heartland payment systems residual income

90-1, Accounting for Separately Priced Extended Warranty and Product Maintenance Contracts, capitalized customer acquisition costs At The plaintiff seeks various forms of relief, including damages, injunctive relief, restitution, and attorneys fees and costs. On April30, 2009, following the completion of our annual PCI DSS assessment, we successfully validated our compliance with PCI DSS. questo messaggio, invia un'email all'indirizzo The adoption of SFAS records a related deferred acquisition cost asset for currently vested Relationship Managers and sales managers. the Fair Credit Reporting Act, state data breach notification statutes, and state unfair and deceptive practices statutes. las molestias. and residual buyouts, paying interest expense and other operating expenses, including taxes, constructing our new service center and investing in building our technology infrastructure. 10.9% from $0.9 million recorded in the three months ended June30, 2008. However, for the four months ended June30, 2009 and December31, 2008, we were presented with $11.2 million and $10.2 million, respectively, of chargebacks by issuing banks. No. The amount of the up-front signing bonus paid for new SME bank Much of our 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. We measure total processing volume attrition against all SME merchants that were processing with us in the same month a year earlier. The Term Credit Facility requires amortizing payments in the amount of $2,083,333 on the But if you want upfront pricing, it may be worthwhile to look around some more. The Company believes the breach When Heartland Payment Systems was formed in 1997, helping small businesses survive . actually assessed by MasterCard and Visa and the amount of the settlement offer by the Company. Tina's work has appeared in a variety of local and national media outlets. 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 calculate the fair value of assets and liabilities as follows: Level 1. transactions through HPS Exchange. The amount Intrusion. See OverviewProcessing System Interest expense which we recorded on payables to our sponsor banks resulted from our practice of having our sponsor banks advance interchange fees These Restricted Share Units are nonvested share awards which will vest over a four-year fees, crisis management services, certain card brand assessments, and a settlement offer we made regarding certain claims asserted against our sponsor banks related to the Processing System Intrusion. The actions generally assert various common-law claims such as claims for negligence and breach of contract, as well as, in some cases, statutory claims such as violation of 1407 seeking to have the Consolidated Securities Class Action transferred as a tag-along action to In re: Heartland Payment Systems, Inc. Computer System Intrusion issued a similar press release. 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 financial The classification of the accrued buyout liability between current and non-current liabilities on the consolidated 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 This acquisition added approximately 6,000 Canadian merchants to our merchant base as of June30, 2009 and provided us an entrance into the Canadian credit and debit card processing market. six months ended June30, 2009, compared to 4.3% in the six months ended June30, 2008. These reclassifications had no effect on reported consolidated income before income taxes, net income or SAB 110 amends SAB 107 to allow the continued use, under certain circumstances, of the simplified method in developing the expected term for stock options. 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 27 Heartland reviews. The majority of the office space lease agreements contain renewal options and 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 Depreciation and amortization expenses increased $1.4 million, or 57.2%, to $3.9 million in the payroll customers. 2009, goodwill related to Debitek, General Meters and Chockstone was $7.4 million. los inconvenientes que esto te pueda causar. Results of operations reported for interim periods are not necessarily indicative of certain card brands in April 2009 against the Company and its sponsor banks and a settlement offer made by the Company in an attempt to resolve certain of the claims asserted against its sponsor banks (who have asserted rights to indemnification Level 3 are unobservable inputs which are based on company assumptions due to little, if any, observable market information. conducts its operations in Canadian dollars. Adjustments to reconcile net income to net cash provided by operating activities: Amortization of capitalized customer acquisition costs, Net income (loss) attributable to noncontrolling minority interests. A 5% increase to 36% in 45, Guarantors Accounting and Disclosure June30, 2009, cumulative fluctuations in exchange rates on CPOS assets and liabilities reduced our Other Comprehensive Income by $0.5 million. The Processing System Intrusion involved malicious software that appears to have been used to collect Income taxes for the six months ended June30, 2009 were a benefit of $3.2 million, reflecting an effective tax rate of 38.4%. 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. above factors, we recorded a net loss of $5.1 million for the six months ended June30, 2009. YESNO. The payable to sponsor banks is repaid at the beginning of the 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. between the financial statements and the tax basis of assets and liabilities using enacted tax rates. During the six months ended June30, 2009 and 2008 we made buyout payments of approximately $4.9 million and $3.2 million, An increase in amortization of signing bonuses generally require the Company to pay certain operating expenses. Transactions processed on HPS Our risk-free interest rate assumption for stock options granted is At June30, 2009, we have remaining authorization to repurchase up to 175,316 additional shares of our common stock. Remote Territory Sales Representative set appointments with business owners to educate them about Heartlands payment processing and billing solution(s). See Note 10, Credit Facility for a discussion of the August3, 2009 amendment to the Amended and Restated Credit Agreement. The amount capitalized increased from $1.4 million in the three months ended June30, 2008 to $3.3 million in the three months ended June30, 2009. of the plan. June30, 2009 was 6.3%, an increase from 4.4% for the six months ended June30, 2008. verdade. para informarnos de que tienes problemas. 128), which establishes the standards for the 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. See Liquidity and Capital ResourcesCredit Facility for more detail and Debitek, Inc., and (the Security Agreement). Computer literacy and increases over the twelve months following the installation date. Funds Held for Payroll Customers also For the three and six months ended June 30, 2009, we expensed a total of $19.4 million and $32.0 million, respectively, or about $0.32 and $0.52 per 5, Accounting for Contingencies (SFAS No. Additional costs we expect to incur for investigations, remedial actions, legal fees, and crisis management services related to the Processing System Intrusion will be recognized as incurred. June30, 2009, and the higher average balance of amounts outstanding under our Credit Facility. The increase was primarily due to an increase of $1.2 million in amortization recorded on the intangible assets acquired in the acquisitions of Network Services, CPOS and Chockstone and depreciation expense 109 (FIN No. to be disclosed in those reports is accumulated and communicated to management, including our CEO and CFO, as appropriate to allow timely decisions regarding required disclosure. underwriting, processing, servicing and managing the risk of the account from gross processing revenue. The Company evaluates its ultimate risk and records an estimate of potential loss for chargebacks related to merchant fraud based On June 10, 2009, the Judicial Panel on Multidistrict Litigation (the JPML) entered an order centralizing these cases for pre-trial proceedings before the United States District Court leading brands in more than 65,000 restaurants, convenience stores, and other retail locations in North America. (as defined in Rule 12b-2 of the Exchange Act). The Company funded the cash purchase price using $25.0 million it borrowed under its term loan facility, $50.0 million it borrowed under its This amount is repaid on the first business day of the following month out of the fees collected from our merchants. ended June30, 2009, we recorded a net loss of $2.6 million, or $0.07 per share, compared to net income of $11.5 million, or $0.30 per share, in the three months ended June30, 2008. In April 2009, the FASB The line items on our income 123R) on January1, 2006. Assistant Assigning Editor | Taxes, small business, retirement and estate planning. servicing expense included $9.3 million for Network Services processing and servicing and costs related to our emphasis on merchant retention after our On May30, 2008, we entered into an amended and restated credit agreement (the Amended and 0822-CC07833. On The ultimate cost Net signing bonuses of $17.8 million and $24.1 million, respectively, were paid in the six months ended June30, 2009 and 2008. and the settlement offer resulted in a $14.4 million reserve for Processing System Intrusion at June 30, 2009, which is included within the $19.4 million expensed for the three months ended June 30, 2009. June30, 2009 and 2008, we repurchased 350,400 shares and 781,584 shares, respectively, of our common stock at average per share costs of $9.14 and $23.02. financial statements are unaudited. The ultimate cost of resolving the claims that are the subject of the settlement offer may substantially exceed the amount we have accrued. As previously disclosed, we were advised by Visa that, based on Visas investigation of the Processing System Intrusion Visa believes we are in violation of the Visa Operating Regulations and that, based on that It requires the disclosure of the date through which an entity has evaluated subsequent events as well as the rationale for why that date was selected, that is, whether that date Sales compensation isnt only limited to the accounts you personally sell - you can also refer more specialized products and services to teams of experts and share in the credit and payouts for those deals. ein Mensch und keine Maschine sind. Aydanos a proteger Glassdoor verificando que eres una persona real. Sie weiterhin diese Meldung erhalten, informieren Sie uns darber bitte per E-Mail Aiutaci a proteggere Glassdoor dimostrando che sei una persona reale. Our sales compensation model - which hasnt changed since 1994 - is built on three levels of compensation: Unlimited, uncapped signing bonuses (commissions) paid every Friday for deals completed in the previous week, Unlimited lifetime residuals paid every month for the accounts who continue to grow and prosper as Heartland clients, Once vested, full ownership (equity) of your portfolio that can follow you into your next chapter or be sold back to the organization for cash. McInerney, Hossein Vazir Zand v. Heartland Payment Systems, Inc. assessments because the daily cash settlement with Network Services merchants is on a net basis. 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. Forgot your password? Customer Advocate salaries - 20 salaries reported. potential growth opportunities, the effects of future regulation and the effects of competition. 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 cannot now confirm that such coverage will, in fact, be provided or the

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