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Lloyds Bank and PayPoint expand card payment partnership

By Gloria Methri

March 22, 2024

  • Accelerated Settlement
  • Business Banking
  • Card Acceptance
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PayPoint PlcLLyods Banking Group, Lloyds Bank, PayPoint, Card Payments, Card Acquiring, FinTech, Payments, UK and Lloyds Bank have announced partnership expansion. Under this arrangement, Lloyds Bank Cardnet will become the main card-acquiring partner across PayPoint’s network of over 60,000 SMEs and retailers.

The expanded partnership will offer merchants a banking and card services proposition that combines card payments, a 12-month fee-free Lloyds bank business account, and a connected, competitive commercial card offering.

The multi-year agreement will bring significant benefits to the PayPoint Group customer base, including faster settlement, a speedy onboarding experience, a new merchant app, additional customer data and insights, and wider access to Lloyds’ range of business banking and lending products. This will be supported by significant investment into the Lloyds Bank Cardnet business to enhance product development and data analytics for merchants.

The agreement extends to Northern Ireland as a new territory for the Handepay business, as well as additional revenue streams for the Merchant Rentals terminal lease business. It also creates further growth opportunities for PayPoint’s enhanced range of capabilities, including a merchant rewards scheme leveraging the Love2shop rewards and engagement platform.

Nick Wiles, CEO of PayPoint said, “The expansion of our long-standing relationship with Lloyds Bank Cardnet Merchant Services has been a key strategic decision for our business and one that we believe will deliver major benefits to our SME and retailer partners. We are confident this partnership expansion will deliver an enhanced proposition and experience that will strengthen our market position, accelerate the growth of our merchant network, and provide better tools and support for our SME and retailer partners as they look to grow their own businesses.

Good execution of this partnership extension is another key element to the delivery of our overall business ambitions and our immediate target of delivering £100m EBITDA by the end of FY26.”

Melinda Roylett, managing director of Lloyds Bank Merchant Services, said, “Our partnership with PayPoint is incredibly important for our next stage of growth and leveraging the significant investment we are making in the Lloyds Bank Cardnet Merchant Services business. The strength of their enhanced platform and network provides us with an unparalleled distribution capability to enable us to support even more UK SMEs with our leading range of card acquiring and wider banking services. We have always been committed to being by the side of all of our business customers, and this expanded partnership with PayPoint will enable us to continue to be true to that commitment.”

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