Moneris Solutions, one of North America's largest payment processors, today announced that it has signed an agreement with Discover Financial Services (NYSE: DFS) whereby Moneris will offer Discover Network card acceptance as part of an integrated service to small- and mid-sized merchants.
Under this agreement, Moneris and their BIN-sponsored Independent Sales Organizations (ISOs) will provide processing services for Discover Network acceptance enabling merchants to offer a broader range of payment options at the point-of-sale. Merchants will now receive an all-in-one payment processing solution with the convenience of a single source for statements, settlement, and customer service. Previously, merchants had to sign up separately with Discover. With this agreement, Moneris will serve as a one-stop-shop and will manage the processing, settlement, risk management, pricing and customer service for the merchant accounts.
"The ability to offer a consolidated payment solution that includes Discover Network card acceptance is a tremendous benefit to our merchants, banks, strategic partners, and ISOs," said Greg Cohen, president of Moneris Solutions US. "Not only will merchants be able to take advantage of expanded payment options for their customers, but they will also receive an inclusive payment solution from a company they know and trust."
"Our agreement with Moneris Solutions provides their sales channels a powerful, merchant-friendly sales tool, while helping to extend Discover's reach in offering small- and mid-sized merchants a streamlined, integrated processing package that includes Discover Network card acceptance," said Gerry Wagner, vice president acceptance and client relations for Discover Financial Services. "The success we are experiencing with our merchant acquiring model demonstrates this is the type of program small- and medium-sized merchants are seeking and is another example of how we are meeting their needs."