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Majority Of Business Owners Not Concerned About Credit Card Security

Newtek Reports 63% of Independent Business Owners Are Also Unaware of EMV Chip Card Technology

NEW YORK, March 6, 2014 /PRNewswire/ -- Newtek Business Services, NASDAQ: NEWT, The Small Business Authority®, with a portfolio of over 100,000 business accounts, announced today the findings of its SB Authority Market Sentiment Survey, a monthly window into the concerns of independent business owners. Based on a poll of over 1,400 respondents, one of the key findings from the February survey is that even after the recent hackings at major companies such as Target and Neiman Marcus, 67% of business owners are not concerned about credit card security at their business. Additionally, 63% of business owners are unaware of EMV Chip Card Technology. EMV is a global standard for credit and debit payment cards based on chip card technology. Payment chip cards contain an embedded microprocessor, a type of small computer that provides strong security features and other capabilities not possible with traditional magnetic stripe cards.

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The full February 2014 results showed the following:

Poll Question

Poll Answer

Percentage

Based on the recent credit card
security breaches at Target and
Neiman Marcus are you concerned
about credit card security at your
business?

Yes

33%

No

67%

Are you aware of EMV Chip Card
Technology?

Yes

37%

No

63%

Barry Sloane, Chairman, President and CEO of The Small Business Authority® commented, "With data and security breaches increasing in intensity and frequency, it is surprising, but revealing, that independent businesses are not having the concern they should over their own cyber security. It is the "It's not a problem until it happens to you" attitude that is concerning to us at The Small Business Authority®.  Business owners need to scan their websites continuously for vulnerabilities, use tokenized gateways and have cyber liability insurance for the protection of the enterprise and business franchise."

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, including:

  • Newtek Advantage: Mobile real-time operating platform for business intelligence. The Newtek Advantage puts all critical business transactions in real-time. Access data on your smartphone, tablet, laptop or PC as it relates to eCommerce for credit/ debit transactions, website statistics, payroll, insurance and business loans.
  • 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. 

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.

The Small Business Authority® is a registered trade mark of Newtek Business Services, Inc., and neither are a part of or endorsed by the U.S. Small Business Administration.

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.

Contact: Simrita Singh
Telephone: (212) 356-9566 / [email protected]com 
Investor Relations
Contact: Jayne Cavuoto 
Telephone: (212) 273-8179 / [email protected] 
Contact: Brett Maas
Telephone: (646) 536-7331 / [email protected]

Logo - http://photos.prnewswire.com/prnh/20140205/NY59564LOGO   

SOURCE Newtek Business Services

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