Newtek Launches Merchant Processing Cross-Sell

Newtek Business Services, Inc. (www.newtekbusinessservices.com), a provider of business services and financial products to the small to medium-sized business market, announced that its subsidiaries, CrystalTech Web Hosting, Inc. (www.crystaltech.com) and Newtek Merchant Solutions (www.newtekbusinessservices.com), have introduced CTMerchant.
The new service is designed to offer electronic payment processing services to CrystalTech's 33,000 clients.

"This is Newtek's first significant launch of a cross-sell initiative into an existing, satisfied customer base. Currently, Newtek Merchant Solutions has been contracting with 300 new clients per month on average, with the existing portfolio standing at 7,000 total clients. This effort is expected to grow the existing base by approximately 10% or about 750 customers over the course of the year," said Barry Sloane, Chairman and CEO of Newtek Business Services, Inc.

Following its introduction, CrystalTech will market merchant services to its growing customer base; it adds approximately 1,000 net new clients per month. CrystalTech has an expertise in acquiring and retaining clients through the primary use of the Internet, highlighting its reputation for superb customer service and competitive pricing. This distribution channel has been determined by Newtek to be cost-effective for acquiring clients and processing business.

Tim Uzzanti, President and CEO of CrystalTech, added, "This is a wonderful opportunity not only to provide our customers with CTMerchant, a high-end merchant solution, but also to begin the process of integrating the full complement of Newtek's small business services into our own small business suite."

Founded in 1992, CrystalTech Web Hosting, Inc. is one of the largest Windows-based web hosting companies in the world, hosting customers in over 100 countries, ranging from small businesses to Fortune 100 corporations.

Newtek Business Services, Inc. is a premier provider of business services and financial products to the small to medium-sized business market.