Net Element Inc., a mobile payment and transactional services provider based in North Miami Beach, recently announced that subsidiary branch Unified Payments entered into an agreement with Esquire Bank N.A. to handle various functions.
"We are excited about our partnership with Esquire Bank on the heels of its entry into South Florida market," Oleg Firer, Net Element’s CEO, said. "Under this agreement, Unified Payments will launch its direct merchant acquiring in the United States by leveraging BIN sponsorship through Esquire Bank."
The agreement provides for marketing, transaction clearing, draft capture, settlement and support of Bank Identification Number ("BIN") networks. BINs enable the company to pay credit card vendors such as Visa and MasterCard directly, and make electronic benefits transfers (EBT) while offering flexibility in authorization options.
Consequently, the firm can now supply mobile payments and multi-functional, technology-based transactional services to Esquire Bank's commercial clients.
"Esquire Bank is extremely pleased to establish this relationship with Unified Payments," Fred Horn, SVP and director of merchant services for New York-based Esquire Bank, said. "Our payments processing business model is to locate and accelerate innovators in the payments industry. Unified Payments fits our profile and, with its many business lines, represents multiple future opportunities. We are expecting a long and profitable relationship for both of our companies."
Esquire Bank also has an office Palm Beach.