Retain Members and Drive Success With Payroll Solutions
By Ken Lowy, NewtekOne
January 9, 2024
Credit unions are champions of their members, focusing on personalized service and solutions that drive success. For independent business owners – many of whom are credit union members – managing payroll efficiently and effectively is critical. These members need solutions they can trust, especially for sensitive and time-critical tasks like paying employees, staying compliant with regulations, and managing HR responsibilities. With NewtekOne’s comprehensive payroll services, credit unions can offer an unparalleled level of support, helping their members succeed while strengthening their relationships.
NewtekOne provides a complete payroll solution that covers every aspect of workforce management. From time and attendance tracking to benefits administration, onboarding, HR support, and compliance, NewtekOne delivers an all-in-one platform tailored to businesses of any size. Whether a business has just one employee or thousands, NewtekOne’s scalable services meet their needs without compromise. This flexibility makes NewtekOne an ideal partner for credit unions looking to provide real value to their business members.
A recent survey found that 78% of small business owners ranked 24/7 customer support as essential when selecting a payroll service. NewtekOne offers precisely that, with U.S.-based human support available 24/7/365. This ensures business owners have immediate access to knowledgeable professionals who can resolve issues promptly – no matter the time or complexity. For credit unions, aligning with a service provider like NewtekOne underscores their commitment to member success, building trust and loyalty.1
What Partners Are Saying
For over ten years Newtek has filled several gaps in our business services offerings at Randolph-Brooks Federal Credit Union. Payroll processing is a highly specialized service, for which we did not have the in-house expertise. We have been able to lean on Newtek to bring advanced, affordable, payroll processing solutions to our growing business services program. Newtek has worked with many of our members from the time their businesses were established, and their excellent service has been integral to that success.
Jonathan Paillette
Business Services Manager, Randolph Brooks Federal Credit Union
Trust is further reinforced by NewtekOne’s focus on human-driven support. Nearly 70% of independent business owners report that having access to live representatives builds accountability and confidence in payroll services. While some providers rely heavily on automation or chatbots, NewtekOne prioritizes personalized service, ensuring that every question, concern, or challenge is addressed with care and expertise.2
Payroll compliance is another area where NewtekOne stands out. Managing the maze of federal, state, and local regulations is daunting for business owners. 62% of small businesses prefer U.S.-based support teams for their deep understanding of compliance issues and local requirements. NewtekOne’s team is well-versed in these complexities, offering advice and solutions that help businesses avoid costly penalties and legal challenges. Credit unions can be confident that their members are receiving the guidance they need to stay on track.3
The financial impact of payroll errors cannot be ignored. Studies show that payroll mistakes cost small businesses an average of $845 annually in fees and corrections. Errors like missed deductions, incorrect tax filings, or delayed paychecks can damage relationships with employees and put businesses at risk. NewtekOne’s comprehensive approach minimizes errors, providing proactive support and quick resolutions to help businesses keep running smoothly.4
Credit unions take pride in delivering meaningful solutions to their members, and NewtekOne’s payroll services align perfectly with this mission. By partnering with NewtekOne, credit unions can provide a robust and scalable solution that not only handles payroll but also addresses broader business needs like HR management, onboarding, and benefits. This all-encompassing approach helps members save time, reduce stress, and focus on their goals.
NewtekOne isn’t just a payroll provider – it’s a partner in success. For credit unions, offering these services strengthens member relationships, drives engagement, and positions them as the go-to resource for independent business owners. With NewtekOne, credit unions can continue to deliver outstanding value to their members while building long-lasting partnerships that benefit everyone.
Connect with NewtekOne to learn more.
¹ National Small Business Payroll Report, 2023. Data reflects the demand for 24/7 support in payroll services.
² Small Business Customer Experience Study, 2024. Highlights the importance of human interaction in payroll services.
³ Regional Compliance Trends in Payroll Services, 2023. Emphasizes the value of domestic expertise in regulatory compliance.
⁴ Payroll Efficiency and Error Impact Analysis, 2024. Examines the costs associated with payroll errors and the need for robust solutions.
About NewtekOne
Businesses expect more and NewtekOne (NASDAQ: NEWT) delivers core solutions that help businesses grow. As a partner, NewtekOne provides SBA lending services, business financing, merchant processing, payroll, insurance and website/technology services that credit unions can offer to members.