Source: NOVA Information Systems
NOVA Information Systems (NOVA), a wholly owned subsidiary of U.S. Bancorp (NYSE:USB), and Discover Financial Services LLC, a business unit of Morgan Stanley (NYSE:MS), today announced the signing of a merchant acquiring agreement.
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 that promotes a broader range of payment options at the point of sale. Merchants, such as restaurants, retailers, and specialty shops, will receive an easy, cost-effective, all-in-one payment processing solution with the convenience of a single source for statements, settlement, and customer service.
"NOVA excels at providing outstanding service to our more than 850,000 U.S. merchants and we welcome the opportunity to add value to our product offering," said Stuart C. Harvey, Jr., president, NOVA. "The ability to offer Discover Network card processing streamlines the merchant experience by eliminating the complexities of dealing with multiple providers."
NOVA is the third largest U.S. credit card processor and one of the top 10 global processors. This agreement is expected to help broaden Discover's acceptance among small- to mid-sized merchants, while increasing volume on the Discover Network.
"Our agreement with NOVA not only consolidates services to our merchants, but it also increases the momentum Discover Network has been gaining within the merchant acquiring community as we continue to build it into a broad-based payments business with multiple products and acquirers," said Harit Talwar, executive vice president of Discover Financial Services. "NOVA's extensive presence within the independent sales organization (ISO) and bank channel communities helps us achieve that goal."