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The Associated Press October 26, 2010, 1:06PM ET

Discover to expand card acceptance in Canada

Discover Financial Services said Tuesday it reached an agreement with electronic payments processor Moneris Solutions that will expand merchant acceptance of Discover credit cards in Canada.

Beginning next year, merchant customers of Toronto-based Moneris will be able to accept transactions on the Discover and Diners Club International card networks. Terms of the agreement were not disclosed.

Moneris offers credit, debit and other payment services for more than 350,000 merchant locations across North America, and is Canada's largest merchant acquirer.

Gerry Wagner, vice president of global acceptance for Discover, said the company plans in coming years to aggressively expand the number of Canadian merchants that accept Discover cards.

David Ades, a senior vice president at Moneris, said his company is the first payments processor to offer Discover card acceptance to merchants in Canada.

Shares of Riverwoods-based Discover Financial fell 3 cents to $17.49 in afternoon trading.

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