Lloyds Banking Group has partnered with Stripe to roll out new payment capabilities for its business customers.
The collaboration brings Stripe’s payments infrastructure into Lloyds’ Business Account through a new proposition called Lloyds Accept.
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Lloyds Accept is intended to give small businesses access to payment tools to help them operate “more effectively”, a statement from the banking group said.
The service is powered by Stripe Connect and is available within Lloyds and Bank of Scotland Business Accounts. Sign-up is typically completed within minutes, according to Lloyds.
The Lloyds Accept suite includes Tap to Pay on smartphones, payment links and terminal devices for in-person transactions.
The proposition supports Tap to Pay on iPhone and Tap to Pay on Android. This allows merchants to accept contactless payments using a smartphone and the Lloyds Accept app.
Lloyds said the tools are designed to support payments across multiple trading environments. These include customer sites, markets and community or school events. Customers can pay at checkout by holding a card or digital wallet near the merchant’s device.
Lloyds Business & Commercial Banking CEO Amanda Murphy said: “Businesses need simple, flexible payment solutions so they can focus on growing and serving their customers. Our new tools enable businesses to get set up and start trading instantly, supporting healthy cashflow – which is vital for small businesses.
“We’re delighted to be working with Stripe to bring market-leading technology that helps our customers grow and manage their finances with confidence.”
In a separate statement, Stripe said the partnership will give Lloyds’ small business customers with access to the “same payments infrastructure” used by larger enterprises.
Stripe chief revenue officer Eileen O’Mara said: “A small business on any UK high street can now run on the same payments infrastructure as the largest and fastest-growing companies in the world.
“World-class financial tools shouldn’t be gated by size and, together with Lloyds, we’re reaching more businesses than we ever could alone.”
Lloyds serves more than 26 million retail customers and around one million business customers.
