NEW YORK, Oct. 13, 2010 (GLOBE NEWSWIRE) -- Barry Sloane, President and CEO of Newtek Business Services, Inc. (Nasdaq:NEWT), The Small Business Authority, recently wrote an article on "Who's your counter party?" which was published in the September 27, 2010 edition of "The Green Sheet". The Green Sheet is a trade publication for the electronic payment processing industry. "This article focuses on an understated but significant problem surrounding the business economy today, counter party risk," stated Barry Sloane.
He added, "Businesses, particularly small businesses, which are doing business with other business providers, do not know who they are relying on to perform on the other side of their contracts. Is the party credit worthy? Do they handle customer sensitive data in a safe and secure manner? Does the counterparty have a secured data facility so that my confidential customer information is protected? As an authority on small businesses, we at Newtek are concerned about these risks for our industry and clients.
"Does my counterparty have a clean auditable background and business reputation? I am amazed how much business gets conducted with counterparties that should fail most reasonable standards. We are proud at Newtek that our credentials as a public company (SEC reporting), SAS 70 Compliant, PCI Compliant, and a credit worthy counterparty with a military strength proof data center make us an excellent business service provider and counterparty for our in excessive of 100,000 business accounts. In addition, we come under the scrutiny surrounding the business economy today and counterparty risk, Sarbanes-Oxley, Visa MasterCard Compliance, and are regulated in eight states under CAPCO Law. Being in business for over twelve years has taught us to know your counterparty," Sloane said.
To read the article, please click here: The Green Sheet
About Newtek Business Services, Inc.
Newtek Business Services, Inc., The Small Business Authority, is a direct distributor of a wide range of business services and financial products to the small- and medium-sized business market under the Newtek™ brand. Since 1999, Newtek has helped small- and medium-sized business owners realize their potential by providing them with the essential tools needed to manage and grow their businesses and to compete effectively in today's marketplace. Newtek provides one or more of its services to over 100,000 business accounts and has positioned the Newtek™ brand as a one-stop-shop provider of such business services. According to the U.S. Small Business Administration, there are over 29.6 million small businesses in the United States, which in total represent 99.7% of all employer firms.
Newtek's business service lines include:
- Electronic Payment Processing: eCommerce, electronic solutions to accept non-cash payments, including credit and debit cards, check conversion, remote deposit capture, ACH processing, and electronic gift and loyalty card programs.
- Web Hosting: Full-service web host which offers eCommerce solutions, shared and dedicated web hosting and related services including domain registration and online shopping cart tools.
- eCommerce: a suite of services that enable small businesses to get up and running on-line quickly and cost effectively, with integrated web design, payment processing and shopping cart services.
- Business Lending: Broad array of lending products including SBA 7(a) and SBA 504 loans.
- Insurance Services: Commercial and personal lines of insurance, including health and employee benefits in all 50 states, working with over 40 insurance carriers.
- Web Services: Customized web design and development services.
- Data Backup, Storage and Retrieval: Fast, secure, off-site data backup, storage and retrieval designed to meet the specific regulatory and compliance needs of any business.
- Accounts Receivable Financing: Receivable purchasing and financing services.
- Payroll: Complete payroll management and processing services.
For more information, please visit www.newtekbusinessservices.com.
Note Regarding Forward Looking Statements
Statements in this press release including statements regarding Newtek's beliefs, expectations, intentions or strategies for the future, may be "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the plans, intentions and expectations reflected in or suggested by the forward-looking statements. Such risks and uncertainties include, among others, intensified competition, operating problems and their impact on revenues and profit margins, anticipated future business strategies and financial performance, anticipated future number of customers, business prospects, legislative developments and similar matters. Risk factors, cautionary statements and other conditions which could cause Newtek's actual results to differ from management's current expectations are contained in Newtek's filings with the Securities and Exchange Commission and available through http://www.sec.gov">http://www.sec.gov.