NEW YORK, Nov. 20, 2009 (GLOBE NEWSWIRE) -- Newtek Business Services, Inc. (Nasdaq:NEWT) (www.newtekbusinessservices.com), a provider of business services and financial products to the small- and medium-sized business market, reported today that its electronic payment processing division has entered into new agreements with Wells Fargo Bank, N.A. and First Data Corporation to facilitate its continued growth in services and capacity in the payment processing business.
Universal Payment Processing of Wisconsin (UPS), a wholly-owned subsidiary of Newtek, has grown from a start-up in 2002 to a major participant in the payment processing business anticipated to handle over $3 billion in payment transactions in 2009. The growth and profitability of this business has led Newtek and UPS to add the significant additional capabilities offered by Wells Fargo Bank and First Data Corporation. UPS is now sponsored in credit card acceptance by Wells Fargo Bank in addition to NCMIC Finance Corporation; UPS will now be able to place its small- and medium-sized business customers on the largest payment processing platform in the country in addition to the three other processors it uses. This diversification of sponsorship and processing platforms will enable UPS to continue its dramatic growth and ensure it of the support necessary in the future.
Barry Sloane, Chairman and Chief Executive Officer of Newtek, said: "We are pleased with this new relationship with Wells Fargo Bank, N.A. and our expanded relationship with First Data Corporation as they are clearly the gold standard in the electronic payment processing business. This arrangement will be beneficial to Newtek and its customers since it will make it possible for us to bring the very best of processing services to the many small- and medium-sized business customers we work with and who rely on us for top quality service in all areas."
About Newtek Business Services, Inc.
Newtek Business Services, Inc. is a direct distributor of a wide range of business services and financial products to the small- and medium-sized business market under the Newtek(TM) brand. Since 1999, Newtek has helped small- and medium-sized business owners realize their potential by providing them with the essential tools needed to manage and grow their businesses and to compete effectively in today's marketplace. Newtek provides one or more of its services to over 100,000 business accounts and has positioned the Newtek(TM) brand as a one-stop-shop provider of such business services. According to the U.S. Small Business Administration, there are over 29.6 million small businesses in the United States, which in total represent 99.7% of all employer firms.
Newtek's business service lines include:
* Electronic Payment Processing: Electronic solutions to accept non-cash payments, including credit and debit cards, check conversion, remote deposit capture, ACH processing, and electronic gift and loyalty card programs. * Web Hosting: Full-service web host which offers shared and dedicated web hosting and related services including domain registration and online shopping cart tools. * Business Lending: Broad array of lending products including SBA 7(a), conventional commercial real estate and SBA 504 loans, business lines of credit, and business credit cards. * Insurance Services: Commercial and personal lines of insurance, including health and employee benefits in all 50 states, working with over 40 insurance carriers. * Web Services: Customized web design and development services. * Data Backup, Storage and Retrieval: Fast, secure, off-site data backup, storage and retrieval designed to meet the specific regulatory and compliance needs of any business. * Accounts Receivable Financing: Receivable purchasing and financing services. * Payroll: Complete payroll management and processing services.
Note Regarding Forward-Looking Statements
Statements in this press release including statements regarding Newtek's beliefs, expectations, intentions or strategies for the future, may be "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the plans, intentions and expectations reflected in or suggested by the forward-looking statements. Such risks and uncertainties include, among others, intensified competition, operating problems and their impact on revenues and profit margins, anticipated future business strategies and financial performance, anticipated future number of customers, business prospects, legislative developments and similar matters. Risk factors, cautionary statements and other conditions which could cause Newtek's actual results to differ from management's current expectations are contained in Newtek's filings with the Securities and Exchange Commission and available through http://www.sec.gov.
For more information, please visit www.newtekbusinessservices.com.