Esquire Financial Holdings, Inc. Announces Partnership With InComm Payments To Offer Serve® American Express® Card For Social Security Disability Claimants

Rhea-AI Summary

Esquire Financial Holdings (NASDAQ: ESQ) announced a partnership with InComm Payments to offer the Serve® prepaid card for Social Security Disability Insurance (SSDI) payments. This exclusive agreement enables law firms to provide SSDI payments via prepaid cards, enhancing efficiency in payment processing. The partnership combines Serve's advanced technology with Esquire's legal distribution network, aiming to improve payment options for clients. The Serve® card will be issued through American Express, potentially transforming the way SSDI payments are distributed.

Positive

• Partnership with InComm Payments to provide advanced prepaid card services for SSDI payments.
• Enhancement of payment processing efficiency for law firms and their clients.
• Utilization of Serve® technology, recognized as a best-in-class solution.

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• None.

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.

FAQ

What is the partnership between Esquire Financial Holdings and InComm Payments about?

Esquire Financial Holdings has partnered with InComm Payments to offer the Serve® prepaid card for Social Security Disability Insurance payments.

How will the Serve® card benefit SSDI claimants?

The Serve® card will provide a more efficient way to receive SSDI payments, moving away from traditional check methods.

When was the announcement of the partnership made?

The partnership announcement was made on March 29, 2021.

What is the stock symbol for Esquire Financial Holdings?

The stock symbol for Esquire Financial Holdings is ESQ.

Who will issue the Serve® card?

The Serve® card will be issued by American Express as part of the partnership.