Source: Global Payments
Global Payments Inc.(NYSE:GPN), a leader in payment processing services, and Discover Financial Services LLC, a business unit of Morgan Stanley (NYSE:MS) today announced they have signed a merchant acquiring agreement.
Under the terms of the agreement, Global Payments will begin selling Discover Network card acceptance and the company also will purchase the portion of Discover's merchant portfolio for which it currently provides Visa and MasterCard processing.
Under the terms of the agreement, Global Payments, together with its participating alliance partners and direct independent sales organizations (ISOs), will begin offering its merchant base an integrated processing solution that includes Discover Network card acceptance and provides a broader range of payment options at the point of sale.
"We are delighted with this long-term strategic relationship with Discover, which supports our goal of expanding services to our merchants, alliance partners, and ISOs while streamlining their payment options," said Paul R. Garcia, chairman, president and CEO of Global Payments. "This new program reflects a solid long-standing relationship between Global and Discover and demonstrates our commitment to offering outstanding services to mid-sized and small merchants. Together with our alliance partners and ISOs, we hope to expand Discover card acceptance throughout our merchant base."
Through the agreement, merchants, such as restaurants, retailers, and specialty shops will now receive an easy, cost-effective, all-in-one payment processing solution with the convenience of a single source for statements, settlement, and customer service. Global Payments and its participating alliance partners and ISOs will have full responsibility for pricing, processing, settlement, risk management and customer service for the merchant accounts. Global expects to begin offering integrated Discover Network card acceptance during the first quarter of 2007.
"Our agreement with Global is another important example of how Discover is building on its strong relationships with acquirers and merchants," said Harit Talwar, executive vice president of Discover Network. "We expect that merchants will benefit from the advantages this agreement with Global provides. Not only will Global's merchant base receive an integrated, cost- effective, and streamlined payments processing package, but Global's alliance partners and ISOs also benefit from greater opportunity to serve small- to mid-sized merchants."