NewtekOne and Payroc form strategic alliance for merchant services

NewtekOne, Inc. (NASDAQ: NEWT) and Payroc WorldAccess, LLC announced a strategic alliance that will integrate NewtekOne's business and financial solutions into Payroc's platform for more than 190,000 active merchants.

Under the partnership, Payroc merchants will gain access to NewtekOne's financing solutions, including loans ranging from $5,000 to $15 million with 10 to 25-year amortization schedules. The offerings include the Newtek Seven Day Business Loan and Newtek Triple Play products.

Payroc's merchant network, which processes more than $125 billion in card and ACH volume annually, will also receive access to depository solutions such as the Newtek Zero-Fee Business Banking account. This includes a business checking account paying 1% interest, a business savings account with a 3.50% rate, and a Visa-branded debit card.

Additional services available through the alliance include real-time payroll functionality enabling same-day payroll execution and commercial insurance products. Payroc selected NewtekOne as its strategic banking solutions partner after evaluating potential partners.

"We are thrilled to partner with Payroc and are excited that Payroc's network now has access to what we believe to be best-in-class solutions that NewtekOne offers," said Barry Sloane, Chief Executive Officer of NewtekOne.

James Oberman, Payroc's Chief Executive Officer, stated that the alliance extends the company's commitment to being strategic partners to the businesses they serve by embedding banking, lending, and insurance solutions directly into the Payroc platform.

Founded in 2003, Payroc ranks among the top merchant acquirers in North America and operates across 47 regions with direct connections to major card networks. NewtekOne has provided business solutions to independent business owners across all 50 states since 1999.

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