Lloyds Bank partners with PayPoint to enhance SME offering

PayPoint Plc and Lloyds Bank have expanded their partnership, making Lloyds Bank Cardnet the main card acquiring partner across the PayPoint Group’s network of SMEs and retailer partners.

A full launch is expected in Q3 FY24/25 subject to regulatory approval and following an intial pilot. The deal will combine card payments, a 12-month fee-free Lloyds bank business account and a connected competitive commercial card offering, the firms said in a statement.

Additionally, the multi-year agreement means that PayPoint Plc customers will have access to earlier in the day settlement, a faster onboarding experience, a new merchant app, additional customer data and insights, and wider access to Lloyds’ business banking and lending products.

Nick Wiles, CEO of PayPoint said: “We are confident this partnership expansion will deliver an enhanced proposition and experience which 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.”

The agreement extends to Northern Ireland as a new territory for the Handepay business, and additional revenue streams for the Merchant Rentals terminal lease business. It is also seen as an opportunity to create further growth for the PayPoint Group’s enhanced range of capabilities, including a merchant rewards scheme and engagement platform.

Melinda Roylett, Managing Director, 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.

She added: “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.”