June 1, 2007 (Boston) - PAI services, LLC (PayChoice) announced that it has been selected to power Newtek Payroll Services. Newtek Business Services, Inc. (Nasdaq: NEWT) (www.newtekbusinessservices.com), a provider of business services and financial products to the small business market under the Newtek(TM) brand, will now offer Payroll Services in addition to the current business solution set that includes business lending, electronic payment processing, insurance services, web hosting, web design and development, outsourced digital bookkeeping, tax services, data backup and retrieval and business plan preparation.
Newtek Payroll Services, powered by PAI Services, LLC, will manage common employer needs, including paying employees, managing checks and direct deposits, and dealing with taxes. It provides powerful web-based controls which enable users to log on, record hours and payroll data and submit it, so that checks, stubs and direct deposits arrive on payday without hassle. The launch of Newtek Payroll Services will enable Newtek to grow its distribution and presence in the accounting, HR and small to medium-sized business markets. In addition, this will leverage Newtek's strong position with new and existing alliance partners.
Payroll Services has now been added to the suite of business solutions offered on the Newtek Business Services, Inc. corporate website (www.newtekbusinessservices.com/payroll_services/).
Barry Sloane, Chairman and CEO of Newtek Business Services stated, "We are thrilled to be able to launch our new payroll product and add it to our extensive menu of business services. Obviously outsourced payroll solutions are and have been a staple product for the small business community year in and year out. Our connectivity to our insurance agency as well as our alliance partners that are looking to link payroll solutions to their Commercial Demand Deposit accounts as well as health and benefits plans puts Newtek in a unique position even against the largest provider of outsourced payroll solutions. Our solution allows us to service both 1-5 employee based firms as well as 500 employee based firms. Newtek continues to build its one stop shop for small to mediums sized business owners and it continues to further develop its reputation as the place to acquire outsourced business and financial services."
About PAI Group
PAI Group Inc. (www.paigroupinc.com) is comprised of: Payroll Associates, LLC (www.payrollassociates.com) providing integrated payroll, HR, tax filing and time & attendance products for nearly 300 payroll, PEO, and accounting organizations and 120,000 employers nationwide; as well as PAI Services, LLC (www.paychoice.com) delivering payroll, tax-filing, benefits, and HR services to small and mid-sized businesses through the PayChoice division.
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