PayPoint Plc and Lloyds Bank today announced a significant expansion of their partnership, which will see Lloyds Bank Cardnet become the primary card acquisition partner across the PayPoint Group’s extensive network of over 60,000 SME and retail partners.
The expanded partnership, which will be piloted in 2Q24/25 and is expected to be fully launched in 3Q24/25 (subject to regulatory approval), will offer merchants a market-leading banking proposition and of card services that combines card payments, a 12-month Lloyds bank account with no fees and a linked competitive commercial card offer. The enhanced proposition strengthens PayPoint Group’s market position, accelerates growth across our commercial properties and provides better tools, support and experience for SMEs and retail partners.
In addition, the multi-year agreement will deliver significant benefits to PayPoint Group’s customer base, including earlier settlement within the day, a faster onboarding experience, a new merchant app, additional customer data and insights and wider access to Lloyds’ premium range. banking and lending products. This will be supported by significant investment in the Lloyds Bank Cardnet business to improve product development and data analytics for merchants.
The deal extends Northern Ireland as a new territory for the Handepay business and additional revenue streams for the Merchant Rentals terminal business, as well as creating further growth opportunities for PayPoint Group’s enhanced range of capabilities, including a merchant rewards program that leverages Love2shop rewards and loyalty platform.
Nick Wiles, CEO of PayPoint said:
“Extending our long-standing relationship with Lloyds Bank Cardnet Merchant Services was a key strategic decision for our business and one that we believe will deliver significant benefits to our SME and retail partners. We are confident that this expanded partnership will deliver an enhanced proposition and experience that will strengthen our market position, accelerate the growth of our merchant network, and provide better tools and support for SMEs and retail partners as they look to develop their own businesses.
Executing this partnership extension well is another key element in achieving our overall business ambitions and our immediate target of delivering £100m EBITDA by the end of year 26.”
Melinda Roylett, Managing Director, Lloyds Bank Merchant Services said:
“Our partnership with PayPoint is incredibly important to 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 enabling us to support even more UK SMEs with our leading range of card acquisition and wider banking services. We have always been committed to standing by all of our business customers and this expanded partnership with PayPoint will allow us to continue to be true to that commitment.”