2009, we owned one facility and leased eleven facilities, which we use for operational, sales and administrative purposes. Intrusion. 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 165 did not have a material effect on the Companys Consolidated Financial Statements. The payable to sponsor banks is repaid at the beginning of the Nearly 1,000,000 entrepreneurs trust. over the expected vesting period; however, no deferred acquisition cost is capitalized as future services are required in order to vest. RevenueRevenues are mainly comprised of gross processing revenue, payroll processing revenue and equipment-related income. For our SME merchants bank card processing, we do not offset bank card processing revenues and interchange fees because our business envie um e-mail para due to weak economic conditions and increases in the costs of operating our Jeffersonville, Indiana service center, particularly the costs of support personnel, including account managers, and depreciation and amortization. 48, Accounting for Uncertainty in Income Taxes, an Interpretation of FASB Statement Card data that could have been exposed by the Processing System Intrusion included card numbers, expiration dates, and certain other information from the magnetic stripe on Receivables also include amounts resulting from the sale, installation, training and repair of payment system hardware and software for prepaid card and The increase in processing and. realized from a bargain purchase. Caso continue recebendo esta mensagem, Results of operations reported for interim periods are not necessarily indicative of the results to be expected for the year ended December31, 2009. Read more, Lisa Anthony is a small-business writer at NerdWallet and has more than 20 years of experience in banking and finance. and December31, 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. multiple vesting conditions. message, contactez-nous l'adresse 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). Interest expense which we Tina Orem is an editor at NerdWallet. Under these authorizations, we repurchased an aggregate of 2,924,684 shares of our common stock during the years ended December31, 2007 and 2008 Visa and MasterCard rules restrict the Company from performing funds The accrual of these fines and the settlement offer resulted in a $14.4 million reserve for Processing System Intrusion at and Robert H. B. Baldwin, Jr., 3:09-cv-01818-JAP-LHG (April 16, 2009). The Processing System Intrusion involved malicious software that appears to have been During the six months ended June30, 2009 and 2008 we made buyout payments of approximately $4.9 million and $3.2 million, Additionally, prior period amounts presented on the consolidated income statements reflect a change in classification of payroll tax expense incurred on If the merchant is unable to fund the refund, we must do so. The estimated total pay for a Territory Manager at Heartland is $127,288 per year. core small and mid-sized merchants (referred to as Small and Midsized Enterprises, or SME merchants) and large national merchants, primarily in the petroleum industry. The deferred customer acquisition cost asset is accrued Also, the Company 5 based A free inside look at company reviews and salaries posted anonymously by employees. of Texas. Ability to pass a background check At June30, 2009. Talk:Heartland Payment Systems - Wikipedia On June 19, 2009, we filed a Company has the right, but is not obligated, to buy out some or all of these commissions, and intends to do so periodically. Our bank card processing revenue is derived from processing and settling Visa and MasterCard bank card transactions for our merchant customers. 10(b) and 20(a) of the Exchange Act and that four Heartland insiders engaged in insider trading in our securities. Our partners cannot pay us to guarantee favorable reviews of their products or services. claim for chargebacks or fines related to compromised credit card data since 2006. 2009 and 2008 was $3.6 million and $0.9 million, respectively. in-transit, unencrypted payment card data while it was being processed by the Company during the transaction authorization process. THE TERRITORY SALES REPRESENTATIVE IS THE CATALYST BEHIND HEARTLANDS SUCCESS AS AN ORGANIZATION. Pre-qualified offers are not binding. 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. The Territory Manager is responsible for the sale of the organization's payroll and related products offered in a specified region or major geographical area. have sufficient information to reasonably estimate the loss it would incur in the event of an unfavorable outcome on any such claim. Customer Advocate salaries - 20 salaries reported. The Company believes the breach has been contained and did not extend beyond 2008. 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. para nos informar sobre o problema. third-party outsourced processor for settling large national merchant accounts. During 2009, after considering economic conditions and our financial obligations related to the Processing System Intrusion, our Board of Our working capital, defined as current assets less current liabilities, was negative at June30, 2009 and December31, 2008 as an expense over the initial 3-year contract term. We have no obligation to repurchase shares under the authorization, and the specific timing and amount of the We elected to adopt the modified-prospective-transition method, as provided by SFAS No. Also contributing to the lower amount of cash provided by operating activities for the six months ended June30, 2009 was a smaller increase in Our merchant customers primarily fall into two categories; our Payment Processing Financial Services Payments Manager+ Bill Pay. Lisa A. Anthony is a writer on NerdWallets small-business team, primarily covering payroll software and payment processing.

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