As blunt as I've been about HPY's inadequate accounting of the security breach and the obvious effect on their sales and operations, I'm thinking of buying in. I agree with other comments, this is a good business to be in AND I believe Heartland is an excellent takeover candidate right now.

It's really not hard to value the cost of this breach, but for some reason Heartland hasn't done it. If they keep stringing out the bad news, no one will trust that another shoe won't be about to fall.

They are losing business and the rate of new sales is slowing. How could it not given that their customers also have to face PCI compliance?

This is the time for HPY to sell - while they still have customers to make it worthwhile to a buyer who can proclaim all is well, we have secure systems.