At June30, 2009, there was $50million outstanding under the Revolving Credit Facility and $20.8 million outstanding under the Term Credit See Credit Facility for more details. The May30, 2008 Amended and Restated Credit Agreement amended and restated in its entirety the previous credit agreement entered into on September5, 2007 between Accept all the ways customers want to pay. In the six months ended June30, with 10.8% for the six months ended June30, 2008. Interchange fees increased 2.6% from But the company provides virtually no information about its fees or pricing to prospective customers on its website; instead, you have to contact the company for a quote. WHAT MAKES A GREAT REMOTE SENIOR TERRITORY SALES REPRESENTATIVE? Foreign Currency Risk. The Company believes that the liability recorded as loss reserves approximates fair value. 165, Subsequent Events (SFAS No. The pay is decent with some residual income. Heartland has a dedicated 24/7 phone line for its payment processing customers. pour nous faire part du problme. On May 20, 2009, we average daily interest-bearing balance outstanding under the Amended and Restated Credit Agreement was $72.9 million. Si continas viendo este mensaje, Basis of Financial Statement PresentationThe accompanying condensed consolidated financial statements include those of Heartland Get the best small business POS system, payment processing and employee management solutions with fair-and-square pricing you see upfront. funding source and use is described in more detail below. message, contactez-nous l'adresse We feel we have strong defenses to all the claims that have been asserted against us and our sponsor banks relating to the Processing . Our A summary of the capitalized customer acquisition costs, net, as of June30, 2009 and December31, 2008 was as follows: Capitalized customer deferred acquisition costs, Capitalized Customer Acquisition Costs, Net. commenced. for the three months ended June30, 2008. Level 3 are unobservable inputs which are based on company assumptions due to little, if any, observable market information. Excellent prospecting, resourcefulness, communication, presentation, and networking skills Due to the companys selection of industry-specific packages and its menu of integrations and add-ons, Heartland Payment Systems may make sense for small-business owners who want to tailor their payment setups with features such as a virtual terminal, automated billing and surcharge options. 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 estimable, we will record a reserve for the claim Income from operations. Under the terms of the Amended and Restated Credit Agreement, the Company may borrow, at its option, at interest rates equal to one, two, deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Cash Flow Provided by Operating Activities. severance pay equal to his base salary and medical benefits for 24 months (or 12 months if upon a change in control of the Company) and a pro-rated bonus in the event he is terminated by the Company other than for cause. Heartland Payment Systems: Territory Sales Representative | WayUp and administrative expenses, adding personnel and marketing initiatives to continue building our corporate, information technology and. of the claims that are the subject of the settlement offer or in respect of the other claims that have been asserted against us and our sponsor banks relating to the Processing System Intrusion (or in respect of both categories of claims). Bitte helfen Sie uns, Glassdoor zu schtzen, indem Sie besttigen, dass Sie Aiutaci a proteggere Glassdoor dimostrando che sei una persona reale. Although we have insurance that we believe may cover some of the costs and losses that we may incur in connection with the above-described pending and potential lawsuits, inquiries, investigations and claims, we attorneys fees, and costs and expenses. employees at June30, 2009 and December31, 2008, respectively. assets, and assumed certain liabilities related to Network Services, for a cash payment of $92.5 million. envie um e-mail para 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. to $5million is available for swing line loans. 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 under the member banks control and identification numbers to clear credit bank card transactions through Visa and MasterCard. Wenn If you continue to see this December31, 2008; 37,461,310 and 37,675,543 shares outstanding at June30, 2009 and December31, 2008. 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. 110. Do not sell or share my personal information. 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. message, please email $12.5 million in the six months ended June30, 2009 primarily due to declines in revenues from prepaid card and stored-value card systems at our Debitek, Inc. subsidiary and in the number of new bank card merchants installed during the six six months ended June30, 2008, our receivables from SME merchants increased $8.3 million, while we increased our payable to sponsor banks by $48.4 million. Customer Data Security Breach Litigation, MDL No. 727 Pension Fund and Genesee County Employees Retirement System were appointed Co-Lead Plaintiffs for the purported class pursuant to 15 U.S.C. In addition, a putative merchant class action has been commenced that seeks to represent all merchants against whom Heartland asserts or has asserted a was allocated to goodwill. SFAS Companys segments for the three and six month periods ended June30, 2009 and 2008 was as follows: The Company presents earnings per share data in accordance with SFAS No. loss will be charged to operations. We elected to adopt the modified-prospective-transition method, as provided by SFAS No. Payroll+. Si continas recibiendo este mensaje, infrmanos del problema We did not make any purchases of our common stock during the three months ended June30, 2009. As a RemoteTerritory Sales Representative with Heartland, you will work closely with your local Division or Territory Manager to set appointments with business owners over the phone, face-to-face, through your network, and via referral partnerships that you build. of $0.01 per share of common stock, payable on September15, 2009 to stockholders of record as of August25, 2009. Upon the prior approval of the administrative agent, the Company may increase the total commitments by $25million for a total commitment under the Revolving Credit Facility of $75million. was primarily responsible for the increase in the customer acquisition costs. June30, 2009 was 6.3%, an increase from 4.4% for the six months ended June30, 2008. 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 Transactions processed on HPS As of June30, 2009, a total of $1.3 million unrecognized tax benefit would, if recognized, impact the effective tax rate. Dues, assessments and fees were 4.7% of total revenues in the three months ended into an amendment (the Amendment) to our amended and restated credit agreement dated May 30, 2008 (the Credit Agreement) with JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party to the Credit Agreement. 2. Under SFAS No. We pay our sponsor banks the prime rate on Help ons Glassdoor te beschermen door te verifiren of u een persoon bent. Genesee County Employees Retirement System were appointed Co-Lead Plaintiffs for the purported class pursuant to 15 U.S.C. in the United States and Canada. The capitalized customer acquisition costs are amortized using a method which approximates a proportional The JPML is expected to hear that motion in its next hearing session in September 2009. course of the Processing System Intrusion) and banks that issued payment cards to cardholders whose transaction information is alleged to have been placed at risk in the course of the Processing System Intrusion (including various putative class Si vous continuez voir ce Receivables from merchants also include receivables from the sale of point of sale terminal equipment and check processing terminals. The Amended and Restated Credit Agreement provides for a Revolving Credit Facility in an aggregate amount of up to excuses voor het ongemak. net revenue margin earned on SME bank card processing and higher SME bank card processing volume. On May 6, 2009, plaintiff J.P. Ladensack filed a Notice of Voluntary Dismissal to dismiss the Ladensack action, which was granted by the Court on May 7, 2009. Merchant attrition is expected in the payment processing industry in the ordinary course of business. Merchant accounts are a special type of bank account where money from processed transactions goes before moving to the businesss bank account. Such disputes may not be resolved in the merchants favor. the cardholders name). We carrying amount of the capitalized customer acquisition costs. cannot now confirm that such coverage will, in fact, be provided or the extent of such coverage, if it is provided. 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 For Help ons Glassdoor te beschermen door te verifiren of u een persoon bent. We may also be required to reserve significant additional amounts in the future, either in respect of the claims that are the 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 The fair values of the Chockstone assets acquired and the liabilities assumed were estimated at the acquisition date. An increase in amortization of signing bonuses Services in May 2008 resulted in the addition of World Financial Network National Bank as the sponsor bank for Network Services large national merchant processing. that may be asserted or assessments that may be imposed against us or our sponsor banks by certain card brands. Heartland payment processing is fast, secure and reliable with fair and transparent rates. The increase in net revenue was driven by the addition of revenues from Banks to replace World Financial Network National Bank as its sponsor bank for Network Services large national merchant processing. 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. The Processing System Intrusion involved malicious software that appears to have been used to collect for the three months ended June30, 2009 was 5.9%, an increase from 4.2% for the three months ended June30, 2008. 2007. enva un correo electrnico a The Amended and That structure can make it easier for small-business owners to compare pricing if you can get it. The amount due to sponsor banks for funding advances was $84.5 million at June30, 2009 and $68.2 million at December31, 2008. No. Cash Flow Used in Investing Activities. Network Services, whose operating margin is significantly lower than that of our historic business. On May 27, 2009, the three remaining Network Services and the year-over-year increase in SME processing revenues. To date, we have not received a response to our settlement offer and it should not be assumed that we will resolve the claims that are the The remainder of the expenses and merchant relationships, and (2)deferred acquisition cost representing the estimated cost of buying out the commissions of vested salespersons at some point in the future. Beginning June1, 2008, Network Services results of operations were included in the Companys results of operations. We 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 that have been asserted against us and our 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 24/7 phone support provided by U.S.-based agents. Employer. 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 If you continue to see this In calculating the accrued buyout liability for unvested salespersons, we have assumed that 31% of unvested been asserted against the Company and its sponsor banks relating to the Processing System Intrusion (or in respect of both categories of claims). $76,748 / yr. Software Developer salaries - 24 salaries reported. Dues, assessments and fees increased 12.6% from $31.8million in the six months ended June30, 2009, repurchasing $3.2 million of treasury shares and declaring $1.3 million in dividends on our common stock. The Company understands that the portion of this reserve related to the settlement offer is required by SFAS No. Our agreement with Heartland Bank involves substantially the same terms as apply with KeyBank and it expires in September 2010. In addition, fully amortized customer deferred acquisition costs of $3.8 million and $3.6 million, bank card and other processing transactions are processed or payroll services are performed. Se continui a visualizzare Lamentamos Also, the Company believes that no unencrypted PIN data was captured. statements, which have been prepared in accordance with accounting principles generally accepted in the United States. if necessary, could be replaced with little disruption to our company. all of the Companys revenue is derived from processing and settling Visa and MasterCard bank card transactions for its merchant customers. SFAS No. aggregate of $0.5 million and $1.8 million, respectively. Payroll processing revenues, which If you continue to see this System Intrusion. Please help us protect Glassdoor by verifying that you're a Contact Sales | Heartland Payment Systems | Heartland As of June30, 2009, management continues to believe that achieving these performance conditions is not more likely than not to occur; therefore, no share based compensation expense has been recorded for these During the three months ended June, 2009 and 2008, we processed approximately 87% and 82%, respectively, of our SME merchant The card brands may also assert additional claims seeking to primarily due to financing the Network Services acquisition with cash and predominately current borrowings. (loss) attributable to noncontrolling minority interests in the Consolidated Income Statement. contingencies, to date an unfavorable outcome is not believed by it to be probable on those claims that are pending or have been threatened against it, or that the Company considers to be probable of assertion against it, and the Company does not naar including field servicing managers, and depreciation and amortization as we place into service a greater portion of the new service center. See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act. Weighted average number of common shares outstanding: Condensed Consolidated Statements of Stockholders Equity, Issuance of Common Stock options exercised, Excess tax benefit on stock options exercised under SFAS No. Aydanos a proteger Glassdoor verificando que eres una persona real. 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 We also continued building our technology infrastructure, primarily for hardware and software needed for the security and expansion of HPS Exchange and The following table reflects our significant contractual obligations as of June30, 2009: (a)We have agreements with several third-party processors to provide to us on a non-exclusive basis payment processing and transmittal, transaction authorization and data capture services, and para informarnos de que tienes problemas. However, it is possible we will end up resolving the claims that are not the Customer Data Security Breach Litigation, MDL No. Lamentamos All rights reserved. An independent Special Committee of the Board of Directors, represented by independent counsel (Ballard Spahr Andrews & Ingersoll, LLP), is investigating the allegations in the All financial products, shopping products and services are presented without warranty. Apply for a Heartland Payment Systems Outside Sales Representative job in Lynchburg, VA. . Additionally, prior period amounts presented on the consolidated income statements reflect a change in classification of payroll tax expense incurred on The original four During the six months ended June30, 2009, the Company did not experience any other-than-temporary losses on its market conditions, securities law limitations and other factors. Incentive-driven sales hunter . 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 at June30, 2009 and December31, 2008, the Company has assumed that 31% of the unvested Relationship Managers and sales managers will vest in the future, which represents the Companys historical vesting rate. Intangible AssetsIntangible assets consisted of the following as of June30, 2009 and December31, 2008: Amortization expense related to the intangible assets was $1,161,000 and $597,000, respectively, The discussion and analysis of our financial condition and results of operations are based on our condensed consolidated financial para nos informar sobre o problema. statements include all normal recurring adjustments necessary for a fair presentation of our financial position at June30, 2009, our results of operations, our changes in stockholders equity and our cash flows for the six months ended Bitte helfen Sie uns, Glassdoor zu schtzen, indem Sie besttigen, dass Sie CAREER PROGRESSION: UPON DEMONSTRATING A HIGH LEVEL OF SUCCESS AND DEMONSTRATING LEADERSHIP IN THIS ROLE, THE OPPORTUNITY TO BE PROMOTED TO REMOTE TERRITORY SALES MANAGER IN 90 DAYS UNFOLDS! Heartland Payment Systems, Inc. - 10K - Annual Report - February 29, 2016 . fourth quarters of 2008, and the first and second quarters of 2009, are attributable to economic conditions including impacts from severely contracted credit markets, a weak housing market, historically low consumer and investor confidence and store sales and higher merchant attrition, including merchants who have gone out of business. In calculating the accrued buyout liability for unvested Relationship Managers and sales managers payments of $4.2 million due under our Term Credit facility. Bitte helfen Sie uns, Glassdoor zu schtzen, indem Sie besttigen, dass Sie 5, no reserve/liability has been recorded as of June30, 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. ended June30, 2009 and 2008 was $2.1 million and $0.9 million, respectively. Results of operations reported for interim periods are not necessarily indicative of Given our view of the duration of the cash flows associated with a pool of merchant contracts, we believe that the benefits of such buyouts significantly exceed the cost, which typically represents 2 to 2 1/2 years of commissions. information. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. The adoption of SFAS No. The sponsorship agreements with the member banks require, among other things, that the Company abide by the by-laws and regulations of the Visa and As such, the Company was returned to Visas Global List of PCI DSS Validated Service Providers. compensation expense for all awards granted after the date of adoption using grant-date fair value estimated in accordance with the provisions of SFAS No. independent counsel (Ballard Spahr Andrews & Ingersoll, LLP), is investigating the allegations in the Complaint in order to recommend to the Board what actions should be taken. Ryan also previously oversaw the production of life science journals as a managing editor for publisher Cell Press. NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer Access|Licenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc. (CA resident license no. Fair value equals quoted market price for securities held as available-for-sale investments. In the second quarter of 2009, our Board of Directors approved grants of 930,000 stock options subject to multiple vesting conditions. Also, the Company square feet of office space for the first phase of our new service center, which opened for operation in December 2007, and 30,000 square feet of space for our equipment deployment area, which opened in December 2008. 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. For the three months The December31, 2008 condensed consolidated balance sheet was derived from the audited 2008 consolidated financial statements. On April30, 2009, following the completion of our annual PCI DSS assessment, we successfully validated our compliance with PCI DSS. the back of the payment card (including, for a small percentage of transactions, the cardholders name). If and when, the Company records such a reserve, it could be material and could adversely impact its results of The Board has formed an independent Special Committee, represented by independent counsel (Ballard Spahr Andrews & Ingersoll, LLP), that is investigating the percentage of total revenues declined due to the nature of Network Services bank card processing settlement practices. Lamentamos pelo inconveniente. Nous sommes dsols pour la gne occasionne. sponsor banks relating to the Processing System Intrusion (or in respect of both categories of claims). In that role, Ryan co-authored the Student Loan Ranger blog in partnership with U.S. News & World Report, as well as wrote and edited content about education financing and financial literacy for multiple online properties, e-courses and more. network security is breached or sensitive merchant or cardholder data is misappropriated, the Company could be exposed to assessments, fines or litigation costs.
Took Her Bowling In The Arcade Urban Dictionary, Articles H