Frequently Asked Questions
- What is a merchant account?
- Why should my business accept credit cards?
- What credit cards will my business be able to accept?
- What are Newtek’s Merchant Processing rates?
- How quickly will I receive my funds?
- Can Newtek reprogram POS (point of sale) terminals?
- Does Newtek Merchant Solutions currently have any terminal or POS solutions that will work with Apple Pay?
- Does Newtek offer discounted rates on American Express?
- Is Real-Time Online Reporting available?
- Does Newtek offer any data breach security protection?
- Does Newtek offer options for totally eliminating processing costs for municipalities, educational institutes, and insurance agencies/companies?
- Are Newtek’s terminals deployed EMV ready to accept microchip embedded credit cards?
- What are the costs for your processing services?
- How long will it take to process a merchant account application?
- What if I already have my own software or terminal?
- Can Newtek Merchant Solutions set my business up to accept all card types?
- If I have a website or want to begin taking cards online, can Newtek assist?
- Can my business process checks electronically through Newtek?
- Does Newtek offer options for payment acceptance on my smartphone?
What is a merchant account?
A merchant account is a type of account that enables your business to accept credit card payments from your customers.
You will attract customers who prefer to use credit and debit cards.
Customers spend 12% to 18% more when using credit cards compared with cash.
Accepting credit cards can increase sales by 30% to 100%.
You will lose customers to competitors that do accept credit cards.
In essence, accepting credit cards pays for itself.
Your business will be able to accept Visa, MasterCard, Discover, Diners Club, and JCB credit cards. We will be able to apply for American Express, Wright Express (WEX), and Voyager cards on your behalf. If you wish to accept Electronic Benefit Transfer (EBT) cards, you will need to apply in your state.
Rates vary depending on the type of business you run and which cards are being processed. We are very competitive, and it is worth your time to get a free cost analysis.
Most funds are deposited within 48 hours to a bank of your choice.
Newtek may be able to reprogram your existing equipment. One of our specialists will be able to determine if this is the best option for you.
Yes! Newtek has a wide variety of NFC-enabled devices that we can deploy to allow you to accept Apple Pay.
Yes! Our American Express Full Acquiring program offers lower American Express rates with the added convenience of having the funds deposited at the same time as your other cards and all of the activity comes together in one statement from Newtek! Please ask your payments professional for details!
Yes! Newtek offers Newtek Advantage that delivers real-time web traffic stats and real-time credit card transactional data to your mobile device. Newtek also offers robust online reporting including reports at the transaction, batch, and settlement level. There are also reports regarding any chargebacks or retrievals.
Yes! Newtek offers PCI compliance. Additionally, Newtek offers Breach Protection Insurance that covers up to $100,000 for related data breach fines and fees.
Yes! NewtPay Zero offers programs for convenience fee and surcharging, please check with your payment professional.
Yes! All terminals are shipped EMV ready and are certified PCI compliant.
Pricing is based on factors such as type of industry, method in which payments are accepted, card types accepted and a number of other variables. Newtek will provide a free analysis and is price competitive. We have programs that encourage consumers to offer less expensive payment types in return for savings for the consumer. You and your customer both win. Lower processing costs for you and discounts for your customers!
Once we have populated a complete application and receive additional necessary supporting documentation, the approval process takes 24-48 business hours. After approval, it usually takes just a few days to be operational and trained.
In almost all cases, we will be able to reprogram the existing equipment.
Yes, including American Express! Newtek is offering you the ability to accept American Express Card transactions in the same manner as other card brands to increase your sales and customer base while keeping your processing costs in check.
Yes! If you do not have a website, Newtek will give you a domain name, hosting plan for one year with a free website design to try for 60 days. If you are not happy, pay ZERO. If you are happy, pay as little as $6/ month for the domain, hosting plan, and web design. Cancel at any time with no long term contract.
Yes! Newtek has a variety of options for check and ACH acceptance.
Yes! Our product, NewtPay™ Mobile, makes processing payments simple for industries that were historically difficult. There are no upfront costs, and all you need is a smartphone. Mobile payment solutions are becoming increasingly popular in today’s marketplace for their ease, low costs and advantage over the competition.
Newtek Merchant Solutions is a registered ISO for Westamerica Bank, Santa Rosa, CA.
Newtek Merchant Solutions is a registered ISO of Wells Fargo Bank, N.A., Walnut Creek, CA.