PayPoint and Lloyds Bank have revealed that they are extending their partnership.
The move will see Lloyds Bank Cardnet become the main card acquiring partner across the PayPoint Group’s network of more than 60,000 SME and retailer partners.
The expanded partnership – going into pilot in the second quarter of Fiscal Year 2024-25, with a full launch expected in the third quarter of Fiscal Year 2024-25, subject to regulatory approval – will offer merchants a market-leading banking and card services proposition combining card payments, a 12-month fee-free Lloyds bank business account, and a connected competitive commercial card offering.
PayPoint Group says the enhanced proposition will strengthen its market position, accelerates growth across its merchant estates, and will deliver better tools, support and experience for its SME and retailer partners.
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’ leading 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, 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, Chief Executive 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.
In response, PayPoint retailer Natalie Lightfoot, Londis Solo Convenience (Glasgow), said: “This is fantastic news for our business – we have been customers for many years and it’s great that this new partnership will give us access to even more benefits and banking services.
“Small businesses like ours are facing many challenges at the moment, so it’s good to know that both Lloyds Bank Cardnet Merchant Services and PayPoint are joining forces to help us continue to thrive and support customers at the heart of our community in Glasgow.”
