Newtek Announces Agreement With First Data, Wells Fargo
Friday, November 20, 2009
Newtek Business Services, Inc., a provider of business services and financial products to the small- and medium-sized business market, reported 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 startup 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 CEO 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."
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