On-Line Strategies Announces Joint Venture with Newtek Business Services
May 10, 2011 (PRLEAP.COM) Technology NewsDALLAS, Texas – May 10, 2011 - On-Line Strategies, Inc., [OLS] today announces a strategic joint venture partnership with Newtek Business Services, The Small Business Authority, and the formation of On-Line Strategies Transaction Services [OLSTS] as a sister company to OLS dedicated, in part, to providing hosted eCommerce services to The Small Business Authority customers. The synergies between the two companies allow for added growth, an improved array of services for new and existing customers, and the opportunity to enter new markets.
"It's the next chapter in our history and in the growth of OLS, bringing our proven technologies to businesses that, until now, couldn't offer the flexibility and strategic advantage of powerful eCommerce capabilities to their customers," remarked Terry Richards, OLS' Founder and President / CEO of the newly formed OLSTS. "We have always planned for service level expansion and entry into complementary markets along with broader, deeper penetration within our traditional markets. Our full line of hosted capabilities and this new close relationship with The Small Business Authority will bring life to that plan sooner than we expected."
Added Barry Sloane, President and CEO of The Small Business Authority, "We were becoming increasingly aware that businesses were paying too much for many of the services that OLS could provide, while allowing even greater function and flexibility for them. We see our partnership with OLSTS as vital in offering a wider range of EFT and related services to our customers, and allowing small- and medium-sized businesses the competitive advantage they need to prosper in today's dynamic marketplaces. It's an exceptional growth opportunity for us and allows both Newtek and OLS to explore and capitalize on new markets with extraordinary customer service at a very attractive price."
About On-Line Strategies
On-Line Strategies, founded in 1996, is a software and services company focused on processing complex, large volume and ultra high-speed transactions in mission critical environments. The company's open architecture platform is the foundation for virtually any form of electronic payment authorization and fulfillment, but the overriding value of the OLS engine is in its ability to host numerous value-add applications, simultaneously, for its customers. The resultant strategic advantage for financial services providers, retailers, pharmacies, insurance companies, healthcare providers and payers, energy companies, business partners and more, translates to significant competitive advantage and improved customer service, along with measurable financial and operational improvement.
On-Line Strategies Transaction Services was formed in 2011 to provide many of OLS' proven mission critical processing capabilities, but in a service-oriented, hosted environment. Businesses may now offer virtually every form of electronic payment service to their customers, along with the competitive advantage of loyalty and promotional program support using their own transaction data. These capabilities and numerous value-add customer retention services, previously unavailable or cost prohibitive through traditional transaction processors or service providers, are now available through OLSTS and Newtek The Small Business Authority.
About NewTek: The Small Business Authority
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. 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.