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.
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