Net Element, Inc. (NASDAQ: NETE) ("Net Element" or the "Company"), a provider of global mobile payment technology solutions and value-added transactional services, today announced that its subsidiary, Unified Payments, has entered into a multi-year processing agreement with Esquire Bank, N.A. ("Esquire Bank"), a national-chartered full service commercial bank.
The agreement includes marketing, transaction clearing, draft capture, settlement and payment networks Bank Identification Number ("BIN") sponsorship.
A dedicated Bank Identification Number represents a distinct way to segregate merchants and allows the Company to present payment transactions directly to Visa®, MasterCard®, Discover Network®, American Express® and Electronic Benefits Transfer ("EBT") as well as other card brand networks. In addition, it provides the Company greater flexibility in its choice of front-end authorization and back-end settlement platforms.
As a result of this partnership the Company will provide mobile payments and multi-functional, technology-driven transactional services to Esquire Bank's commercial clients.
"We are excited about our partnership with Esquire Bank on the heels of its entry into South Florida market," commented Oleg Firer, CEO of Net Element. "Under this agreement, Unified Payments will launch its direct merchant acquiring in the United States by leveraging BIN sponsorship through Esquire Bank."
"Esquire Bank is extremely pleased to establish this relationship with Unified Payments," commented Fred Horn, Senior Vice President/Director of Merchant Services of Esquire Bank. "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."