US Bancorp subsidiary Nova Information Systems and Morgan Stanley unit Discover Financial Services have signed a merchant processing deal to help simplify payments processing.
Under the terms of the agreement, Nova will add Discover Network card acceptance to its portfolio of payment processing services. Nova will provide consolidated pricing, underwriting, risk management, processing, settlement, support and reporting to its merchants, simplifying payments processing.
Nova will provide processing services to merchants for Discover Network card acceptance, promoting a broader range of payment options at the point of sale. Merchants, such as restaurants, retailers, and specialty shops, will receive what Nova describes as an easy, all-in-one payment processing solution with the convenience of a single source for statements, settlement, and customer service.
The ability to offer Discover Network card processing streamlines the merchant experience by eliminating the complexities of dealing with multiple providers, commented Nova president Stuart Harvey, Jr.
The agreement is also expected to help broaden Discover’s acceptance among small- to mid-sized merchants, while increasing volume on the Discover Network.