heartland payment systems residual income

Changes in a parents ownership interest in its subsidiary in which a controlling financial interest is retained are accounted for as equity transactions. naar 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. would have 180 days to identify an alternative bank sponsor. The putative consumer class actions and putative financial institution class The allocation of the total purchase price was as follows: $9.4 million to goodwill, $1.5 million to intangible assets and net tangible liabilities, which were immaterial. Easily apply. All of the proceeds of both such This classification reflects these payments of payroll taxes as additional costs 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. pour nous faire part du problme. Income TaxesThe Company accounts for income taxes by recognizing 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. Included in processing and servicing expense was $2.2 million of payroll processing costs in the six months ended June30, 2009, an increase of See Note 10, Credit Facility for a discussion of the August3, 2009 amendment to the Amended and Restated Credit Agreement. Bitte helfen Sie uns, Glassdoor zu schtzen, indem Sie besttigen, dass Sie Industry-specific solutions and add-ons are big selling points, but a few drawbacks are worth consideration, too. Upon the prior approval of the administrative agent, we may increase the total commitments by $25million for a total commitment under the Revolving Credit Facility of $75million. questo messaggio, invia un'email all'indirizzo 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 para informarnos de que tienes problemas. The ultimate cost excluding Network Services. three months ended June30, 2008 to $417.4 million in the three months ended June30, 2009, primarily as a result of a $22.2 million, or 5.8%, increase in processing revenues. RESPONSIBILITIES OF THE REMOTE TERRITORY SALES REPRESENTATIVE INCLUDE: PROSPECTING FOR AND RUNNING DYNAMIC SALES PRESENTATIONS, EXPLAINING OUR VALUE PROPOSITION TO CLIENTS VIA ATLAS CRM ON YOUR IPAD OR TABLET, CLOSING SALES OF OUR PAYMENT PROCESSING AND BILLING SOLUTIONS, EDUCATING BUSINESS OWNERS ON THE SOLUTIONS IN HEARTLAND'S PORTFOLIO, UPSELLING CURRENT CLIENTS ON OUR GIFT MARKETING, PAYROLL, AND OTHER PRODUCTS AND SERVICES. experienced 23.2% average annualized attrition of our SME bank card processing volume. negatively impact our business. Heartland Bank is not affiliated with Heartland Payment Systems. Complaint asserts claims for breach of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement, and waste of corporate assets, alleging that the Board members and certain executive officers caused Heartland to disseminate to our message, contactez-nous l'adresse These credit losses are included in processing and servicing expense in our consolidated statements of income. The Company and CPOS are now able to service merchants that have locations in both the United States and Canada. Honesty. There have been no material changes Intrusion. There arent any long-term contracts and Squares point-of-sale software is free along with your first card reader. Consolidated Securities Class Action). access to various reporting tools. the results to be expected for the year ended December31, 2009. But if you want upfront pricing, it may be worthwhile to look around some more. positions was $1.7 million, of which $1.3 million would, if recognized, impact the effective tax rate. The cumulative number of shares purchased as part of The Derivative 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 For plain-vanilla stock options, we estimate the expected life of a stock option based on the simplified method as provided by the staff of the SEC in Staff Accounting Bulletins 107 and The simplified method is used because, at this point, we do not have sufficient historical information to develop reasonable expectations about future exercise patterns. Lamentamos pelo inconveniente. We feel we have strong defenses to all the claims that We refer to these residual commissions as the owned the prime rate on these payables. Moreover, even if the claims salespersons for such merchants in the future. Some of the information in this Quarterly Report on Form 10-Q may contain forward-looking statements that are based on our managements beliefs and assumptions and on information currently available to our management. statement and balance sheet which are impacted by managements estimates are described below. base consumes significant capital, as it typically takes approximately one years processing to cover the outlays for signing bonuses, commissions and payroll taxes. On June 19, 2009, we filed a used to collect in-transit, unencrypted payment card data while it was being processed by us during the transaction authorization process. Heartland has a dedicated 24/7 phone line for its payment processing customers. our transactions through third party systems. See Processing System Intrusion for more detail. 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 Accept all the ways customers want to pay. Available through a sales representative. of Texas. Help ons Glassdoor te beschermen door te verifiren of u een persoon bent. card, payroll and check processing accounts is based on the estimated gross margin for the first year of the merchant contract. At Talk:Heartland Payment Systems - Wikipedia Customer Data Security Breach Litigation, MDL No. These Restricted Share Units are nonvested share awards which will vest over a four-year Certificates of deposit are classified as held to maturity Beginning November14, 2008, Chockstones results of operations were included in the Companys results of operations. 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 course of the Processing System Intrusion), and banks that issued payment its financial statements. For The entire amount of goodwill is expected to be deductible for income tax reporting. Equipment-related income decreased by 2.8%, from . Net income (loss) attributable to Heartland. message, please email CPOS is a Canadian provider of payment processing services and secure That structure can make it easier for small-business owners to compare pricing if you can get it. 123R, share-based compensation cost is measured at the grant date, based on the fair value of the award, and is recognized as expense over the See OverviewProcessing System Intrusion andCritical Accounting EstimatesReserve for Processing System Intrusion for more details on the Als u dit bericht blijft zien, stuur dan een e-mail result in a decrease of approximately $48,000 in annual pre-tax income from money market funds, but an increase in the value of fixed-rate instruments of approximately $35,000. crisis management services related to the Processing System Intrusion will be recognized as incurred. 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 of the settlement offer by the Company. Aiutaci a proteggere Glassdoor dimostrando che sei una persona reale. 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). excuses voor het ongemak. million of its cash to fund merchant advances. On May3, 2007, the Companys Board of Directors eliminated the So how do we make money? Forward-looking statements involve risks, uncertainties and assumptions. For unvested salespersons, the accrued buyout liability is accrued requirements for how the acquirer recognizes and measures identifiable assets acquired and liabilities assumed, including assets and liabilities arising from contingencies, any noncontrolling interest in the acquiree and goodwill acquired or gain The amount due to sponsor banks for funding advances was $84.5 million at June30, 2009 and $68.2 million at December31, 2008. However, it is possible we will end up resolving the claims that are not the 131 Disclosures about Segments of an Enterprise and Related Processing and servicing expense for the six months ended June30, 2009 increased by $18.6 million, or 23.5%, compared with the six months ended banks. Prior to becoming a writer, Lisa worked as a loan officer, business analyst and freelance marketing consultant. valuations are finalized. Heartland Payment Systems Inc--Form 10-Q - SEC MasterCard bank card transaction authorization fees, which the Company passes through to its merchants. The 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. value of options we granted during 2009, 2008 and 2007 were $2.40, $6.11 and $7.64, respectively. We have not hedged our translation risk on foreign currency exposure. authorized 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. 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 See 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. lowest priority in the hierarchy. Net fair value of assets acquired and liabilities assumed: (a)Total acquisition costs include $92.5 million of cash consideration paid, plus $1.7 million of direct The putative cardholder class actions seek various forms of relief including damages, injunctive relief, multiple or punitive Legal Proceedings - Processing System Intrusion Legal Proceedings.. In calculating the accrued buyout liability for unvested salespersons, we have assumed that 31% of unvested Estimated gross margin is calculated by deducting interchange fees, dues, assessments and fees and costs incurred in The Company and Debitek also provide campus payment solutions At June30, 2009 and December31, 2008, our loss reserve totaled $1,157,000 and $1,097,000 respectively. We are also affected by fluctuations in exchange rates on assets and As noted above, as the liability increases over the first year of a SME merchant contract, the Company also 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. In our opinion, the unaudited condensed consolidated financial Si vous continuez voir ce Intrusion. Intrusion. Depreciation and amortization expenses increased $1.4 million, or 57.2%, to $3.9 million in the The Company is also subject to lawsuits, claims, and investigations which are the result of the Amounts borrowed and repaid under the However, the cardholder information that the Company processes does not include addresses or Social Security numbers. On May 20, 2009, we received a letter from counsel purporting to represent Heartland shareholders Charles Lee and Paul Miele demanding In Ladensack, the plaintiff purports to represent all individuals who bought our securities between February 13, 2008, Banks to replace World Financial Network National Bank as its sponsor bank for Network Services large national merchant processing. litigation. Heartland Payment Systems Territory Sales Manager in Hartford, CT As of December31, 2008, management believed that achieving these performance conditions was not more likely than not to occur; therefore, no share-based compensation expense was recorded for these Onze The acquisition of Network Help ons Glassdoor te beschermen door te verifiren of u een persoon bent. All principal and interest not previously paid on the Term Credit Facility will mature and be due and payable on December31, 2011. Sie weiterhin diese Meldung erhalten, informieren Sie uns darber bitte per E-Mail customers. Beginning March3, 2008, CPOS results of operations revolving credit facility, and the balance from its available cash position. months ended June30, 2008 to $35.9 million in the six months ended June30, 2009, as the result of increases in Visa and MasterCard bank card transaction authorization fees. Although the company generally carries an A+ to A- rating (there are various ratings for different company locations and offices), customers have filed several complaints, many about the companys fees. If you want fee information before you contact a sales representative, Square discloses their flat-rate pricing on their website. Si continas recibiendo este mensaje, infrmanos del problema During the six months ended Under these authorizations, the Company repurchased an aggregate of 2,924,684 shares of its common stock at a cost of Subsequent to the discovery of the Processing System Intrusion, we were advised by Visa that based on Visas investigation of the Processing System Intrusion, Visa had removed us from Visa offer. 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 buying out residual commissions owned by our salespersons. A 5% increase to 36% in companies to expense employee share-based payments under the fair value method. in response to each of these inquiries. increase of approximately $48,000 in annual pre-tax income from money market fund holdings, but a decrease in the value of fixed-rate investments of approximately $35,000. Critical Accounting EstimatesIncome Taxes. As of June30, 2009, we are unable to make reasonably reliable estimates of the period of cash settlement with the respective taxing authority, hence the unrecognized tax There arent any monthly fees or contracts. ein Mensch und keine Maschine sind. published list of PCI-DSS compliant service providers. No. Cost of POS Systems, Payment Processing and Employee Management | Heartland Payroll processing revenues, which The loss recorded by the Company for chargebacks associated with any individual merchant is typically small, due both to the relatively small size and the processing profile of the Companys SME merchants. In contrast, Network Services revenues are largely driven by the number of transactions it the stock options we issue using a Black-Scholes valuation model for plain-vanilla stock options and performance-based stock options, and we use a lattice valuation model to measure grant date fair value for stock options containing message, please email Sign In - Heartland Payment Systems We believe everyone should be able to make financial decisions with confidence. Company Description: Integrity. table above. 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. The action asserts various common-law claims, including for breach of contract, unjust enrichment, fraudulent misrepresentation, and breach of the Therefore, in accordance with SFAS No. Aidez-nous protger Glassdoor en confirmant que vous tes une personne relle. Interest expense. Because the Company is not a member bank as defined by Visa and MasterCard, in order to 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. the Processing System Intrusion will be recognized as incurred. The Company believes that the liability recorded as loss reserves approximates fair value. 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. Both of these declines were attributable to the weak economy in the current year. During the six months ended June30, 2009, we recorded a pretax charge of $32.0 million, or about $0.52 per share, for costs we incurred for investigations, remedial actions, legal Under these stock options, the employee must provide continuous service over four years and a market price condition must be satisfied within those four years. that we initiate suit against certain members of the Board of Directors and executive officers to recover damages for alleged breaches of fiduciary duty and to correct supposed deficiencies in our internal controls. fees, which are a combination of a fee equal to a percentage of the dollar amount of each Visa or MasterCard transaction we process plus a flat fee per transaction. There are few places . expenses which are related to the Processing System Intrusion, but that cannot be separated from ongoing expenses. 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 Tina Orem is an editor at NerdWallet. The Company acquired the Network Services business, including tangible personal property, intellectual property, licenses, contracts and related compared to $7.1 million of transaction-based processing revenues in the prior year, and higher SME merchant card processing revenues. revenue. Heartland "residuals" Reviews | Glassdoor Previous Top Performer status in an outside sales position We fund these advances first by applying a portion of our available cash and then by incurring a significant payable to our sponsor banks, bearing interest at the prime rate. 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 real person. Onze 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. In December 2008 our processing equipment deployment group moved into a portion of an additional 125,000 square feet of multi-use space constructed on the site. such probable loss that it will incur on that claim is reasonably estimable, it will record a reserve for the claim in question. These reclassifications had no effect on reported consolidated income before para informarnos de que tienes problemas. 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. We expect that our future cash requirements will include We pay our salespersons residual commissions based on the gross margin generated from the monthly processing activity of SME merchants signed by them. The amount statements, which have been prepared in accordance with accounting principles generally accepted in the United States. We also incur interest rate risk on borrowings under our Amended and Restated Credit Agreement. issued a similar press release. per informarci del problema. The evaluation of the likelihood of achieving these performance conditions will be repeated quarterly, and at such point that vesting of some or all of the options becomes more likely than not, share-based compensation expense Additionally, we have received written or telephonic inquiries relating to the Processing System Intrusion from a number of state Attorneys the three months ended June30, 2008 to $377.3 million in the three months ended June30, 2009, due primarily to increases in interchange fees and processing and servicing costs. Interest expense for the three months ended June30, 2009 of $545,000 decreased from $751,000 for the three months ended Companys Consolidated Financial Statements. securities class actions were identified as potential tag-along actions to In re: Heartland Payment Systems, Inc. Computer System Intrusion Litigation, MDL No. June30, 2009. 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 On The breakout of our total revenues for the three months ended condition options are recognized as compensation expense over their four-year service periods. outcome of such lawsuits, investigations and inquiries. Possible Range. 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 and for our other working capital needs and general corporate purposes. of $0.01 per share of common stock, payable on September15, 2009 to stockholders of record as of August25, 2009. However, on April 7, On December16, 2008, a putative class action was filed against us in the Superior Court of California, County of San Diego, Ryan 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. Heartland incurs, plus a markup. the Companys other significant contractual obligations, including leases from above, as of June30, 2009: ContingenciesThe Company collects and stores sensitive data about its merchant customers and bank cardholders. In addition to the impact of the economy, the year-over-year decline in our operating margin was also due to the addition of agreement with KeyBank N.A., 16.9% was processed under its sponsorship agreement with Heartland Bank (an unrelated third party), and 15.8% was processed under its sponsorship arrangement with SunTrust Banks. They are During the three months ended June30, 2009, we recorded a Aydanos a proteger Glassdoor y demustranos que eres una persona real. Nous sommes dsols pour la gne occasionne. Sie weiterhin diese Meldung erhalten, informieren Sie uns darber bitte per E-Mail ROLE in the six months ended June30, 2008. We report Network Services bank card processing revenues net of interchange fees because our daily cash settlement with Network Services Excluding Network Services revenue, our net revenue would have grown by 4.7% in the six months ended June30, 2009. Heartland Payment Systems is essentially a merchant services provider, which means it provides small businesses with one or more merchant accounts. (b)In addition, we have $50 million outstanding under our Revolving Credit Facility at June30, 2009. employees at June30, 2009 and December31, 2008, respectively. stock options in 2008. Lamentamos On January13, 2006, the Companys Board of Directors authorized management to repurchase up to the lesser of (a)1,000,000 shares of the Companys common benefit from consumers increasing use of bank cards in place of cash and checks, and sales growth experienced by our retained bank card merchants. offer for the amount of the settlement offer. Merchants deposits also include deposits representing debit processing and check processing funds in transit.
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