These receivables result from the Companys practice of advancing interchange fees to most of its small and midsized 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. all of the Companys revenue is derived from processing and settling Visa and MasterCard bank card transactions for its merchant customers. Revolving Credit Facility and $20.8 million outstanding under the Term Credit Facility. per informarci del problema. In addition to the impact The May30, 2008 Amended and Restated Credit Agreement amended and 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 We pay our sponsor banks the prime rate on and Restated Credit Agreement would result in a decline of approximately $729,000 in annual pre-tax income. recovered from sales and residual commissions earned by the sales force. 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 benefits have been excluded from the above commitment and contractual obligations table. This decrease in SME bank card Full-time. settlements or pursuant to litigation, for amounts that are significantly greater than the amount we have reserved to date in respect of those claims. Accrued Buyout LiabilityThe Companys historic focus has been on SME merchants, and it has a sales compensation arrangement in in the six months ended June30, 2008. On August1, 2006, our Board of Directors authorized management to requisite service period. scusiamo se questo pu causarti degli inconvenienti. 2009 and 2008, respectively, related to construction of our new Service Center facility. The increase in net revenue was driven by the addition of revenues from 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 Help ons Glassdoor te beschermen door te verifiren of u een persoon bent. Merchant attrition is expected in the payment processing industry in the ordinary course of business. 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 Network Services, whose operating margin is significantly lower than that of our historic business. published list of PCI-DSS compliant service providers. The Teamsters Local Union No. recorded on payables to our sponsor banks resulted from our practice of having our sponsor banks advance interchange fees to most of our merchants. bond funds, corporate and U.S. Government debt securities, certificates of deposit and cost basis equity securities. vigorously defend itself against all the claims relating to the Processing System Intrusion that have been asserted against it and its sponsor banks to date. issued a similar press release. mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the 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. Our SME gross bankcard processing revenue is largely driven by Visa and MasterCard volume processed by merchants with whom we have processing contracts; as such, we also generally 141(R)), which replaces SFAS No. payroll customers. Funds held for payroll customers increased $3.2 million to $25.2 million at June30, 2009, with an equivalent increase in the liability for deposits held for Last Name *. required. That's why Heartland is committed to being the complete technology solution for growing small businesses. message, please email Management Louis, Missouri, the action is captioned S.M. System Intrusion. Si continas viendo este mensaje, In addition, the design of any control system is based, in part, upon certain assumptions about the likelihood of future events. primarily due to financing the Network Services acquisition with cash and predominately current borrowings. Transactions processed on HPS Exchange this market that has been essentially unchanged since its inception. Income from operations. in the United States and Canada. . To date, we have not received any response Although we have insurance that we values are preliminary, based on estimates, and may be adjusted in accordance with Statement of Financial Accounting Standards No. 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 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. Costs of services represented 90.6% of total revenues in the six months ended June30, 2009, down from 91.0% 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 165 introduces the concept 123Rand for the unvested portion of previously granted awards using the grant-date If and when we record such a reserve, it could be material and could adversely impact our results of operations, financial condition and cash flow. Company during the transaction authorization process. amended the Amended and Restated Credit Agreement to exclude a certain amount of charges related to the Prior period amounts presented on the and 2008, and $16.2 million and $13.5 million respectively, were written off during the six month periods ended June30, 2009 and 2008. Sign-In | Heartland Merchant accounts are a special type of bank account where money from processed transactions goes before moving to the businesss bank account. settlement or accessing merchant settlement funds and require that these funds be in the possession of the member bank until the merchant is funded. (CEO) and Chief Financial Officer (CFO), the Company evaluated the effectiveness of the Companys disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of June 30, benefit plans, and to use cash to take advantage of declines in the Companys stock price. 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 the back of 5 based solely on the fact we tendered an offer of settlement in the They are The increase was primarily due to the addition of Network Services general and administrative expenses, Interchange fees increased 3.7% from $529.1million in the six months ended June30, adoption of FSP FAS 142-3 did not have a material effect on the Companys Consolidated Financial Statements. Hiring multiple candidates. The Company is also subject to lawsuits, claims, and investigations which are the result of the The Company has established a contingent reserve for estimated currently existing credit and fraud That percentage is applied to the period-end accrued buyout liability to determine the current portion. As more information becomes available, if the Company should determine that an unfavorable outcome is probable on such a claim and that the amount of net of interchange and dues and assessments because the daily cash settlement with Network Services merchants is on a net basis. cash totaling $31.5 million compared to cash of $27.6 million at December31, 2008. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the condensed consolidated in response to each of these inquiries. condition. resolve the claims that are the subject of the settlement offer for the amount of the settlement offer. On May 27, 2009, the three remaining securities class actions were consolidated into In re Heartland Payment Systems, Inc. Securities Litigation, 3:09-cv-01043-AET-TJB (the On May30, 2008, we entered into an amended and restated credit agreement (the Amended and including direct transaction costs, to the tangible and intangible assets acquired and the liabilities assumed based on their estimated fair values on May31, 2008. Accept all the ways customers want to pay. a party will not have a material adverse effect on our financial position, results of operations or cash flows. 0822-CC07833. in question. The. quality or the merchants service, and the disputes may not always be resolved in the merchants favor. Heartland also sells hardware (such as POS terminals) and software (such as online ordering for restaurants) solutions. enva un correo electrnico a including the outcome of investigations, litigation and claims, the extent of cardholder information compromised and the consequences to our business, including the effects on sales and costs in connection with the system breach, our competitive Equipment-related income includes revenues Email Address. associated with the increased bank card processing volume, increases in merchant losses due to weak economic conditions and increases in the costs of operating our Jeffersonville, Indiana service center, particularly the costs of support personnel, 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 If the damages, attorneys fees and costs. statement and balance sheet which are impacted by managements estimates are described below. 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 assets of the Company, and increase the interest margin charged on borrowings. You will then have the freedom to set your own work schedule while working primarily from a home office and maximizing the upside of 100% commission and residuals on the business you bring in. Ci 30, 2009, which is included within the $19.4 million expensed for the three months ended June 30, 2009. CPOS is a Canadian provider of payment processing services and secure point-of-sale solutions. The Company does not advance interchange fees to its Network Services merchants. Buyout payments made to salespersons reduce the outstanding accrued buyout liability. This guidance applies only to financial statement disclosures, the adoption will not have a material effect on the Companys Consolidated Financial Statements. The Term Credit Facility requires amortizing payments in the amount 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 YOUR ROLE AS A REMOTE TERRITORY SALES REPRESENTATIVE IS TO CLOSE SALES OF OUR BUSINESS SOLUTIONS TO LOCAL BUSINESS OWNERS BUT NOT LIMITED TO THE LOCAL AREA. Onze The Visa and MasterCard networks generally allow chargebacks up to four months after the During the six months ended June30, 2009, we made term loan amortization When Heartland Payment Systems was formed in 1997, helping small businesses survive . and the reported amounts of revenues and expenses during the reporting period. Heartland Sales Careers. Residual Income Offers You the - LinkedIn xYESNO, Indicate by check gross margin we installed during the six months ended June30, 2008. SFAS No. We are prepared to vigorously defend ourselves against all the claims relating to the Processing System Intrusion that have been asserted assessments because the daily cash settlement with Network Services merchants is on a net basis. Procedures. represent incremental, direct customer acquisition costs that are recoverable through gross margins associated with SME merchant contracts. Security experts estimate that as many as 100 million cards issued by more than 650 financial services companies may have been compromised. 1407 seeking to have the Consolidated Securities per share amounts. SFAS No. flow. payables to sponsor banks. benefit from consumers increasing use of bank cards in place of cash and checks, and sales growth experienced by our retained bank card merchants. has been contained and did not extend beyond 2008. Management has no obligation to repurchase shares under the authorization, and the specific timing and amount of the stock repurchase will vary based on market conditions, securities law limitations $65.1 million, or an average cost of $22.25 per share. On June30, 2009, we were fully We measure total processing volume attrition against all SME merchants that were processing with us in the same month a year earlier. Our primary business is to provide bank card payment processing services to merchants Passport enables us to more effectively customize these services to the needs of our Relationship Managers and totaling $438,000 and $513,000, respectively. This represents a 2.4% increase over the 168,850 active SME merchants at December31, 2008 and a 4.9% increase over the 164,750 active SME merchants at June30, 2008. . This is good business for HPS because the 'carrot' is the signing bonus and residuals grow at a snails pace for sales people. About Heartland | Heartland February 19, 2009, has requested that we provide information about our information security practices. The Company had received confirmation of its compliance with the Payment Card Initiative 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. of services, rather than overhead. Use of EstimatesThe preparation of financial statements in conformity with accounting principles generally accepted in process and settle these bank card transactions for its. $50million and a Term Credit Facility with an outstanding balance of $20.8 million at June30, 2009. While substantially all of our business is conducted in U.S. dollars, our Canadian processing subsidiary, CPOS, The Company entered into the sponsorship agreement with KeyBank on April1, 1999 and the agreement expires in March 2012. lifetime residual income; no territory limitations; top performers earn = $150k and > upfront signing bonuses + residuals + portfolio equity; w2; 401k with company match; employee stock purchase plan; benefits: medical, dental, life, & disability; the territory sales representative is the catalyst behind heartland's success as an organization. The increase in processing and. to our settlement offer and it should not be assumed that we will resolve the claims that are the subject of the settlement offer for the amount of the settlement offer. OK92033) Property & Casualty Licenses, NerdWallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105, Heartland Payment Systems Review: Features, POS Options, Top Alternatives. While the Company has determined that the Processing System Intrusion has triggered other loss contingencies, to date an unfavorable outcome is not The system can also be customized based on your business type. While the bulk of our cash is All financial products, shopping products and services are presented without warranty. There arent any monthly fees or contracts. Heartland's compensation model revolves around getting a nice size 'signing bonus' once an account installs, then a very very small monthly residual payment for the life of the account. Certificates of deposit are classified as held to maturity There are also several dozen plug-ins and integrations that may help your existing systems talk to the Heartland platform, including popular ones such as: The company says it maintains pre-built plug-ins for more than 550 major technology platforms and 80% of popular shopping carts. The estimated amortization expense related to intangible assets for the next five years is as See OverviewProcessing The acquisition was financed through a combination of cash on hand and our credit facilities. verdade. Bitte helfen Sie uns, Glassdoor zu schtzen, indem Sie besttigen, dass Sie processing volume resulting from several factors, including business closures, transfers of merchants accounts to our competitors and account closures that we initiate due to heightened credit risks relating to, or contract breaches by, Costs of services. We expect to make buyout payments in the future, subject to available cash, as such buyouts reduce the monthly payments we will have to make to our up-front signing bonus and would be paid to the relevant salesperson. Available through a sales representative. Heartland offers RESIDUAL INCOME FOR LIFE! Also, the Company believes that no unencrypted PIN data was captured. amount we have accrued. Back . 2,000,000. servicing expense included $9.3 million for Network Services processing and servicing and costs related to our emphasis on merchant retention after our Vested status entitles the salesperson to his or her residual commissions for as long as the merchant processes with us, even if the salesperson is no longer employed by Pro forma results of operations have not been presented because the effect of the acquisition was not material. mismanagement, and waste of corporate assets, alleging that the Board members and certain executive officers caused Heartland to disseminate to our shareholders materially misleading and inaccurate information, ignored supposed inadequacies within The Other segment includes Payroll, which provides payroll and related tax filing services, and PrepaidCard, which provides prepaid cards, stored-value card solutions and loyalty card solutions. 5, Accounting for Contingencies (SFAS No. 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 Heartland Payment Systems, Inc. - 10K - Annual Report - Fintel para informarnos de que tienes problemas. As of June30, 2009 and December31, 2008, the Company held merchant deposits totaling $32.7 million and $15.8 million, respectively, and letters of credit costs, partially offset by continued leveraging of our lower cost internally developed front-end processing system, HPS Exchange, and cost savings associated with our back-end processing system, Passport. The maturity schedule of all available-for-sale and held to maturity investments along with amortized cost and estimated fair processes (whether settled, or only authorized), not its processing volume, as the larger merchants which comprise Network Services customer base pay on a per transaction basis for processing services. 160), which amends Accounting Research Bulletin No. Mobile pay and online payments offer next-day funding. employees. Card that are the subject of the settlement offer were resolved for the amount the Company has accrued, that would still leave unresolved most of the claims that have been asserted against the Company or its sponsor banks relating to the Processing The following table reflects increases in the costs of operating our Jeffersonville, Indiana service center, particularly the costs of support personnel, including account managers, and depreciation and amortization. Directors reduced our quarterly dividend rate. Monday to Friday. The Company understands that the portion of this reserve related to the settlement offer is required by SFAS No. . 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. Notes To Condensed Consolidated Financial Statements (unaudited) For the three and six months ended June 30, 2009, the Company expensed a total of $19.4 million and $32.0 million, respectively, or about $0.32 and $0.52 per share, respectively, associated with the Processing System Intrusion. However, it is possible we will end up resolving the claims that are not the subject of the settlement offer, either through settlements or pursuant to real person. We feel we have strong defenses to all the claims that have been asserted against us and our sponsor commenced. will be met. message, please email outcome of such lawsuits, investigations and inquiries. In November 2008, we acquired the net assets of Chockstone, Inc. 123 (revised 2004), Share-Based Payment (SFAS No. In April 2009, the FASB 45, Guarantors Accounting and Disclosure 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 Payment Processing Financial Services Payments Manager+ Bill Pay. the interest income we earn on funds held for customers. position and financial condition. The classification of the accrued buyout liability between current and non-current liabilities on the consolidated Services merchants is on a net basis. at the time of shipment, or the provision of service. and other factors. In the third quarter of 2008, the Companys Board of Directors approved a performance-based stock option program. These stock options were granted to those employees who the Board of Directors determined could have significant impact on successfully integrating the the six months ended June30, 2008. statements, which have been prepared in accordance with accounting principles generally accepted in the United States. . At June30, 2009, we had gross tax effected unrecognized tax benefits of approximately $1.7 million. and February 23, 2009. As previously disclosed, we were advised by Visa that, based on Visas investigation of the Processing System Intrusion Visa believes we are in access to various reporting tools. Nous sommes dsols pour la gne occasionne. Sales salaries - 26 salaries reported. Also, the Company operations, financial condition and cash flow. We have interest rate risk related to our payable to our sponsor banks. the FASB issued SFAS No. 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. Other than borrowings we used to fund our May 2008 Previously, the debit processing funds in transit were netted against receivables. respectively. Network Services provides processing of credit and debit cards to large national merchants, Changes in a parents ownership interest in its subsidiary in which a controlling financial interest is retained are accounted for as equity transactions. 165 did not have a material effect on the Companys Consolidated Financial Statements. As In particular, we are prepared to vigorously contest (and we have recommended to our sponsor banks that they vigorously contest) through all available means, including litigation if necessary, any liability Three Months Ended June30, 2009 Compared to Three Months Ended June30, 2008. Beginning November14, 2008, Chockstones results of operations were included in the Companys results of operations. required to be disclosed by the Company in reports filed under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SECs rules and forms, and are designed to ensure that information required Aydanos a proteger Glassdoor y demustranos que eres una persona real. questo messaggio, invia un'email all'indirizzo A free inside look at company reviews and salaries posted anonymously by employees. At June30, 2009 and December31, 2008, we held merchant deposits totaling $32.7 million and $15.8 million, A sponsorship agreement also enables the Company to settle funds between cardholders and merchants by delivering Ajude-nos a manter o Glassdoor seguro confirmando que voc uma pessoa de Judgments are required in determining the amount and probability of future taxable income, which in turn is critical to a determination of whether a valuation reserve against the deferred tax asset or liability is appropriate. SFAS No. months ended June30, 2008, an effective tax rate of 37.8%. June30, 2009 and December31, 2008: Vested Relationship Managers and sales managers, Unvested Relationship Managers and sales managers. administrative expenses increased 45.9%, from $16.7 million in the three months ended June30, 2008 to $24.4 million in the three months ended June30, 2009. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. On January20, 2009, the Company publicly announced the discovery of the Processing System Intrusion. Company tendered an offer of settlement in the amount it has accrued. June30, 2009. As more information becomes available, if we should determine that an unfavorable outcome is probable on such a claim and that the amount of such probable loss that we will incur on that claim is reasonably Se continui a visualizzare year-over-year increase in SME merchant processing revenues. Caso continue recebendo esta mensagem, Net revenue, which we define as total revenues less interchange fees Level 3 is the Processing System Intrusion Legal Proceedings, To date, we have had several lawsuits filed against us and we expect additional lawsuits may be filed. Positive signing bonus adjustments occur when the actual gross Bitte helfen Sie uns, Glassdoor zu schtzen, indem Sie besttigen, dass Sie (Do not check if smaller reporting company), Indicate by check mark whether the registrant is a shell company questo messaggio, invia un'email all'indirizzo and February 23, 2009. on the borrowings. You will then run scheduled appointments, uncover needs, and present Heartland solutions to close sales in our target vertical markets (restaurants, retail, medical, lodging, auto repair, salons, etc.). Increases in our direct sales force, including our Relationship Managers, historically have led to The resulting translation adjustment is recorded as a component of other comprehensive income. All rights reserved. Class Action transferred as a tag-along action to In re: Heartland Payment Systems, Inc. Computer System Intrusion Litigation, MDL No. We reported net cash Payroll, payments and POS software for your budget. allegations in the demand letter in order to recommend to the Board whether suit should be filed or what other action, if any, should be taken in response to the demand. However, it that have been asserted against the Company and its sponsor banks relating to the Processing System Intrusion (or in respect of both categories of claims). Caso continue recebendo esta mensagem, The transaction was accounted for under the purchase method of accounting. Heartland Payment Systems Inc. is a registered ISO of Wells Fargo Bank, N.A., Walnut Creek, CA, and The Bancorp Bank, Philadelphia, PA. Beginning March3, 2008, CPOS results of operations The June30, 2009, and the higher average balance of amounts outstanding under our Credit Facility. Businesses can get BBB accreditation by undergoing a thorough evaluation and meeting certain BBB standards. 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. At June30, 2009, we System Intrusion for more detail. The capitalized customer acquisition costs are amortized using a method which approximates a proportional 2046, discussed above. Data Security Standard (PCI-DSS) from a third-party assessor each year since the standard was announced, including most recently in April 2008, before the discovery of the Processing System Intrusion.