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A Review of Newtek Merchant Solutions
- 27th Oct, 2023
- | By max
- | Uncategorized
Newtek Payments is tailored to enhance business profitability while effectively cutting costs. This robust payment system is specifically designed for retail, mobile, and ecommerce operations, boasting top-of-the-line security features. By harnessing the benefits of zero-cost processing, businesses can significantly save on expenses, all the while ensuring smooth operations with the exceptional round-the-clock customer support offered by Newtek.
Newtek Merchant Solutions, or NMS, goes a step further by providing financial solutions for small businesses, along with payroll and online services. Established in 1998, the company proudly declares its support for over 100,000 enterprises, handling an impressive annual transaction volume exceeding $4.5 billion. For an in-depth understanding of Newtek’s offerings, delve into our comprehensive NMS review.
NMS aims to provide a comprehensive solution for merchants, functioning as the one-stop solution for various business needs. Established in 1998, NMS has been a publicly traded company since 2000, and this company is based in New York. Under the umbrella of Newtek Business, the company includes various services, including cloud and IT computing solutions and professional business services like payroll, merchant processing, and business financing.
Emphasizing its specialization in the retail and restaurant sectors, the company’s website highlights NMS’s significant role in processing merchant transactions. As a major player in the payment processing domain for merchants, NMS holds a prominent position within the industry.
Image source: Newtek One
Pros And Cons Of NMS
NMS offers several advantages, making it a reliable option for businesses seeking comprehensive services. With its long-standing reputation and diverse range of offerings, it stands as an appealing choice for small businesses.
| Pros: | Cons: |
|---|---|
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Competitive Fees: NMS boasts competitive fees and provides terminals compliant with EMV regulations, compatible with various leading brands such as Clover, Verifone, and FirstData. It emphasizes its commitment to providing prompt assistance and solutions to your queries. |
Pricing Is Not Transparent: One of the notable drawbacks of NMS is the lack of transparent pricing on its website. Potential users may need to contact Newtek directly to understand the specific services and associated costs. While some rates are displayed, the overall pricing structure and available plans remain unclear without direct communication. |
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Exciting Programs: The platform offers branded gift cards, which can effectively attract new customers and foster repeat business. Loyalty programs are also available, aiding in customer retention and the cultivation of brand-loyal clients, encouraging them to promote your business through word-of-mouth and referral incentives. |
Confusing UI/UX Design: Although rich in features, the website's navigation can be somewhat confusing, making it challenging for users to explore the platform effortlessly. Despite sections like "Why" and "Solutions," the dropdown menu presents a wide array of services, including loans, security, insurance, and payment processing, adding to the potential feeling of information overload. |
Features Of NMS
Newtek provides a range of services, including payment solutions tailored for retail, mobile, and e-commerce sales. Alongside payment processing and hardware, they offer payroll services, human resources assistance, and insurance solutions. Additionally, Newtek facilitates loans for small businesses and extends lines of credit.
Tailored Payment Processing Services
NMS specializes in crafting personalized payment processing solutions for small and medium-sized businesses. By comprehending the specific requirements of each client, they ensure that their services enhance overall customer experiences and streamline business operations.
Diverse Payment Acceptance Channels
NMS presents a diverse array of payment processing options, covering in-store, online, and mobile payments. This comprehensive approach enables businesses to accommodate their customers’ preferences, delivering a seamless payment experience across multiple platforms.
Compatibility with Various POS Systems
It seamlessly integrates with a diverse array of point-of-sale (POS) systems, enabling businesses to merge their current hardware and software with Newtek’s payment processing services. This smooth integration empowers merchants to establish a unified user experience and streamline their day-to-day operations effectively.
Mobile Payments and E-commerce
They provide a single card reader compatible with both Apple and Android phones, emphasizing their round-the-clock customer support via email and phone.
For e-commerce solutions, NMS offers crucial features. Merchants receive immediate approval for a merchant account, allowing them to commence sales promptly. Additionally, they obtain an SSL (Secure Sockets Layer) certificate that encrypts information between the server and the web browser, ensuring secure transmission of payment information for both the business and its customers.
Features Classified By Industry
Retail
- – Inventory management
- – Custom reporting
- – Online store capabilities
- – Barcode scanning
- – Employee management
Restaurant
- – User-friendly interface
- – Tableside payment
- – Table mapping
- – Inventory management
- – Custom reporting
- – Online storefront
- – QR code integration
Quick Serve Restaurant
- – User-friendly interface
- – Inventory management
- – Loyalty rewards
- – Custom reporting
- – Online store features
- – Tableside payment
- – Employee management
- – QR code integration
Bar
- – User-friendly interface
- – Tableside payment
- – Table mapping
- – Inventory management
- – Custom reporting
- – Online storefront capabilities
- – Employee management
- – QR code integration
Grocery Store
- – User-friendly interface
- – Inventory management
- – Barcode scanning
- – Custom reporting
- – Online storefront features
- – Employee management
Assisted Living
- – User-friendly interface
- – Table mapping
- – Kitchen display features
- – Inventory management
- – Custom reporting
- – Employee management
Other Products And Services Offered By NMS
- Payment Processing: It acts as a distributor for Redwood Merchants and facilitates secure electronic payment processing for various businesses, including retail, mail-order, and online stores. They enable merchants to accept major credit cards, debit cards, and ATM cards.
- Point of Sale: NMS offers a range of EMV-related types of equipment from reputable brands such as Dejavoo, First Data, PAX, Clover, Ingenico, and Verifone.
- Payroll: Newtek’s comprehensive payroll system streamlines HR functions, allowing businesses to efficiently manage employee hours, payroll, tax filings, W2 processing, and employee deposits.
- Technology: Newtek provides a suite of tech services encompassing IT solutions, security and compliance measures, web hosting and security, IT consulting, and disaster recovery.
- Business Banking: Newtek operates a direct bank offering personal and business banking solutions, including business checking and savings accounts, certificates of deposit, and high-yield savings accounts.
- Additional Services: It offers payment processing through mobile, internet gateway for e-commerce, and a host of other related services through its subsidiary companies. Some of these encompass SBA loans, business lending, invoice financing, cash advances, web development services, payroll solutions, integrated POS offerings, and cloud computing.
Analysis And Reporting By NMS
NMS provides merchants with robust reporting and analytics tools. These resources empower businesses to oversee sales performance, monitor customer behavior, and enhance their payment processing operations. With the help of this data, merchants can make informed decisions that foster their business expansion.
Security Measures By NMS
Ensuring security is of utmost importance for NMS. They utilize cutting-edge encryption and tokenization technologies to safeguard sensitive customer data during transactions.
Furthermore, their fraud prevention tools assist businesses in identifying and thwarting fraudulent activities, thereby establishing a secure payment environment for both merchants and customers.
Pricing Structure Of NMS
NMS provides two fee tiers – NewtPay and the NewtPay PRO. While their website doesn’t openly display plan prices, they encourage interested parties to reach out for detailed information on services and costs.
You can easily contact them through their phone number, live chat feature, email address, or call request option. While some pricing details can be found on certain review websites, these prices might not directly match those on the official Newtek Merchant Services website. Here are the details for each plan:
NewtPay PRO
- Setup fee - $0
- Transaction fee: - $0.26
- Annual Charges - $0
For payment processing, NMS acts as a distributor for Redwood Merchants, offering a range of payment processing services. The rates are as follows:
– 1% to 4.99% for Swiped transactions.
– 1% to 4.99% for Keyed-In transactions
– $89.95 for PCI Fee
– $295 for Early Termination charges
Merchants need to note that only if they opt for online services, mobile processing, or e-commerce they might encounter additional charges such as Terminal and Gateway fees, support charges, and batch fees. Unfortunately, we were unable to find explicit details about these particular fees from NMS.
Customer Reviews Of NMS
Newtek currently holds an “A+” rating on the Better Business Bureau (BBB), where two distinct profiles are maintained for the company’s headquarters. Past grievances registered against Newtek primarily revolved around issues related to products or services, advertising and sales, and matters concerning guarantees or warranties.
The Newtek company also has faced a significant backlash on Trustpilot, receiving notably negative reviews and an overall rating of 2 out of 5 from 31 reviews.
Alternatives Of NMS In The Market
Image source: Host Merchant Services
Host Merchant Services
Host Merchant Services is a versatile merchant services provider catering to both high-risk and non-high-risk businesses. While specializing in efficient payment processing solutions, it also aids businesses in setting up point-of-sale systems and essential tools such as websites and loyalty programs.
Key Features of HMS
With HMS, you can enjoy the freedom of not being bound by a contract. Unlike some other providers in the high-risk business domain, HMS offers services without the need for long-term commitments.
Notably, the company boasts an excellent record with the Better Business Bureau, with just one registered complaint. Additionally, customer reviews emphasize the exceptional customer service experience provided by HMS.
Expect tailored solutions from HMS that include affordable point-of-sale systems, the possibility of acquiring free equipment for your business, competitive rates, and more.
Image source: Stripe
Stripe
Stripe has solidified its position as one of the top choices for eCommerce payment processing services, renowned for its innovative approach, transparent pricing, adaptability, global reach, and developer-centric tools. Our assessment even ranked it as one of the premier credit card processors for small businesses.
Key Features of Stripe
The platform’s robust eCommerce infrastructure stands as a compelling alternative to PayPal, catering to a diverse range of business needs.
For those venturing into international markets, Stripe proves to be a valuable asset with its comprehensive support for various foreign payment methods and currencies.
Conclusion
Overall Rating: 4/5
Newtek Merchant Solutions (NMS) offers a robust suite of services tailored for small and medium-sized businesses, covering payment processing, payroll, technology solutions, and more.
While its competitive fees and diverse payment acceptance channels make it an appealing choice, the lack of transparent pricing and a confusing user interface with some bad reviews by customers could be potential drawbacks. However, with its strong emphasis on security and a range of features tailored to specific industries, NMS remains a noteworthy contender in the merchant solutions market.
Frequently Asked Questions
NewtekOne Merchant Solutions represents the merchant services arm of a comprehensive financial solutions company. It has participated in various state government programs aimed at generating employment opportunities and fostering business growth within those states.
Newtek provides its dedicated payment gateway for merchants, offering a PCI-compliant platform with real-time reporting capabilities. This solution includes a user-friendly shopping cart, a virtual terminal, and an integrated database.
Absolutely, Newtek is a reputable direct lender that extends financial solutions and support to small businesses. It is a trustworthy institution, accredited with an excellent A+ rating by the Better Business Bureau.
Newtek Merchant Solutions offers a host of beneficial features and services, including efficient payment processing and POS solutions. Moreover, it facilitates gift card and loyalty programs, along with diverse financing options for equipment. Additionally, it provides Automated Clearing House (ACH) processing and comprehensive payroll services to streamline business operations.