Heartland Payment Systems

Heartland, Inc. Payment Systems was a provider of payment services and technologies in the Fortune 1000 in the US. Founded in 1997, Heartland Payment Systems’ latest headquarters was at Princeton, NJ, before it was acquired by Global Payments.

Heartland’s payment systems process payments to more than 275,000 points of sale in the United States and process more than 11 million transactions a day and more than $ 80 billion in transactions a year . In 2014, Nilson’s report ranked Heartland’s 6th largest payment processor in the country by number of transactions, and the 8th largest processed dollar volume. In December 2015, Global Payments, another paying agent, announced that it will acquire Heartland for $ 3.5 billion, the transaction was completed on April 25, 2016.

In addition to payment processing, Heartland has developed or acquired businesses in the areas of payroll processing, gift cards and campus, site sales systems, school payments and nutrition, network management, mobile payments and ordering, e-commerce, billing and lending services. Merger with Global Payments Inc. was completed in April 2016 – now publicly traded as NYSE: GPN.

Heartland processed its first card transaction on July 15, 1997. In 2001, the company received a $ 40 million private investment from Greenhill Capital Partners, LL (New York, NY), LLR Partners, Inc. (Philadelphia, PA) and their affiliates. investment funds. The company was published on August 11, 2005 on the New York Stock Exchange. On May 17, 2010, Heartland announced its debut on the list of America’s largest companies at # 954.
On January 20, 2009, Heartland announced that it was “a victim of a security breach under the 2008 processing system”. The stolen data included digital information encoded on a magnetic strip embedded in the back of credit and debit cards; With this information, thieves can fashion fashion counterfeit credit cards by imprinting the same stolen information on made cards. According to one estimate, 100 million cards and over 650 financial services companies were at risk; at the time, he was characterized as the biggest criminal violation of card data.

The American computer hacker, Albert Gonzalez, was sentenced to 20 years in prison in March 2010 for his role in the hacker circle that penetrated the Heartland computer systems.

On May 1, 2009, Visa and Heartland issued a statement that Heartland has successfully confirmed its compliance with PCI DSS and has been returned to Visa Verified PCI DSS Provider List.

On May 24, 2009, Heartland commercially launched their E3, an end-to-end encryption technology designed to protect credit and debit card information from the moment of card failure and the Heartland network. [10] Gartner analyst Avivah Litan said Heartland “basically leads the way for the rest of the industry.” As the first effort of its kind in the US, it also characterized its end-to-end encryption plan.

Other processors, including Worldpay US and several First Data ISO companies, announced end-to-end encryption initiatives soon after Heartland announced its initiatives.

Following the Key Address of the Electronic Transactions Association’s Strategic Management Forum in October 2013, Heartland CEO Bob Carr published an open letter for the electronic payment processing industry urging the cessation of unethical, unfair and illegal pricing practices, referring to the practice of deliberate counterfeiting of exchange rates , intentionally falsifying business category codes (MCC), and using confusing small press to blackmail large fines from merchants.

In January 2014, Heartland brought an action against Mercury Payment Systems, an electronic payment provider, for alleged false advertising and “other fraudulent business practices”. The lawsuit concerns interchange fees charged by credit card networks and claims that Lanham and state laws have been violated.

Heartland Secure is launched in May 2014. With support for breach of warranty, Heartland Secure combines three technologies that provide merchants with security and protection against the monetization of stolen card data.

In April 2016, Heartland and Global Payments completed a merger agreement. Global Payments Inc. is publicly traded (NYSE: GPN), has more than 8,500 employees worldwide.