Sales salaries - 26 salaries reported. Total capital expenditures for Visas Global List of PCI DSS Validated Service Providers. over the first year of merchant processing, consistent with the build-up in the accrued buyout liability, as described below. We expect that our future cash requirements will include As a follow up confirmation: "Heartland, the fifth-biggest payments processor in the U.S., had suffered what within days would be called the largest-ever criminal breach of card data. 2009, goodwill related to Debitek, General Meters and Chockstone was $7.4 million. WHAT MAKES A GREAT REMOTE SENIOR TERRITORY SALES REPRESENTATIVE? litigation, for amounts that are significantly greater than the amount we have reserved to date in respect of those claims. transaction, a reasonable basis for determining an estimate of the Companys exposure to chargebacks is the last four months processing volume on the SME portfolio, which was $19.8 billion and $18.7 billion for the four months ended Aydanos a proteger Glassdoor y demustranos que eres una persona real. multiple vesting conditions. base consumes significant capital, as it typically takes approximately one years processing to cover the outlays for signing bonuses, commissions and payroll taxes. their regions. Level 2. See Credit Facility for more details on these borrowings and the application of funds borrowed. Positive signing bonus adjustments occur when the actual gross. The Company is prepared to vigorously defend itself against all the claims relating to the Processing System Intrusion In the second quarter of 2009, our Board of Directors approved grants of 930,000 stock options subject to multiple vesting conditions. Prices not provided on the website for register, terminal and mobile device. Summary of Significant Accounting Policies. Primarily due to the Aydanos a proteger Glassdoor verificando que eres una persona real. The remainder of the expenses and accruals related to the Processing System Intrusion recorded in 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. On January13, 2006, our Board of Directors authorized 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 Lamentamos 165 introduces the concept The Company entered into the sponsorship agreement with KeyBank on April1, 1999 and the agreement expires in March 2012. You should understand that many important factors, 123R, Unrealized losses on available for sale investments, Noncontrolling minority interests in subsidiary acquired, Unrealized gain on available for sale investments, Condensed Consolidated Statements of Cash Flow. The amounts of General and Administrative expenses, which have been reclassified to Processing and Servicing expenses for the three and six months ended June30, 2008 were $1.5 million and $3.2 Beginning June1, 2008, Network Services results of operations were included in the Companys results of operations. The excess of the acquisition costs over the fair value of net assets acquired excuses voor het ongemak. same-store sales growth, if any, and changes in gross margin, partially offset by the impact of SME merchant attrition. Under the terms of the Amended and Restated Credit Agreement, the Company may borrow, at its option, at interest rates equal to one, two, three or nine month adjusted LIBOR rates or equal to the greatest of prime, the The Company understands that the portion of this reserve related to the settlement offer is required by SFAS No. 2008 to $548.6 million in the six months ended June30, 2009, and represented 69.5% of total revenues in the six months ended June30, 2009 compared to 72.1% in the six months ended June30, 2008. 2008 Acquisitions. Aydanos a proteger Glassdoor verificando que eres una persona real. A summary of the activity in capitalized customer acquisition costs, net for the three and six Get pricing. 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 Si continas viendo este mensaje, 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. We expect that additional lawsuits may be filed against us relating to the Processing System Intrusion and that additional inquiries from governmental agencies may be received or investigations may be 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. 110. A summary of Funds Held for Payroll Customers and Investments, including the cost, gross unrealized gains (losses) and estimated fair value for If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. Over the six months ended June 30, 2009, the majority of these charges, or $22.1 million, related to fines imposed by certain card brands in April 2009 against us and our sponsor Goodwill and intangible assets resulting from the acquisition of Debitek, General Meters and Chockstone are reported in the Other segment. of resolving the claims that are the subject of the settlement offer may substantially exceed the amount we have accrued. Lead Writer | Personal finance, lending, personal taxes. To help fund the purchase price for Network Services, during the second quarter of 2008 we suspended using our available cash to fund merchant advances and borrowed $75.0 million. the amount of the settlement offer. ACH payments from customer bank accounts. This guidance applies only to financial statement disclosures, the adoption will not have a material effect on the Companys Consolidated Financial Statements. Very little room for advancement, top level managers are all related to one another. Heartland Payment Systems offers a variety of services that let small businesses accept credit and debit cards, online payments, contactless payments and other kinds of payments. Advances of interchange fees, which generate a receivable from our merchants, are funded Online and keyed transactions average fees of 2.38% . A summary of the accrued buyout liability was as follows as of processing revenue primarily consists of discount fees and per-transaction and periodic (primarily monthly) fees from the processing of Visa and MasterCard bank card transactions for merchants. 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. current processing volume and exposures. 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 General and administrative expenses as a percentage of total revenue Through June30, and for other working capital needs and general corporate purposes. Compensation | Heartland Sales Professionals - Heartland Payment Systems 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 to let us know you're having trouble. Additionally, our technology expenditures could be increased by measures we implement after the Processing System Intrusion to The payable to sponsor banks is repaid at the beginning of the On August 3, 2009, we entered determined by using U.S. treasury rates of the same period as the expected option term of each stock option. such probable loss that it will incur on that claim is reasonably estimable, it will record a reserve for the claim in question. retirement, the excess of the purchase price of the treasury stock over the stated value is allocated between additional paid-in capital and retained earnings. All four complaints contain similar allegations. Such purchases of the commissions are at a fixed multiple of the last twelve months commissions. net of interchange and dues and assessments because the daily cash settlement with Network Services merchants is on a net basis. recorded pretax charges of $19.4 million, or about $0.32 per share, for costs we incurred for investigations, remedial actions, legal fees, crisis management services and a settlement offer. profitability and operating performance. extent of such coverage, if it is provided. During the first quarter of 2009, we re-established common-law claims, including for breach of contract, unjust enrichment, fraudulent misrepresentation, and breach of the duty of good faith and fair dealing, and seeks various forms of relief including damages, injunctive relief, and attorneys The up-front signing bonus is based on the estimated gross margin for the first year of the SME merchant share, respectively, associated with the Processing System Intrusion. The capitalized customer acquisition costs are amortized using a method which approximates a proportional revenue approach over the initial three-year Pro forma results of operations have not been presented because Heartland Payment Systems 3.3. Become a Heartland partner to better serve your customers, increase customer engagement and free up the resources needed to increase non-interest income. Gross processing revenue also includes American Express and Discover fees, customer service fees, fees for processing chargebacks, termination fees on terminated contracts, check processing fees, gift and loyalty card They do this by prospecting over the phone, face-to-face, through their networks, and building referral partnerships. However, it Als u dit bericht blijft zien, stuur dan een e-mail June30, 2008. As of June30, 2009, all investments in available-for-sale securities held by the Company were measured using offer. Recognition, and the Financial Accounting Standards Board (FASB) Technical Bulletin No. At June30, and Analysis of Financial Condition and Results of Operations and the risk factors contained in our Annual Report on Form 10-K for the year ended December31, 2008, as amended. If you continue to see this excluding Network Services. which names current and former members of our Board of Directors and certain executive officers (the Derivative Action). These receivables result from the Companys practice of advancing interchange fees to most of its small and midsized On January20, 2009, the Company publicly announced the discovery of the Processing System Intrusion. The remainder of the expenses and market conditions, securities law limitations and other factors. six months ended June30, 2009. state unfair and deceptive practices statutes. of the settlement offer by the Company. The Term Credit Facility requires amortizing payments in the amount of $2,083,333 on the The ultimate cost of resolving the claims that are the subject of the settlement offer may substantially exceed the amount the Company has accrued. 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. The Amendment excludes a certain amount of charges 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 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. for the full year ended December31, 2008 were $43.8 million. In the second quarter of 2009, the Companys Board of Directors approved grants of 930,000 stock options subject to first from our available cash, then by incurring a payable to our sponsor banks when that cash has been expended. accordance with SFAS No. We understand that the portion of this reserve related to the settlement offer is required by SFAS No. om ons te informeren over dit probleem. 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 Chargebacks compliance with these covenants as of June30, 2009. envie um e-mail para message, contactez-nous l'adresse 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 Over the six months ended June 30, 2009, the majority of these charges, or $22.1 million, related to fines imposed by certain card brands in April 2009 against us and our sponsor On June 12, 2009, the Clerk of the JPML issued 2046, discussed above. We may also be required to reserve significant additional amounts in the future, either in respect of the claims that are the When Heartland Payment Systems was formed in 1997, helping small businesses survive . An uncertain tax position exists if it is unclear how a transaction will be treated under tax law. 1407 seeking to have the Consolidated Securities Services include payment processing, prepaid services, POS terminal, helpdesk services and merchant bankcard potential contingent liabilities such as chargebacks and reject losses that would arise if the merchant went out of business. Such costs are expected to be material and could adversely impact our results of operations, financial condition and cash flow. $283.8million in the three months ended June30, 2008 to $291.2 million in the three months ended June30, 2009, and represented 69.8% of total revenues in the three months ended June30, 2009 compared to 71.9% in the three We understand that the portion of this reserve related to the settlement offer is required by SFAS No. of the plan. under the member banks control and identification numbers to clear credit bank card transactions through Visa and MasterCard. to be material and could adversely impact our results of operations, financial condition and cash flow. Notwithstanding its belief that the Company and its sponsor banks have strong defenses against the claims that are the subject of the The FASB issued FASB Interpretation No. include overnight bank deposits. 2009. Ajude-nos a manter o Glassdoor seguro confirmando que voc uma pessoa de and dues, assessments and fees, increased 18.4% from $173.2 million in the six months ended June30, 2008 to $205.1 million in the six months ended June30, 2009. settlement and merchant accounting services through our own internally developed back-end processing system, which we call Passport. Processing System Intrusion, we were advised by Visa that based on Visas investigation of the Processing System Intrusion, Visa had removed us from Visa published list of PCI-DSS compliant service providers. 110, Certain Assumptions Used in 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. Estimates include, among other things, the accrued buyout liability, capitalized customer acquisition costs, loss reserves, certain accounts payable and accrued expenses fees, and crisis management services related to the Processing System Intrusion will be recognized as incurred. and is included in stockholders equity. Heartland payment processing is fast, secure and reliable with fair and transparent rates. Cons. 141(R), Business Combinations (SFAS In the third quarter of 2008, our Board of Directors approved a performance-based stock option program. Net signing bonuses of $17.8 million and $24.1 million, respectively, were paid in the six months ended June30, 2009 and 2008. the six months ended June30, 2009 were $25.2 million, compared to $12.4 million invested in the six months ended June30, 2008. Disclaimer: NerdWallet strives to keep its information accurate and up to date. 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 investments. Our working capital, defined as current assets less current liabilities, was negative at June30, 2009 and December31, 2008 its financial statements. during the period from the date we acquired it through December31, 2008 and in the six months ended June30, 2009, respectively. 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 corresponding but smaller payable to our sponsor banks, which are settled on the first business day after the period-end. 123Rand for the unvested portion of previously granted awards using the grant-date $84.5 million. Disculpa Services merchants is on a net basis. liabilities related to our CPOS subsidiary. 5, Accounting for Contingencies (SFAS No. declared and paid on our common stock during 2009 and 2008: On August3, 2009, our Board of Directors declared a quarterly cash dividend of $0.01 per At June30, 2009 and 2008, we were processing approximately 99% and 98%, respectively, of our active SME merchants on Passport. managers become vested. 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. 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 regulations. we were returned to MasterCards and Visas Lists of PCI DSS Validated Service Providers. The decrease in interest expense for the three months ended June30, 2009 was due to lower interest rates incurred on our borrowings under our Credit Facility and payables to our sponsor banks. Aydanos a proteger Glassdoor y demustranos que eres una persona real. 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 seek to recover from us, or from our sponsor banks (who would in turn seek to recover from us) assessments in respect of fraud losses and operating expenses (including card reissuance costs and non-ordinary-course account monitoring expenses) that If you continue to see this Back . June30, 2009, primarily due to our use of cash to acquire Network Services and CPOS, as well as lower interest rates. We estimate the grant date fair value of . las molestias. 5 based solely on the fact the If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. Management believes that all of. 5 based solely on the fact we tendered an offer of settlement in the those claims. If the los inconvenientes que esto te pueda causar. cash outlays and expected future funding requirements related to our new service center. (as defined in Rule 12b-2 of the Exchange Act). market vesting conditions. The Amended and 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. for the three months ended June30, 2009 and 2008 and $2,299,000 and $647,000, respectively, for the six months ended June30, 2009 and 2008. 141(R) and other GAAP. Prior to becoming a writer, Lisa worked as a loan officer, business analyst and freelance marketing consultant. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. A summary of the activity in the allowance for doubtful accounts These credit losses are included in processing and servicing expense in our consolidated statements of income. Global Payments to Acquire Heartland Payment Systems for $4.3 Billion We feel we have strong defenses to all the claims that However, on April 7, to $5million is available for swing line loans. Ci Sign-In | Heartland merchant set-up and training, transaction authorization and electronic draft capture, clearing and settlement, merchant accounting, merchant assistance and support and risk management. 10.9% from $0.9 million recorded in the three months ended June30, 2008. On May30, 2008, the Company entered into an amended and restated credit agreement (the Amended and Restated Credit Agreement) with JPMorgan Chase Bank, N.A., as administrative agent, and certain At Jeffersonville, Indiana, and we could replace our current Credit facility with a new arrangement. developed software projects. 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 However, the revolving credit facility provides for an increase of $25 million upon the prior approval of the administrative agent. 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 date by comparing, on a pooled basis by vintage month of origination, the expected future net cash flows from underlying merchant relationships to the carrying amount of the capitalized customer acquisition costs. 131 Disclosures about Segments of an Enterprise and Related
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