JERICHO, N.Y., March 29, 2021 /PRNewswire/ -- Esquire Financial
Holdings, Inc. (NASDAQ: ESQ) ("Company"), the financial holding
company for Esquire Bank, National Association ("Esquire"), today
announced that Esquire has signed an exclusive agreement with
InComm Payments, a global leading payments technology company, to
offer prepaid card services under the Serve® brand for Social
Security Disability Insurance ("SSDI") payments. InComm Payments
became the exclusive distributor of American Express's prepaid
reloadable and gift card products in the U.S. and acquired the
Serve® technology platform in 2018. The Serve® product offered as
part of the agreement with Esquire will be a Serve® Card issued by
American Express.
"Serve is a best-in-class technology solution for open-loop,
reloadable prepaid cards," stated Andrew C.
Sagliocca, President & CEO of Esquire. "This partnership
will allow us to transform Social Security Disability Insurance
payments from check to prepaid cards for our law firms' clients, as
well as other supporting services."
"Coupling Serve's technology with Esquire's legal distribution
network and related businesses will revolutionize the options
available to Esquire's partners," said Dave
Etling, SVP of InComm Healthcare and InCentives at InComm
Payments. "Esquire has mapped out opportunities to improve the
types of payments available to its partners, and this partnership
will help remedy inefficiencies that exist in the market today,
benefiting those who need it the most."
For more information about Esquire, visit esquirebank.com. For
more information about Serve, visit serve.com.
About Esquire Financial Holdings, Inc.
Esquire Financial Holdings, Inc. is a financial holding company
headquartered in Jericho, New
York, with one branch office in Jericho, New York and an administrative office
in Boca Raton, Florida. Its
wholly-owned subsidiary, Esquire Bank, National Association, is a
full-service commercial bank dedicated to serving the financial
needs of the litigation industry and small businesses nationally,
as well as commercial and retail customers in the New York metropolitan area. The bank offers
tailored financial and payment processing solutions to the
litigation community and their clients as well as dynamic and
flexible merchant payment processing solutions to small business
owners. For more information, visit www.esquirebank.com.
About InComm Payments
InComm Payments is a global leader in innovative payments
technology. Leveraging dynamic technology and proven expertise,
InComm Payments delivers enhanced end-to-end payment platforms and
emerging financial technology solutions that help businesses grow
across a wide range of industries including retail, healthcare,
tolling & transit, incentives, mobile payments and financial
services. By enabling omnichannel connections to an ever-expanding
consumer base in an increasingly digital ecosystem, InComm Payments
creates seamless and valuable commerce experiences across the
globe. With more than 25 years of experience, over 500,000 points
of distribution, 386 global patents and a presence in more than 30
countries, InComm Payments leads the payments industry from its
headquarters in Atlanta, Ga. Learn
more at www.InCommPayments.com.
Cautionary Note Regarding Forward-Looking Statements
This press release includes "forward-looking statements"
relating to future results of the Company. Forward-looking
statements are subject to many risks and uncertainties, including,
but not limited to: changes in business plans as circumstances
warrant; changes in general economic, business and political
conditions, including changes in the financial markets; and other
risks detailed in the "Cautionary Note Regarding Forward-Looking
Statements," "Risk Factors" and other sections of the Company's
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q as
filed with the Securities and Exchange Commission. The
forward-looking statements included in this press release are not a
guarantee of future events, and that actual events may differ
materially from those made in or suggested by the forward-looking
statements. Forward-looking statements generally can be identified
by the use of forward-looking terminology such as "may," "might,"
"should," "could," "predict," "potential," "believe," "expect,"
"attribute," "continue," "will," "anticipate," "seek," "estimate,"
"intend," "plan," "projection," "goal," "target," "outlook," "aim,"
"would," "annualized" and "outlook," or similar terminology.
Further, given its ongoing and dynamic nature, it is difficult to
predict the full impact of the COVID-19 outbreak on our business.
The extent of such impact will depend on future developments, which
are highly uncertain, including when the coronavirus can be
controlled and abated and when and how the economy may be reopened.
As the result of the COVID-19 pandemic and the related adverse
local and national economic consequences, we could be subject to
any of the following risks, any of which could have a material,
adverse effect on our business, financial condition, liquidity, and
results of operations: the demand for our products and services may
decline, making it difficult to grow assets and income; if the
economy is unable to substantially reopen, and high levels of
unemployment continue for an extended period of time, loan
delinquencies, problem assets, and foreclosures may increase,
resulting in increased charges and reduced income; collateral for
loans, especially real estate, may decline in value, which could
cause loan losses to increase; our allowance for loan losses may
increase if borrowers experience financial difficulties, which will
adversely affect our net income; the net worth and liquidity of
loan guarantors may decline, impairing their ability to honor
commitments to us; as the result of the decline in the Federal
Reserve Board's target federal funds rate to near 0%, the yield on
our assets may continue to decline to a greater extent than the
decline in our cost of interest-bearing liabilities, reducing our
net interest margin and spread and reducing net income; and our
cyber security risks are increased as the result of an increase in
the number of employees working remotely. Any forward-looking
statements presented herein are made only as of the date of this
press release, and the Company does not undertake any obligation to
update or revise any forward-looking statements to reflect changes
in assumptions, the occurrence of unanticipated events, or
otherwise, except as may be required by law.
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SOURCE Esquire Financial Holdings, Inc.