PayPoint and Lloyds Bank announce major strategic partnership expansion
March 20 2024 - 2:00AM
PayPoint and Lloyds Bank announce major strategic partnership
expansion
PayPoint Plc
20 March 2024
PayPoint and Lloyds
Bankannounce major strategic partnership
expansion
PayPoint Plc and Lloyds Bank are pleased to announce 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. The enhanced proposition strengthens PayPoint
Group’s market position, accelerates growth across our merchant
estates and delivers 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, 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. 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.”
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.”
Enquiries
PayPoint
plc |
FGS
Global |
Nick Wiles, Chief
Executive (Mobile: 07442 968960) |
Rollo Head |
Rob Harding,
Chief Financial Officer (Mobile: 07525 707970) |
James
Thompson |
|
(Telephone: 0207
251 3801) (Email: PayPoint-LON@fgsglobal.com)
|
Lloyds BankAdam Charles, Media
Relationsadam.charles@lloydsbanking.com0207 356 2374
ABOUT PAYPOINT GROUP
For tens of thousands of businesses and millions of consumers,
we deliver innovative technology and services that make life a
little easier.
The PayPoint Group serves a diverse range of organisations, from
SME and convenience retailer partners, to local authorities,
government, multinational service providers and e-commerce brands.
Our products are split across four core business divisions:
- In Shopping, we enhance retailer propositions and customer
experiences through EPoS services via PayPoint One, card payment
technology, Counter Cash, ATMs and home delivery technology
partnerships in over 60,000 SME and retailer partner locations
across multiple sectors. Our retail network of over 28,000
convenience stores is larger than all the banks, supermarkets and
Post Offices put together
- In E-commerce, we deliver best-in-class customer journeys
through Collect+, a tech-based delivery solution that allows
parcels to be picked up, dropped off and sent at thousands of local
stores
- In Payments and Banking, we give our clients and their
customers choice in how to make and receive payments quickly and
conveniently. This includes our channel-agnostic digital payments
platform, MultiPay, offering solutions to clients across cash, card
payments, direct debit and Open Banking. PayPoint also supports its
eMoney clients with purchase and redemption of eMoney across its
retail network.
- In Love2shop, we provide gifting, employee engagement, consumer
incentive and prepaid savings solutions to thousands of consumers
and businesses. Love2shop is the UK’s number one multi-retailer
gifting provider, offering consumers the choice to spend at more
than 140 high-street and online retail partners. Park Christmas
Savings is the UK’s biggest Christmas savings club, helping over
350,000 families manage the cost of Christmas, by offering a huge
range of gift cards and vouchers from some of the biggest high
street names, including Argos, Primark and B&M.
Together, these solutions enable the PayPoint Group to create
long-term value for all stakeholders, including
customers,communities and the world we live in.
ABOUT LLOYDS BANKING GROUP
- Lloyds Banking Group is a leading UK based financial services
group providing a wide range of banking and financial services,
focused on personal and commercial customers.
- We are proud to be by the side of British business,
supporting more than 1 million UK businesses with
leading digital and relationship banking services, as they start
up, grow, thrive and trade internationally.
- As part of the Group, Lloyds Bank Cardnet Merchant Services
offers leading end-to-end payment acceptance solutions. We help
businesses from all parts of the UK, and across all different
sectors and sizes, giving them the support they need to take
payments online, in store, or over the phone at any time.
- For more information on how we help businesses to receive
payments please visit: www.lloydsbank.com/cardnet.
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