PaymentPop Rating for Newtek
Negative Feedback
I have a small nonprofit. They told me that thier POS machine was free. They decided to do an annual fee a year later, and I wanted to cancel services. Well the fee was already charged. My nonprofit is struggling and the money would have done a lot of good. It took over 5 hours on the phone over 3 weeks just to cancel services. Then they told me I could not get a refund. It took another 3 weeks of fighting to get a supervisor to say yes. It’s been a month and still no refund.
Positive Feedback
There are no positive reviews published about Newtek on the PaymentPop website.
Newtek BBB Rating
The Better Business Bureau maintains 2 separate profiles that both appear to be related to Newtek’s services. The profile for “Newtek Merchant Solutions, LLC” currently has an “A-” rating and is prefaced by a warning regarding the FTC action against the company, while the headquarters profile for “Newtek Business Services Corp.” has an “A+” rating. For the sake of simplicity, we will combine the data from both of these profiles.
BBB Warning
The company’s BBB profile under Newtek Merchant Solutions, LLC is prefaced with the following warning:
Government Action
Payment Processing Company Named for Assisting, Facilitating Telemarketing Fraud
The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.The Federal Trade Commission is mailing 1,244 checks to consumers who bought deceptively marketed credit card interest rate reduction services after being contacted via illegal robocalls. Affected consumers will receive full refunds, with most receiving $1,100 or more, within the next week.
This warning relates to the government action taken that has been addressed in the complaints and service section of this review.
Over 40 Complaints Across 2 Profiles
Newtek has received 48 total BBB complaints in the past 36 months. This is an extremely large increase from the 10 across 3 profiles at the time of our last review, though it appears that many of the complaints have to do with the loan side of the business and not credit card processing.
What Merchants Say
In addition to those 48 complaints, Newtek has received 106 informal reviews across its 2 BBB profiles. All but 2 of these reviews are negative in tone. Again, however, the majority of these reviews come from the loaning side of the business, and it appears that Newtek takes the time to personally respond to and investigate each review. The most recent review that refers to card processing details unexpected charges:
Newtek Merchant Solutions are crooks! They charged me for an annual fee I was not aware about for an account I had not used in months with Clover. Clover provided poor customer service which prompted me to look elsewhere for better credit card services. I called Newtek right after I was charged and was told I would get a refund for the new annual fee of $99. I called today since I had not seen that refund and the “supervisor” denied the request for refund. If you are looking for more reliable and honest credit card services, look elsewhere–this company is NOT what you want. If you want to just give money to a corporation because you have money to burn, then feel free to donate it to Newtek Merchant Solutions–they will take your money for providing NO service!
This prompted a response from the company:
Newtek Payments takes every customer service inquiry seriously and the comments of *********************** as owner of Pawz 4 Peeps, LLC have been reviewed by our Head of *****************
The ********************** signed an Agreement for these services on or about October 25, 2021. Within the terms of the Agreement **************** agreed to the charges processed and agreed to have the amounts debited from the business’s checking account. Our records reflect that **************** paid all equipment charges and fees while utilizing the merchant processing account on a limited basis.**************** requested the merchant account be closed on December 6, 2022, the merchant account was immediately closed and charges were stopped after that date. All charges paid by Paws 4 Peeps were contractually agreed.
For clients who believe their processor is charging undisclosed fees, we recommend seeking a third-party statement audit to find and eliminate hidden charges.
An “A” Performance
Despite the subject matter of the reviews, it appears that much of the consumer dissatisfaction has to do with the convoluted structure of the loans they apply for and the related deposits. While the BBB references the company’s legal history, the reviews and complaints across both profiles don’t shed light on any new issues. In light of these figures, we agree with the BBB’s score at this time.
Trustpilot Rating for Newtek
Newtek has a 1.8 out of 5 star rating based on 48 user reviews on Trustpilot.
Positive Feedback
So far they have been welcoming and responsive to email contact. Online signup was easy. Looking forward to how well they perform as a financial tool for my personal needs.
Negative Feedback
They will steal your money and not give it back, go with anybody else. Seriously, don’t waste your money on Newtek.
Google Maps Rating for Newtek
Newtek has a 1.9 out of 5 star rating based on 26 user reviews on Google Maps.
Negative Feedback
Bank is pretty terrible. They hold onto your money. You have to call in and request for every little thing. This bank holds your money hostage.
