Newtek Merchant Solutions offers a variety of services for your small business, including POS tools — including a mobile reader — along with 24/7 customer support and additional services like a rewards program, all of which can make for an attractive package. Newtek Merchant Solutions has been in the industry long enough — and offers such a variety of services — that it’s worth it to get a quote and consider them while shopping for your new merchant services provider, but there are similar options that may be more user-friendly.
Newtek’s offerings include payment solutions for retail, mobile and e-commerce sales. Its merchant services include things like payment processing and hardware. Other available features include payroll services, human resources, insurance and more. Newtek also offers loans for small businesses, along with lines of credit.
Point of sale
You can get point of sale support from Newtek Merchant Solutions. It offers the equipment and accessories you would need for your business, like easy-to-use POS systems that accept Apple Pay, ACH payments and process all credit cards — including American Express — together. It has a wide range of EMV-compliant processors that support a range of functions, offering everything from printing capabilities to check imaging.
It also offers gift cards and loyalty programs that you can implement for your business.
Newtek says it has a flexible tiered pricing structure for mobile processing that starts at 1.59% per transaction. It offers a single card reader that can process payments and works with both Apple and Android phones. It also stresses that it offers support to its customers 24 hours a day, seven days a week by phone and email and that customer information will never be sold to third parties.
With e-commerce solutions from Newtek Merchant Solutions, business owners get a number of vital features. You’ll be approved for a merchant account immediately, so you can start selling as soon as possible.
You’ll also get an SSL, or Secure Sockets Layer, certificate. It encrypts information between the server and the web browser using two keys for added protection. That way you and your customers will know that payment information will be transmitted securely.
Newtek will also provide a domain name for your store, upload customer information to a secure cloud, provide frequent backups and offer a shopping cart that integrates with Newtek’s payment solutions for analysis of traffic and sales.
You can get access to customized web options designed specifically for your business. There are mobile-ready designs for your site, and Newtek claims it has experience across all industries.
The HR solutions from Newtek grant you access to HR professionals from Newtek’s support center around the clock, and you can contact them an unlimited number of times. For access to the support center, the service costs $30 a month while the HR “on-demand” service costs $50 a month. The services for hiring, managing positions and hosting employee data are also all hosted online, so you can access them from anywhere.
There are no plan prices available on the Newtek website, so it’s difficult to know how much you might end up paying if you decide to work with them. Its website does say you can contact them to discuss the services it offers and prices. There is a phone number, live chat option, email and the ability to request a call to discuss your options. Some review sites have prices listed, though they are not verifiable by comparison on the actual Newtek Merchant Services website.
Certain services it offers, like its NewtPay Mobile solution, have independent pricing, but there’s no overall blanket price for all the services you might want. NewtPay Mobile offers the first card reader for $69 and boasts combined monthly fees of $22.60.
Not knowing the pricing upfront means you have to contact Newtek, which may make it difficult for you to compare pricing with other companies. The personalization of plan pricing could be worth the uncertainty around pricing.
Newtek Merchant Solutions pros
As with most merchant services, there are some advantages to using Newtek Merchant Solutions. It’s an established company with a long history of offering multiple solutions across businesses. Newtek Merchant Solutions can be a great option for small businesses because of the variety and flexibility it offers.
Payment processing and POS