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?
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.
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.