(WEB HOST INDUSTRY REVIEW) -- Newtek Business Services (www.newtekbusinessservices.com), a provider of web hosting, among other SMB business services – as well as the parent company of web hosting firm CrysalTech (www.crystaltech.com) – announced on Monday that its electronic payment processing division has signed deals with Wells Fargo Bank and First Data Corp., in order to increase its services and capacity.
Newtek says its payment processing subsidiary, Universal Payment Processing, has grown significantly since it was founded in 2002, to become a player in the processing business, handling more than $3 billion in transactions during 2009.
According to Newtek, the growth and profitability of the payment business led the company to seek to expand its functions through the deals with Wells Fargo and First Data. UPS is now sponsored in credit card acceptance by Wells Fargo Bank as well as NCMIC Finance Corp., and it will be able to place its customers on the payment processing platform of the processing giant First Data, along with the three it was previously using.
The company says the deals diversify its sponsorship and platform in a way that will provide the support it needs as UPS continues to expand.
“We are pleased with this new relationship with Wells Fargo Bank and our expanded relationship with First Data as they are clearly the gold standard in the electronic payment processing business,” says Newtek chairman and CEO, quoted in the press release. “This arrangement will be beneficial to Newtek and its customers since it will make it possible for us to bring the very best of processing services to the many small- and medium-sized business customers we work with and who rely on us for top quality service in all areas.”
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