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."