TheStreet

Shares of payment processing business First Data (FDC - Get Report)  were tumbling following a report in The Wall Street Journal suggesting that Bank of America (BAC - Get Report) is considering dissolving its nearly 10-year partnership with the company. 

The decision would give Bank of America more control of its business that focuses on moving money for merchants, the Journal reported. 

First Data has a majority ownership stake in the joint venture, Bank of America Merchant Services, which Bank of America agreed to when it was still vulnerable following the financial crisis a decade ago.

The joint venture accounts for between 10% and 12% of First Data's total revenue, according to estimates by analysts at Bernstein. 

Payment processing operations such as Merchant Services make money through the transaction fees that come with every debit and credit card swipe at a retailer. They also sell the terminals used at registers to accept credit card operations. 

First Data fell 2.2% to $24.87. Bank of America fell 0.4% to $29.68.