PayPoint Plc and Lloyds Bank announced a major partnership expansion, which will see Lloyds Bank Cardnet become the main card acquiring partner across the PayPoint Group’s extensive network of over 60,000 SME and retailer partners.
„The expanded partnership, going into pilot in Q2 FY24/25, with a full launch expected in Q3 FY24/25 (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.” – according to the press release.
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, 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.
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, 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.”
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.”
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
