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PayPoint Plc and Lloyds Bank have announced a “major partnership expansion”, which will see Lloyds Bank Cardnet become the main processor of card payments in PayPoint’s network of 60,000 SMEs and retailers. 

The expanded partnership is set to roll out as a pilot in the second quarter of 2024-2025 financial year, with a full launch the following quarter if regulators approve. 

The move aims to “deliver better tools, support and experience for its SME and retailer partners,” said PayPoint.

Additionally, PayPoint said the multi-year agreement will bring significant benefits to its 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. 

Natalie Lightfoot - a user of Paypoint for many years - from Londis Solo Convenience, Glasglow, explained that the extended partnership will provide her business with 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.”

Nick Wiles chief executive officer 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.

”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 of Lloyds Bank Merchant Services commented: “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.”

 

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