PayPoint retailers are to be offered benefits such as streamlined card payments, a 12-month fee-free Lloyds business accounts, and a ‘competitive’ commercial card offering, following PayPoint’s signing expanded deal with Lloyds Bank Cardnet.
The newly announced partnership with the card acquiring partner will pilot from 1 April to 30 June this year, and officially launch between 1 July and 30 September.
PayPoint claimed it will deliver better tools, support and experience for PayPoint retailers, and also strengthen PayPoint’s ability to attract more retailers to its card merchant offer.
Describing the ‘significant benefits’ for PayPoint stores from the deal, the company listed “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”.
Promised investment by Lloyds Bank Cardnet into new features will also “enhance product development and data analytics for merchants”.
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The agreement will also make PayPoint-owned card merchant services provider Handepay available for retailers in Northern Ireland.
A PayPoint-provided comment from Natalie Lightfoot, owner of Londis Solo Convenience in Glasgow, stated: “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.”
PayPoint chief executive Nick Wiles commented: “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.”
Melinda Roylett, managing director at Lloyds Bank Merchant Services, said the deal would “enable us to support even more UK [small and medium sized businesses] with our leading range of card acquiring and wider banking services. We have always been committed to being by the side of all of our business customers, and this expanded partnership with PayPoint will enable us to continue to be true to that commitment.”
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