PayPoint and Lloyds Bank have announced a partnership expansion, which will see Lloyds Bank Cardnet become the main card acquiring partner across the PayPoint Group’s network of over 60,000 SME and retailer partners.
The expanded partnership will go into pilot in Q2 FY24/25, with a full launch expected in Q3 FY24/25, subject to regulatory approval. It will offer merchants a banking and card services proposition combining card payments, a 12-month fee-free Lloyds bank business account and a connected competitive commercial card offering. The enhanced proposition strengthens PayPoint Group’s market position, accelerates growth across our merchant estates and delivers better tools, support and experience for its SME and retailer partners.
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Additionally, the multi-year agreement will bring significant benefits to the PayPoint Group customer base, including earlier in the day settlement, a faster 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 partnership results in expansion to new territories
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, as well as creating further growth opportunities for the PayPoint Group’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 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.”
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