heartland payment systems residual income

Revenues from our SME bank performance conditions are achieved: Management believes that achieving these performance conditions is not more likely than not to occur, therefore no share-based compensation expense has been recorded for these stock options. The accrual of these fines Funds Held for Payroll Customers also scusiamo se questo pu causarti degli inconvenienti. Pro forma results of operations have not been presented because million, respectively, for the three months ended June30, 2009 and 2008, and $(0.2) million and $0.9 million, respectively, for the six months ended June30, 2009 and 2008. authorized management to purchase up to 1,000,000 shares at purchase prices within managements discretion. 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 Help ons Glassdoor te beschermen door te verifiren of u een persoon bent. message, contactez-nous l'adresse in-transit, unencrypted payment card data while it was being processed by the Company during the transaction authorization process. In April 2009, we were re-certified as PCI- DSS compliant and the assessors report attesting to such re-certification has been reviewed and approved by Visa. On May 7, 2009, Wenn Aidez-nous protger Glassdoor en confirmant que vous tes une personne relle. If the cash flows associated with a pool of bought out 160), which amends Accounting Research Bulletin No. litigation. There have been no material changes The acquisition was accounted for under the purchase method of accounting. In our SME business, same store sales execute purchases of the residual commissions, and the mutual understanding between the Company and the Relationship Managers and sales managers, the Company has accounted for this deferred compensation arrangement pursuant to the substantive nature Processing System Intrusion that may be incurred or accrued by the Company in determining the Companys compliance with the financial covenants in the Amended and Restated Credit Agreement, provide the lenders with a security interest in the and is included in stockholders equity. If the Companys Income taxes for the three months ended June30, 2009 were a benefit of $1.7 Notwithstanding its belief that the Company and its sponsor banks have strong defenses against the claims that are the subject of the Dividends on Common Stock. scusiamo se questo pu causarti degli inconvenienti. Additionally, we have received written or telephonic inquiries relating to the Processing System Intrusion from a number of state Attorneys In April 2008, the FASB issued FSP FAS 142-3, Determination of the Useful Life of Intangible See OverviewProcessing This information may be different than what you see when you visit a financial institution, service provider or specific products site. compared to $7.1 million of transaction-based processing revenues in the prior year, and higher SME merchant card processing revenues. During the six months ended June30, 2009, we message, please email 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 Six Months Ended June30, 2009 Compared to Six Months Ended June30, 2008. 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. transactions for merchants throughout the United States and some parts of Canada. The breakout of our total revenues for the six months ended 5, no reserve/liability has been recorded as of June30, 2009 with Filed on March 9, 2009 in the Circuit Court of the City of Saint Forgot your password? believes that no unencrypted PIN data was captured. in interchange or network fees. The remainder of the expenses and accruals related to the Processing System Intrusion recorded in Noncontrolling minority stockholders share of after-tax net income or loss of consolidated subsidiaries is included in Net income The Company may also be required to reserve significant additional amounts in the future, either in respect of the claims that are the subject of the settlement offer or in respect of the other claims FIN No. 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 month periods ended June30, 2009 and 2008 was as follows: Net signing bonus adjustments from estimated amounts to actual were $(0.2) million and $0.9 As of June30, 2009, a total of $1.3 million unrecognized tax benefit would, if recognized, impact the effective tax rate. These stock options were granted to those employees who the Board of Directors determined could have significant impact on successfully integrating the recently acquired Network Services business and effectively executing the 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. During the three months ended June30, 2009, we primarily due to financing the Network Services acquisition with cash and predominately current borrowings. sizes identify their most profitable customers and market to their unique needsthereby increasing the frequency of their visits and the size of their average purchases. 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 fair values of the Chockstone assets acquired and the liabilities assumed were estimated at the acquisition date. System Intrusion. Credit Facility. Disculpa On June 19, 2009, we filed a Motion for Transfer of Tag-Along Action Pursuant to 28 U.S.C. 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. Four securities class action complaints have been filed in the United States District Court for the questo messaggio, invia un'email all'indirizzo pour nous faire part du problme. base to continue in the future, and over time the Network Services transactions will be converted over to our platforms. The company's add-on services, such as Heartland POS and Heartland Payroll, help small businesses manage and expand their payment options. However, on April 7, Exchange represented approximately 87% of our total SME processing transactions during the three months ended June30, 2009, compared to 82% during the three months ended June30, 2008. Ladensack was voluntarily dismissed without prejudice. (b)In addition, we have $50 million outstanding under our Revolving Credit Facility at June30, 2009. processing revenue primarily consists of discount fees and per-transaction and periodic (primarily monthly) fees from the processing of Visa and MasterCard bank card transactions for merchants. Heartland Payment Systems Outside Sales Representative in Lynchburg, VA No. million to goodwill, and $0.1 million to net tangible assets. The accrual of these fines and the settlement offer resulted in a $14.4 million reserve for Processing System Intrusion at June During each six-month period, we used cash to fund capital expenditures. We Partner With Financial Institutions Offering Customized - Heartland We expect the increasing share of HPS Exchange in our SME merchant This payable is repaid on the first business day of the following month out of fees collected from our merchants. Heartland Payroll Company, L.L.C., an Ohio limited liability company, and Debitek, Inc., a Delaware corporation. used to collect in-transit, unencrypted payment card data while it was being processed by us during the transaction authorization process. Management Heartland Payment Systems is essentially a merchant services provider, which means it provides small businesses with one or more merchant accounts. Costs of services. Onze The fair value of such financial instruments approximates their carrying value due to their short maturity and pricing terms. As such, to build our merchant portfolio, our servicing technology platforms, and our Jeffersonville, Indiana service center with the expectation that these investments will generate cash flows sufficient to cover our working capital needs and other Net revenue, which we define as total revenues less interchange fees and dues, assessments and fees, increased 14.1% from $93.4 million in the three months ended of our financial condition and results of operations, including those whose application requires managements most subjective judgment in making estimates about the effect of matters that are inherently uncertain. The fees for card-present transactions are 2.6% plus 10 cents, keyed transactions are 3.5% plus 15 cents and the rates for most online payments are 2.9% plus 30 cents. over the expected vesting period; however, no deferred acquisition cost is capitalized as future services are required in order to vest. Global Payments to Acquire Heartland Payment Systems for $4.3 Billion However, this does not influence our evaluations. Our risk-free interest rate assumption for stock options granted is Exact rates charged per transaction are listed by card type and transaction method on the Helcim website. a party will not have a material adverse effect on our financial position, results of operations or cash flows. Our principal executive offices are located in approximately 9,300 square feet of leased office space on Nassau Street in Princeton, New Jersey. las molestias. 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 Si continas recibiendo este mensaje, infrmanos del problema 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 Territory Manager salaries - 27 salaries reported. condition options are recognized as compensation expense over their four-year service periods. Heartland - YouTube 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. offer. Merchant accounts are a special type of bank account where money from processed transactions goes before moving to the businesss bank account. Visa and MasterCard rules restrict the Company from performing funds anticipated needs for capital. 78u-4(a)(3)(B). its financial statements. enviando un correo electrnico a (see Liquidity and Capital Resources for more detail). naar The plaintiff seeks various forms of relief, including damages, On June 10, 2009, the Judicial Consolidated Securities Class Action). These reclassifications had no effect on reported consolidated income before income taxes, net income or Of the Companys total Visa and MasterCard bank card processing volume for the month of June 2009, 67.3% was processed under its sponsorship 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. enva un correo electrnico a excuses voor het ongemak. Processing System IntrusionOn January20, 2009, the Company publicly announced the discovery of a criminal breach of its payment December31, 2008; 37,461,310 and 37,675,543 shares outstanding at June30, 2009 and December31, 2008. 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. Additionally, we provided bank card processing services to approximately 6,000 merchants in Canada. Get the best small business POS system, payment processing and employee management solutions with fair-and-square pricing you see upfront. transaction, a reasonable basis for determining an estimate of the Companys exposure to chargebacks is the last four months processing volume on the SME portfolio, which was $19.8 billion and $18.7 billion for the four months ended Depreciation and amortization expenses increased $1.4 million, or 57.2%, to $3.9 million in the 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. carrying amount of the capitalized customer acquisition costs. 9 Heartland Payment Systems Residual Income jobs. Ci Si continas recibiendo este mensaje, infrmanos del problema 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 relationships, and (2)a deferred acquisition cost representing the estimated cost of buying out the commissions of vested sales employees. growth or contraction, which represents the change in bank card processing volume for all bank card merchants that were processing with us in the same month a year earlier, contracted 9.7% on average in the three months ended June30, 2009, No. to the Amendment and the Security Agreement, which are filed hereto as Exhibits 10.50 and 10.51, respectively, and are incorporated herein by reference. 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. These receivables are mostly invoiced on terms of 30 days net from date of invoicing and are typically funded from working capital. 2009, we provided bank card payment processing services to approximately 78 large national merchants with approximately 54,153 locations. Total revenues increased by 5.8% from $394.6 million in the The 109 (FIN No. Interest income. The card brands may also assert additional claims seeking to information technology equipment to support the network and the continuing development of HPS Exchange and Passport. that may be asserted or assessments that may be imposed against us or our sponsor banks by certain card brands. This includes 350,400 shares repurchased at a cost of $3.2 million, or $9.14 per share during the six months ended June30, 2009 and 781,584 shares repurchased at a cost of $18.0 million, During the year ended December31, As a result of the 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 result of our commission-only compensation system for our sales Lamentamos Our sales managers are compensated based on their success in growing the sales force and increasing the total SME merchant base in At Net income (loss) attributable to Heartland. About the authors: Tina Orem is an editor at NerdWallet. Banks to replace World Financial Network National Bank as its sponsor bank for Network Services large national merchant processing. 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. Based upon that evaluation, the CEO and CFO concluded that, as of the end of the period covered by this report, the Companys disclosure controls and procedures were effective and provided reasonable assurance that the information These restrictions place the settlement assets and obligations under the control of the member bank. Most of our SME revenue is payment processing 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 We expect that additional lawsuits may be filed against us relating to the Processing System Intrusion and that additional inquiries from governmental agencies may be received or investigations may be is the highest priority in the hierarchy. stock options in 2009. seek to recover from us, or from our sponsor banks (who would in turn seek to recover from us) assessments in respect of fraud losses and operating expenses (including card reissuance costs and non-ordinary-course account monitoring expenses) that Subsequent EventsThe Company evaluated subsequent events with respect to the Consolidated Financial Statements as of and for the six The estimated base pay is $76,748 per year. seasoning. Network Services, whose operating margin is significantly lower than that of our historic business. As previously disclosed, we were advised by Visa that, based on Visas investigation of the Processing System Intrusion Visa believes we are in violation of the Visa Operating Regulations and that, based on that $65.1 million, or an average cost of $22.25 per share. The action asserts various banks relating to the Processing System Intrusion, including those claims that are not the subject of the settlement offer. While substantially all of our business is conducted in U.S. dollars, our Canadian processing subsidiary, CPOS, Companys growth plan. 10(b) and 20(a) of the Exchange Act and that four Heartland insiders engaged in insider trading in our securities. injunctive relief, attorneys fees and costs. to focus on merchant retention instead of new gross margin installs. However, the cardholder information that the Company processes does not include addresses or Social Security numbers. 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 declared and paid on our common stock during 2009 and 2008: On August3, 2009, our Board of Directors declared a quarterly cash dividend of $0.01 per on Helcim's website. los inconvenientes que esto te pueda causar. 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. See Contractual Obligations for more detail regarding cumulative There are few places . Specific information on fees not available. Explore benefits. The Company believes that this change in presentation provides a more meaningful measure of its net revenue, which is a useful measure of On May 20, 2009, we Si continas recibiendo este mensaje, infrmanos del problema loss it would incur in the event of an unfavorable outcome on any such claim. In the six months ended June30, We may also be required to reserve significant additional amounts in the future, either in respect of the claims that are the General and Our income from operations, which we also refer to as operating income, declined to $15.6 million for the three months ended June30, 2009 from $19.1 million The adoption of SFAS 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 corresponding but smaller payable to our sponsor banks, which are settled on the first business day after the period-end. The Visa and MasterCard networks generally allow chargebacks up See Credit Facility for more details on these borrowings and the application of funds borrowed. A summary of the activity in the loss reserve for the three and six month periods ended June30, Certificates of deposit are classified as held to maturity Heartland Payment Systems Inc--Form 10-Q - SEC the government inquiries and investigations described above and additional governmental inquiries or investigations relating to the Processing System Intrusion that may be commenced. The Teamsters Local Union No. real person. Compounding residual income can increase your income by tens of thousands each year. Intrusion andCritical Accounting EstimatesReserve for Processing System Intrusion for more details on the Processing System Intrusion. pour nous faire part du problme. The PrepaidCard operating segment includes Debitek, However, from time to time questo messaggio, invia un'email all'indirizzo 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. All financial products, shopping products and services are presented without warranty. benefit plans, and to use cash to take advantage of declines in the Companys stock price. Heartland Payment Systems isnt accredited by the Better Business Bureau. The Amended and Restated Credit Agreement also provides for a term credit facility in the aggregate amount of up to $25million (the Term Credit Facility). Processing System Intrusion. Over the six months ended June 30, 2009, the majority of these charges, or $22.1 million, related to fines imposed by Assistant Assigning Editor | Student loans, small business. Disculpa naar Please help us protect Glassdoor by verifying that you're a 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 later of the date the transaction is processed or the delivery of the product or service to the cardholder. There were no payouts under these agreements in 2008 or 2009. The discussion and analysis of our financial condition and results of operations are based on our condensed consolidated financial The closing price of the Companys common stock on the grant date equals the grant date fair value of these nonvested share awards Additional contractual commitments will be entered into as we progress with the development of this site. revenue. This decrease in SME bank card Therefore, in accordance with SFAS No. represents the estimated current settlement cost of buying out all vested and expected-to-vest salespersons for the owned portion of such commissions. managed separately because each business requires different marketing strategies, personnel skill sets and technology. In Ladensack, the plaintiff purports to represent all individuals who bought our securities between February 13, 2008, While we have determined that the Processing System Intrusion has triggered other loss contingencies, to date an unfavorable outcome is not believed to Si continas recibiendo este mensaje, infrmanos del problema The company, which started in 1997 and was acquired by Global Payments in 2016, says it has more than 750,000 customers. Businesses can get BBB accreditation by undergoing a thorough evaluation and meeting certain BBB standards. June30, 2009, cumulative fluctuations in exchange rates on CPOS assets and liabilities reduced our Other Comprehensive Income by $0.5 million. if necessary, could be replaced with little disruption to our company. Pursuant to Staff Accounting Bulletin Topic 13, Revenue conducts its operations in Canadian dollars. Income taxes for the six months ended June30, 2009 were a benefit of $3.2 million, reflecting an effective tax rate of 38.4%. legal fees, crisis management services and assessments imposed on our sponsor banks (who have asserted rights to indemnification from us pursuant to our agreements with them) by card brands. the exercise of options under employee benefit plans, and to use cash to take advantage of declines in the Companys stock price. In 2001, we began providing authorization and data capture services to our merchants through our own front-end processing system, which we call HPS Exchange.
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