Newtek, Discover Enter Payment Card Agreement
NEW YORK -- Newtek Business Services, Inc. has entered into a merchant acquiring agreement with Discover Financial Services, a business unit of Morgan Stanley, to offer an integrated payment card processing package.
Under the terms of the agreement, Newtek Electronic Payment Processing, a subsidiary of Newtek, will offer small- to mid-sized businesses consolidated statements, combined settlement, and customer service. NEPP will have full responsibility for pricing, processing, settlement, risk management and customer service for the customer accounts, according to Newtek.
Newtek said it is one of the first business solutions providers to implement and market such an agreement with Discover. Newtek works with a number of credit unions, leagues and has a strategic partnership with CUNA.