Newtek Business Services, Inc. (Nasdaq: NEWT) recently reported that its electronic payment processing division, under the Newtek(TM) brand, has entered into a merchant acquiring agreement with Discover Financial Services, a business unit of Morgan Stanley (NYSE: MS – News).
Newtek is one of the first business solutions providers to implement and market such an agreement with Discover.
This agreement will allow Newtek Electronic Payment Processing to offer an integrated payment card processing package that includes Discover Network card acceptance to all of its customers.
Under the terms of the agreement, Newtek Electronic Payment Processing will offer small to mid-sized businesses the convenience of consolidated statements, combined settlement, and customer service.
Newtek Electronic Payment Processing will have full responsibility for pricing, processing, settlement, risk management and customer service for the customer accounts.
Newtek Business Services, Inc. is a direct distributor to the small to medium-sized business market under the Newtek(TM) brand. According to the SBA, there are over 25.8 million small businesses in the United States, which in total represent 99.7% of all employer firms, generate 60 – 80% of all new jobs annually and create more than 50% of non-farm private GDP.
Since 1999, Newtek has helped these business owners realize their potential by providing them with the essential tools needed to manage and grow their businesses. Newtek focuses on providing its 78,000 customers with access to financial, management and technological resources that enable them to better grow and compete in today’s marketplace.
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