As the self-described “Small Business Authority,” Newtek Merchant Solutions is a payment method that further provides finance for small businesses, payroll services, and online services. The business, which was founded in 1998, states that it has aided over 100,000 enterprises and handles more than $4.5 billion yearly.
It must be emphasised that amidst the misleading abbreviation used in place of the organisation’s actual name, Newtek’s website (sba.com) is not the United States Small Business Administration. The US SBA is not connected to Newtek, which bills itself as “the small business authority.” This evaluation and profile of Newtek Merchant Solutions will describe the services provided and go through overall feelings about doing business with the organisation.
We’ve compiled everything you need to know about Newtek in this comprehensive Newtek Merchant Solutions review.
Table of Contents
What payment processing services does Newtek offer?
Although the Newtek website is a little disorganised, we’ll assist you in going through it and organising the offerings, so you understand what to anticipate. Newtek provides rather typical alternatives for payment processing. Card processing, mobile processing, e-commerce solutions, and gift/loyalty cards are among the services offered. Regarding the handling of electronic checks, nothing is known.
Card Processing
Many clients now simply assume that they may pay with a credit or debit card. You may take card payments from well-known networks including Visa, MasterCard, American Express, and Discover using Newtek. On significant debit networks, you can also take PIN- and signature-based transactions. To assist fulfil your company’s unique demands, Newtek provides regular terminals, PIN pads, wireless terminals, and mobile terminals that are all EMV enabled.
E-Commerce
Operating a shop online has its own unique set of difficulties. You don’t interact with your consumer in person. According to a Newtek Merchant Solutions review, it provides a virtual terminal and secure gateway to assist with online payments. Clients may pay via your website thanks to the safe gateway. Secure gateways provide built-in fraud safeguards and customisable reporting and are PCI compliant.
With the virtual terminal, you can accept payments and generate personalised receipts from any internet-connected computer. Tokenisation and end-to-end encryption are available with manual or scan keying of cards for increased security. Additionally, companies may set up recurring payments.
Mobile Processing
Most transactions don’t wait for men, just like time and the tide don’t. With mobile computation, you can accept payments wherever you are, which is quite practical for businesses that travel and for vendors who attend fairs and trade exhibitions.
All you require is to use the NewtPay Mobile service from Newtek Merchant Solutions. It is a current smartphone or tablet processing swiper. By connecting the swiper to your smartphone, you may use NewtPay Mobile swipers to securely swipe clients’ cards at the point of sale. It may be used with Android, Blackberry, and Apple mobile devices.
Free card readers, no change fees, and no monthly minimum payments are all features of NewtPay Mobile. Rates are 1.69 per cent to start. Please note that advertised prices may not represent the total cost you will pay. To know more, check the Newtek prices & fees from the below section.
Gift/Loyalty Cards
Gift cards are a fantastic method to broaden your client base and impact, and loyalty programmes support retaining customers and fostering repeat customers. The JumpStart gift card programme from Newtek Merchant Solutions is free to use if you wish to provide these services to your clients. The programme comes with 100 gift cards and marketing and merchandise materials. Additionally, you may create a loyalty programme that allows clients to accumulate points and prizes for their orders.
Newtek Merchant Solutions Rates and Fees
Newtek Merchant Solutions offers two fee tiers: NewtPay PRO and NewtPay. Over the Newtek site, you don’t find plan prices, making it challenging to estimate the amount to pay if you choose to work with them. On its website, it does state that you may get in touch with them to inquire about the services and costs. To discuss your alternatives, there is a phone number, a live chat feature, an email address, and a call request option. Prices are published on a certain review website. However, they cannot be confirmed by direct comparison to the Newtek Merchant Services website. The following rate and price details are listed in the plans:
NewtPay
- Monthly fee: $0
- Rate: 2.85%
- Setup fee: $0
- Per-transaction fee: $0.28
- Annual fee: $0
NewtPay PRO
- Per-transaction fee: $0.26
- Rate: 2.19%
- Monthly fee: $15
- Setup fee: $0
- Annual fee: $0
To earn your $250, Newtek promises to equal or beat your existing processing rates. Additionally, the business advertises that there are no additional expenses.
Despite assurances that there are no added expenses and listed rates, they can nonetheless exist. The typical length of a Newtek Merchant Solutions contract is two years. According to the company’s website, there are no cancellation costs.
Pros & Cons of Newtek Merchant Solutions
Using Newtek Merchant Solutions has several benefits, just as with most merchant services. It’s a reputable corporation with a lengthy history of providing various business services. Small businesses may find Newtek Merchant Solutions a fantastic choice because of the range and versatility it provides.
Payment processing and POS
According to Newtek Merchant Solutions, their fees are competitive, offering them a desirable choice for small enterprises. It provides terminals that comply with EMV regulations and can read chip cards. It is compatible with card terminals made by Clover, Verifone, and FirstData, among others. It asserts that it will collaborate with you as a business person to get any answers you might require.
Gift cards and loyalty programs
Gift cards with your company’s branding are available from Newtek Merchant Solutions, which is a terrific way to attract new clients and turn them into regulars. Gift cards are a terrific way to draw in one-time consumers who might spend more than usual since they encourage users to pay more than the card amount when using it.
It also provides loyalty cards, which can help retain consumers returning to your store and draw new ones in with discounts. Creating brand-loyal clients who will gladly promote your business to others through word-of-mouth or with incentives like referral coupons may be made easier with the help of loyalty programmes.
Newtek Merchant Solutions cons
The cost and ambiguity on Newtek Merchant Solutions’ website are among the most evident disadvantages. However, here is a few cons per the Newtek Merchant Solutions review.
Non-transparent pricing
You will probably want to get in touch with Newtek to find out which services you want and how much they will eventually cost you, as there is no basic outline of price on the site. The site contains a few rates for services, but it’s not apparent what combinations or plans are offered. For additional information, get in touch with them by phone, chat, or email.
Unclear website navigation
Another drawback of Newtek is that, despite being feature-rich, its portal is not structured in a manner that makes it extremely simple to explore. It can be a little daunting, but there is a “Why” area and a “Solutions” section where everyone from loans, security, and insurance to payment processing comes up in a dropdown. Several additional parts are available after choosing a section from the dropdown menu, which adds to the feeling of information overload.
Alternatives to Newtek Merchant Solutions Identified As Per the Newtek Merchant Solutions Reviews
In addition to its merchant services, Newtek also runs an insurance company. It provides the necessary elements for any small business, such as payroll processing and point of sale. Therefore the existence of other businesses providing the same services should just not come as a surprise.
Total Merchant Services
Total Merchant Services’ solutions include point-of-sale systems, payment gateways, and payment processing. It offers free POS gear and marketing resources for small businesses, including gift cards. These gift cards may be customised for a cost and a loyalty programme that enables users to accumulate points on their discounts and purchases.
Additionally, it provides reporting via Payments Hub so that you may monitor your company’s performance in terms of sales, clientele, and rival companies. This might assist you in deciding which goods to continue using and which to discontinue if they aren’t working out.
However, since Total Merchant Solutions delivers a comparable level of flexibility to Newtek Merchant Services, pricing is not entirely transparent. This result in drastically varying prices based on the agent you speak to, according to several reviews. Additionally, bad customer service is commonly mentioned in negative evaluations.
Square Merchant Services
Another choice you have as a small businessman is Square. You may be aware of Square or may be using it for some business needs because it is one of the most well-known services. It’s perfect for companies that need to accept transactions quickly because of its user-friendly interface and a vast selection of hardware and applications that you can combine and match to fit your requirements.
Square is an affordable, portable solution because it offers free versions of its numerous POS systems and gives consumers the first magstripe reader for free.
Numerous websites frequently give Square positive evaluations. In comparison to some of its rivals, it also offers clearer pricing. Your monthly payment will vary depending on your sales, as with all payment providers. For most in-person purchases, Square’s online payment rate is 2.6 per cent + 10 cents.