Wells Fargo Merchant Services, a division of Wells Fargo Company (NYSE:WFC), and Discover Financial Services (NYSE:DFS)  have teamed up to offer small and midsize businesses full-service card payment processing for all Discover transactions.

In response to the ever-rising popularity of electronic payments, the new streamlined payment processing service will offer customers a broader range of payment options at the point of sale. It features single-source statements, settlement and customer service.

Specifically designed for smaller businesses, such as restaurants and retail shops, the new service will ultimately help small-business customers improve sales and cash flow.

Wells Fargo's 214,000 smaller business clients will be offered the new credit and debit card processing options at a simplified pricing rate.