Newtek Business Services, Inc. Issued Patent For NewTracker® Referral Processing And Tracking System
NEW YORK, Sept. 24, 2012 /PRNewswire/ -- Newtek Business Services, NASDAQ: NEWT, The Small Business Authority®, announced today that it had received Patent No. 8,271,326 on its NewTracker® Referral Processing and Tracking System, its internally developed, customer referral, tracking and processing software. NewTracker is a cloud computing based, SAAS Platform which integrates the secure receipt, processing, tracking and reporting of business referrals and leads. A substantial portion of Newtek's business comes from referrals from other organizations and businesses, our alliance partners. Those referrals and all business done by Newtek are routinely input and processed on the NewTracker system.
"The ability of Newtek to efficiently and effectively process large volumes of business opportunities while maintaining the highest levels of quality control and security for businesses interested in business loans, cloud computing services, eCommerce solutions, payroll services, personal and commercial insurance, merchant processing, web services and technology solutions rests squarely on NewTracker," said Chairman and CEO Barry Sloane. "The NewTracker system, which we have developed and refined over more than 8 years, is a clear example of the execution of Newtek's strategic, long term plan to position The Small Business Authority as the provider of choice for business and financial services to business owners and operators nationwide.
"Since, 2003, Newtek's business of acquiring small business clients seeking state-of-the-art business and financial services has been facilitated by the success of NewTracker, which enables Newtek, "The Small Business Authority," to acquire business customers on a cost efficient basis while ensuring the highest quality of customer service. NewTracker links referring partners and Newtek together and affords 100% transparency into our back office processing. NewTracker also greatly reduces the need for our company to rely on non-cost effective independent agents or sales representatives, who tend to control clients for their own needs and enterprises. NewTracker provides our partners, community banks, credit unions, trade associations and independent selling agents, the ability to refer clients or leads based upon an expressed need while performing virtually no underwriting or information gathering. The underwriting and business intelligence is done by Newtek directly with the customer and, on a mandatory basis, is logged into the notes of our software, affording full transparency and an accounting and a compliance audit trail to all our regulated and non-regulated referral partners."
Mr. Sloane continued "The NewTracker Referral Processing and Tracking System has enabled Newtek to become a very low-cost acquirer of customers in the small- and medium-sized business space. Our Business Service Specialists receiving referrals specialize in their product line, whether that be a licensed insurance professional, payment processing specialist, loan assembler or technology expert. Our staff is not compensated on commission but instead their performance is measured based upon all of the statistics and performance criteria set up by Newtek and captured by the NewTracker system. NewTracker also enables Newtek to cross-market multiple products into its business clientele by keeping track of every contact and communication made with the customer throughout its relationship with Newtek. All Newtek personnel, whether Business Service Specialists handling new business, or Customer Service Representatives handling existing clientele, are linked to NewTracker. We will be relying on NewTracker in developing and rolling out several new business offerings for utilization directly by small- and medium-sized businesses.
"NewTracker has basically put a barcode on a service offering, similar to the way overnight delivery services can track a package from intake to delivery throughout their systems. Any referring party can, on a real time, 24/7 basis, obtain an update on what we are doing with their referred customer. Many of our clients get automatic reports sent to them daily. Due to the transparency we offer, we have over the course of time achieved the highest level of customer service for our alliance partners."
Wes Millar, Senior Vice President of CUNA Strategic Services, part of the largest trade organization of credit unions, also commented on the final NewTracker patent: "we have been a referring partner to Newtek contractually since 2003. One of our primary goals in serving credit unions is to provide the highest level of customer service and most attractive products to both credit unions and their members. The historical experience over the course of nine years with Newtek Business Services has driven credit unions to do more business with Newtek across more products. One of the strengths of the company is the NewTracker platform that provides full transparency into the back office of Newtek and assures us that credit unions are receiving the best products at the best prices with the highest level of service."
NewTracker was conceptualized, designed and created internally by Craig J. Brunet, Executive Vice President and Chief Information Officer, with help from our internal development team. Newtek intends to protect this valuable intellectual property and explore commercialization opportunities of the software beyond the success it has already achieved internally.
About Newtek Business Services, Inc.
Newtek Business Services, The Small Business Authority, provides the following products and services:
- 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.
- Managed Technology Solutions (Cloud Computing): 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 through our lending subsidiary, Newtek Small Business Finance, Inc.
- 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.
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 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 27.5 million small businesses in the United States, which in total represent 99.7% of all employer firms.
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.
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SOURCE Newtek Business Services, Inc.