Wells Fargo and Discover Financial Services Announce New Merchant Acquiring Agreement
San Francisco and Riverwoods, IL — September 24, 2007
In a continued effort to provide simple and convenient merchant payment solutions, Wells Fargo Merchant Services LLC and Discover Financial Services (NYSE:DFS) today announced they have signed an agreement to offer full-service processing for all Discover® transactions through Wells Fargo Merchant Services LLC. Under the agreement, Wells Fargo Merchant Services LLC customers will now enjoy seamless card payment processing for a broader range of payment options at the point of sale.
“As a leader in the merchant payment industry, Wells Fargo is committed to providing our customers new ways to grow their businesses," said Debra Rossi, executive vice president of Wells Fargo Merchant Services LLC. “This agreement with Discover Financial provides us with another way we can help expand our merchants’ payment acceptance options and, ultimately, help them better serve their customers’ payment needs."
As electronic payments continue to increase in popularity, expanding credit and debit card processing options gives merchants an opportunity to grow sales and improve cash flow. With full processing of Discover Network card transactions, merchants will benefit from a simple, cost effective payment solution that will allow them to offer additional convenient payment options for their customers. Wells Fargo customers will also be able to take advantage of simplified pricing, while receiving one monthly merchant reconciliation statement and access to integrated customer service.
“As a leading merchant electronic payment services provider, Wells Fargo provides us with a tremendous opportunity to offer its more than 214,000 merchants a streamlined payment processing experience with the convenience of a single source for statements, settlement, and customer service,” said Harit Talwar, executive vice president for Discover Financial Services. “As a result, more small- to mid-sized merchants such as restaurants and specialty shops can better serve their customers and more efficiently run their businesses.”
About Wells Fargo & Company
Wells Fargo & Company is a diversified financial services company with $540 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through almost 6,000 stores and the internet (wellsfargo.com) across North America and internationally. Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest credit rating from both Moody's Investors Service, "Aaa," and Standard & Poor's Ratings Services, "AAA."
About Discover Financial Services
Discover Financial Services (NYSE:DFS) operates the Discover Card with more than 50 million cardmembers, the Discover Network with millions of merchant and cash access locations, and the Goldfish credit card business in the United Kingdom. Discover Financial Services also operates the PULSE ATM/debit network, which serves more than 4,400 financial institutions and includes nearly 260,000 ATMs, as well as POS terminals, nationwide. For more information, visit www.discoverfinancial.com.