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Despite positive financial results in the third quarter, payment processor Heartland Payment Systems Inc. expects 2009 to be more difficult for sales than 2008. "We're going to be…prepared for a tough year next year," Robert Baldwin Jr., Heartland president and chief financial officer, told analysts during a conference call this week. Heartland has retreated slightly on its overall financial expectations for 2008 because of the economy. It expects 2008 net revenue to grow between 15% and 16%, or $349 million and $352 million, over 2007. The company previously forecasted 16% to 18% growth. Retail and entertainment merchant accounts were "strikingly weak" in the third quarter, Baldwin said, with restaurants, which comprise about 30% of Heartland's merchants, and hotels also reporting lower sales. Baldwin said Heartland is still working on its financial guidance for 2009.
