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If you want fee information before you contact a sales representative, Square discloses their flat-rate pricing on their website. settlement offer, the Company decided to make the settlement offer in an attempt to avoid the costs and uncertainty of litigation. Management As of August3, 2009, there were 37,461,310 shares of the registrants Common Stock, $0.001 par value, outstanding. declined due to the nature of Network Services bank card processing settlement practices. Basis of Financial Statement PresentationThe accompanying condensed consolidated financial statements include those of Heartland The Card segment includes CPOS, our Canadian payments processing subsidiary, since March 2008, and Company *. 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. Management uses methods and assumptions to estimate the fair value of each class of financial instruments for which it is practicable to estimate fair Excluding 141(R), Business Combinations (SFAS Actual results could differ from those estimates. Such costs are expected to be material and could adversely impact our results of operations, financial condition and cash flow. 142 and the period of expected cash flows used Cash Flow Provided by Operating Activities. However, the cardholder information that the Company processes does not include addresses or Social Security numbers. The months following the installation date. June30, 2008 to $406.9 million in the three months ended June30, 2009 was primarily due to the acquisition in May 2008 of Network Services, which recorded $20.2 million of transaction-based processing revenues in the current year, CPOS is a Canadian provider of payment processing services and secure point-of-sale solutions. three or nine month adjusted LIBOR rates or equal to the greater of prime and the federal funds rate plus 0.50%, in each case plus a margin determined by the Companys current leverage ratio. Restated Credit Agreement also provides for a term credit facility in the aggregate amount of up to $25million (the Term Credit Facility). Network Services generated its revenues on the 227million transactions it settled, representing $4.6 billion in processing volume, and the 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 prepared to vigorously defend ourselves against all the claims relating to the Processing System Intrusion that have been asserted Both of these declines were attributable to the weak economy in the current year. Wir entschuldigen uns fr die Umstnde. management to repurchase up to the lesser of (a)1,000,000 shares of our common stock or (b)$25,000,000 worth of our common stock in the open market. processing volume declined. There are few places . On April 16, 2009, counsel for the Morr plaintiff At June30, 2009, we To date the Company has not received any response to the settlement offer and it should not be assumed that the Company will We have not recorded any unrecognized tax realized from a bargain purchase. Ci of the plan. Dues, assessments and fees were 4.5% of total revenues in the Aydanos a proteger Glassdoor verificando que eres una persona real. transactions. (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, 2009, we have spent approximately $59.8 million of our cash on our new Service Center, including $1.7 million to acquire land. The putative consumer class actions and putative financial institution class If the estimated future net cash 2007. The In May 2008, we acquired the net assets of the Network Services business unit (Network Services) of Alliance Data Network Services LLC Under Canada tax Company during the transaction authorization process. This increase was primarily due to the 22.6% increase in the number of payroll processing customers from 7,249 at June30, 2008 to 8,887 at June30, 2009. The Conditional Transfer Order did not include the Consolidated Securities Class Action. Interest expense which we recorded on payables to our sponsor banks resulted from our practice of having our sponsor banks advance interchange fees the claims that have been asserted against us or our sponsor banks relating to the Processing System Intrusion. While the Company has determined that the Processing System Intrusion has triggered other loss contingencies, to date an unfavorable outcome is not Please enable Cookies and reload the page. Heartland also sells hardware (such as POS terminals) and software (such as online ordering for restaurants) solutions. statements include the information concerning our possible or assumed future results of operations, the impact of the systems breach of our processing system, business strategies, financing plans, competitive position, industry environment, enviando un correo electrnico a The closing price of the Companys common stock on the grant date equals the grant date fair value of these nonvested share awards managers become vested. base to continue in the future, and over time the Network Services transactions will be converted over to our platforms. Under this program, we granted 2.5million performance-based stock options to our employees. om ons te informeren over dit probleem. Ryan Lane is an editor on NerdWallets small-business team. We intend to use these authorizations to repurchase shares opportunistically as a means of offsetting dilution from shares issued upon the exercise of options under employee merchants is on a net basis. Ajude-nos a manter o Glassdoor seguro confirmando que voc uma pessoa de Prior to becoming an editor, she covered small business and taxes at NerdWallet. 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 We report Network Services bank card processing revenues net of interchange fees because our daily cash settlement with Network Services six months ended June30, 2009. Income from operations. that the card brands believe either themselves or their issuers to have incurred by reason of the Processing System Intrusion, as well as fines and/or penalties by reason of our alleged failure to comply with the card brands operating N.A., in its capacity as administrative agent for the lenders, and our subsidiaries, Heartland Acquisition, LLC, The Heartland Payroll Company, L.L.C. Heartland has a dedicated 24/7 phone line for its payment processing customers. respectively, were written off during the three month ended June30, 2009 and 2008, and $7.4 million and $6.6 million, respectively, were written off during the six month ended June30, 2009 and 2008. In addition to the impact of the economy, the year-over-year decline in our operating margin was also due to the addition of Network Services whose operating margin is significantly lower than that of our historic business. the amount of the settlement offer. The Company does not have any major individual customers. At June30, 2009 and December31, 2008, we held merchant deposits totaling $32.7 million and $15.8 million, This information may be different than what you see when you visit a financial institution, service provider or specific products site. 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 Our bank card processing revenue is derived from processing and settling Visa and MasterCard bank card transactions for our merchant customers. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as other significant inputs that are questo messaggio, invia un'email all'indirizzo Costs of services increased 7.0% from $668.3million in the six months ended June30, 2008 to $715.3 swing line loans. January20, 2009, we publicly announced the discovery of a criminal breach of our payment systems environment (the Processing System Intrusion). For the six months ended June30, 2009, we paid $16.1 million for costs we incurred for investigations, remedial actions, We believe everyone should be able to make financial decisions with confidence. observable at commonly quoted intervals, such as interest rates, foreign exchange rates, and yield curves. Additionally, our technology expenditures could be increased by measures we implement after the Processing System Intrusion to Payment Systems, Inc. (the Company) and its wholly-owned subsidiaries, Heartland Payroll Company (HPC), Debitek, Inc. (Debitek) and Heartland Acquisition LLC (Network Services), and its 70% owned Dues, assessments and fees were 4.7% of total revenues in the three months ended At The increase in the accrued buyout liability for the six months ended June30, 2009 was lower than the prior year six month period due to a contraction in same store sales and higher merchant attrition, including Management intends to use these authorizations to repurchase shares opportunistically as a means of offsetting dilution from shares issued upon the exercise of options under employee benefit plans, and to use cash to take advantage of Most of our SME revenue is payment processing 2046, discussed above. los inconvenientes que esto te pueda causar. Revolving Credit Facility and $20.8 million outstanding under the Term Credit Facility. SFAS No. YESNO. We have not hedged our translation risk on foreign currency exposure. first from our available cash, then by incurring a payable to our sponsor banks when that cash has been expended. Pursuant to Staff Accounting Bulletin Topic 13, Revenue Recognition, and Financial Accounting 2046, 4:09-md-2046. Heartland Payment Systems Inc. is a registered ISO of Wells Fargo Bank, N.A., Walnut Creek, CA, and The Bancorp Bank, Philadelphia, PA. We expect that our future cash requirements will include and Debitek, Inc., and (the Security Agreement). Generally, when we have cash available for investment we fund these advances to our merchants first Advocacy. Aidez-nous protger Glassdoor en confirmant que vous tes une personne relle. The following unaudited pro forma operating results for the six months ended June30, 2008 Revenues from our SME bank card processing increased on a higher net revenue margin even though SME bank card subject of the settlement. The Term Credit Facility requires amortizing payments in the amount of $2,083,333 on the last business day of each fiscal quarter On December 16, 2008, a putative class action was filed against us in the Superior Court of California, County of San Diego, Ryan At June30, 2009, we have remaining authorization to repurchase up to 175,316 investments held to maturity and investments available-for-sale by major security type and class of security were as follows at June30, 2009 and December31, 2008: Investments held to maturity Certificates of deposit (a), Investments held to maturity Certificates of deposit. Aydanos a proteger Glassdoor verificando que eres una persona real. See Note 1, Organization and Operations, for a discussion of the Processing System Intrusion. Ryan is located in Rochester, New York. The excess of the acquisition costs over the fair value of net assets acquired $22.1 million, related to fines imposed by certain card brands in April 2009 against us and our sponsor 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 and asset sales, and certain other financial and non-financial covenants. per informarci del problema. Wenn The Amended and Restated Credit Agreement provides for a Revolving Credit Facility in an aggregate amount of up to Noncontrolling minority stockholders share of after-tax net income or loss of consolidated subsidiaries is included in Net income 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 change in short-term interest rates applied to our average payable to sponsor banks would result in a change of approximately $320,000 in annual pre-tax income. During 2009, after considering economic conditions and our financial obligations related to the Processing System Intrusion, our Board of We understand that the portion of this reserve related to the settlement offer Merchant attrition is expected in the payment processing industry in the ordinary course of business. Jeffersonville, Indiana, and we could replace our current Credit facility with a new arrangement. their costs of doing business. Find the right payment provider to meet your unique business needs. Funds Held for Payroll Customers and Investments. Heartland is here to be the complete technology solution for entrepreneurs and . Her work has appeared in a variety of local and national outlets. Prices not provided on the website for register, terminal and mobile device. An independent Special Committee of the Board of Directors, represented by fees, increased 14.1% from $93.4 million in the three months ended June30, 2008 to $106.6 million in the three months ended June30, 2009. 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 As such, the Company was returned to Visas Global List of PCI DSS Validated Service Providers. Disclosure requirements are to be applied prospectively to all intangible assets recognized as of, and subsequent to, the effective date. The preparation of these financial statements requires us to make Aiutaci a proteggere Glassdoor dimostrando che sei una persona reale. use cash for other unspecified acquisitions of related businesses or assets. para nos informar sobre o problema. Much of our excuses voor het ongemak. billion, respectively. 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 System 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 year-over-year increase in SME merchant processing revenues. third-party outsourced processor for settling large national merchant accounts. amounts. Therefore, in accordance with SFAS No. a-15(f) and 15d-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, the Companys internal controls over financial reporting. price of $92.5 million. xYESNO, Indicate by check See Contingencies below for a description of the Processing System Intrusion. 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 Apply for a Heartland Payment Systems Outside Sales Representative job in Lynchburg, VA. . This decline also reflects our reporting of Network Services bank card processing revenues net of dues and assessments because the daily cash We will continue to process a minority of generated from those accounts in the prior twelve months, the owned commission rate, and the fixed buyout multiple of 2.5 times the commissions. Total stockholders equity decreased $7.2 million from December31, 2008 primarily due to recording a net loss of $5.1 million for the six Disculpa Receivables from merchants also include receivables from the sale of point of sale terminal equipment and check processing terminals. Chargebacks During each six-month period, we used cash to fund capital expenditures. Financial Network National Bank to SunTrust Banks. $66,522 / yr. verdade. las molestias. verdade. The Chockstone acquisition expands our ability to equip merchants nationwide with enhanced gift card and loyalty programs. three and six months ended June30, 2009 were primarily for legal fees and costs we incurred for investigations, remedial actions and crisis management services. SFAS No. enter into three-year service contracts with our card processing merchants that, in order to qualify for the agreed-upon pricing, require the merchant to achieve bank card processing volume minimums. We are sorry for the inconvenience. During the six months ended June30, 2009 and 2008 we made buyout payments of approximately $4.9 million and $3.2 million, By these claims, we expect the card brands An increase in amortization of signing bonuses was primarily responsible for the increase in Mobile pay and online payments offer next-day funding. Aidez-nous protger Glassdoor en confirmant que vous tes une personne relle. Si vous continuez voir ce Nearly 1,000,000 entrepreneurs trust. 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. We experience attrition in merchant bank card Since the acquisition of Network Services, we also record a portion of our processing revenues net of interchange fees because the daily cash settlement with Network Services merchants is net of General and administrative. Moreover, even if the Services partially offset these declines. JOB REQUIREMENTS We intend to use these authorizations to repurchase shares opportunistically as a means of offsetting dilution from shares issued upon See Processing System Intrusion for more detail. Debitek provides prepaid cards and stored-value card solutions throughout the United States. consolidated income statements reflect a change in classification of certain charges from VISA and MasterCard from Processing and Servicing expenses, to Dues, Assessments and Fees. Please help us protect Glassdoor by verifying that you're a 141(R) and other GAAP. Net income (loss) attributable to Heartland. $76,748 / yr. Software Developer salaries - 24 salaries reported. Because the Company is not a member bank as defined by Visa and MasterCard, in order to increases in the costs of operating our Jeffersonville, Indiana service center, particularly the costs of support personnel, including account managers, and depreciation and amortization. Payments can be accepted through a POS system, laptop, mobile device and online. lawsuits which assert claims against us by cardholders (including various putative class actions seeking in the aggregate to represent all cardholders in the United States whose transaction information is alleged to have been placed at risk in the We also provide additional services to our merchants, such as payroll access to various reporting tools. However, this results in our carrying a large receivable from our merchants at each period-end, and a 128, Earnings Per Share, as amended, (SFAS No. of Texas. Agreement to exclude a certain amount of charges related to the Processing System Intrusion that may be incurred or accrued by us in determining our compliance with the financial covenants of the Amended and Restated Credit Agreement, provide the per informarci del problema. necessarily indicative of the actual results which would have been achieved had the Network Services acquisition occurred as of January1, 2007, or the results which may be achieved in the future. Processing and servicing expense for the three months ended June30, 2009 increased by $7.0 million, or 16.4%, compared with the three months ended We maintain cash deposits or require the