RIVERWOODS, Ill. & DENVER--(AllPayNews)--July 14, 2006--Discover Financial Services LLC, a business unit of Morgan Stanley (NYSE:MS), and First Data Corp. (NYSE:FDC), a global leader in electronic commerce and payment services, today announced the signing of an agreement whereby First Data will offer Discover Network card acceptance as part of an integrated service to small- and medium-sized merchants. Specific terms and conditions of the agreement are not being disclosed.
Under this agreement, First Data will provide processing services to merchants for Discover Network 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. First Data sales channels will have full responsibility for pricing, processing, settlement, risk management and customer service for the merchant accounts.
"Today, merchants are managing separate providers which increases complexity and may impact costs as they struggle to balance multiple funding sources and statements," says John Shlonsky, president of First Data's Merchant Alliance Services. "Together with Discover, we will simplify and integrate payment acceptance so that small and medium-sized merchants can spend more time managing their business than they do managing their payments."
Merchants will benefit from Discover Network card acceptance as early as this summer, when First Data begins pilot programs in selected geographic areas. First Data expects to offer the solution on a wider scale during the fourth quarter of this year.
"Our agreement with First Data represents another important step we are taking to build on our strong relationships with merchants," said Harit Talwar, executive vice president of Discover Network. "Small- to mid-sized merchants told us they want a streamlined, integrated processing package that includes Discover Network card acceptance. This agreement helps us fill that need by providing them with the more complete acceptance solution they are seeking."
About Discover Financial Services
Discover Financial Services LLC, a business unit of Morgan Stanley (NYSE:MS), operates the Discover Card with more than 50 million Cardmembers, and the Discover Network, which is the largest proprietary credit card network in the U.S. with more than 4 million merchant and cash access locations. Discover Financial Services also operates the PULSE ATM/debit network, which serves more than 4,200 financial institutions and includes nearly 250,000 ATMs and approximately 3.4 million POS terminals. For more information, visit www.discovercard.com, www.discovernetwork.com or www.pulse-eft.com.
About First Data
First Data Corp. (NYSE:FDC) is a leading provider of electronic commerce and payment solutions for businesses and consumers worldwide. Serving 4.6 million merchant locations, 1,600 card issuers and millions of consumers, First Data powers the global economy by making it easy, fast and secure for people and businesses around the world to buy goods and services using virtually any form of payment. The company's portfolio of services and solutions includes credit, debit, private-label, gift and other prepaid card issuing and merchant transaction processing services; money transfer services; money orders; fraud protection and authentication solutions; check guarantee and verification services through TeleCheck; as well as Internet commerce and mobile solutions. Western Union, together with its affiliates Orlandi Valuta and Vigo, are leaders in global money transfer, providing people with fast, reliable and convenient ways to send money around the world, pay bills and purchase money orders through a network of over 270,000 agent locations in more than 200 countries and territories. The company's STAR Network offers PIN-secured debit acceptance at 1.9 million ATM and retail locations. For more information, visit www.firstdata.com.
Discover Financial Services LLC
Leslie Beyer, 224-405-5154
First Data Corp.
Jody Soper, 303-967-6611