Friday, April 12th, 2019
Lloyd’s is a Basildon-based bank that offers UK businesses payment solutions as well as merchant account services. It also provides card machines and other payment tools as well as support for a merchant who like to take payments online, face-to-face, or over the phone. Lloyd’s merchant account services feature currency conversion, PCI DSS security, and support for many popular credit & debit cards.
A Reliable Online Payment Gateway
Their online payment gateway—Lloyds Bank Cardnet—has a developer API, a protected checkout, and links to nearly all shopping carts online. And because Lloyd’s also operates as the acquiring bank, merchants won’t need to get a payment gateway via a different service.
What’s more, the bank’s virtual payment gateways feature online reporting, fraud prevention and PCI DSS security, to bump up transaction safety levels. Lloyds merchant services has a unique online reporting system that allows you access up to 15 months of past chargeback records and 13 months of all buyer transactions. Plus, the tool also allows you to flag doubtful transactions, assess transaction fees for every transaction and schedule automatic reports.
Today, over 50, 000 merchants depend on Lloyds Bank Cardnet which transacts over 1.1 billion payments per year and up to £64 billion card sales per year. It is one of the few major credit card processors with low numbers of negative reviews or complaints from users.
How Much Do Lloyd’s Bank Cardnet Services Cost?
Lloyds Bank Cardnet offers personalised pricing depending on factors such as; business size, transaction volumes, and the services required. However, the firm doesn’t reveal the pricing details on its site. But merchants with existing Lloyds Bank business account enjoy the most benefits. The plan includes a fixed 1.25% per-transaction fee on every transaction (debit and credit card) plus a monthly fee, not less than £15.
Terms are different for retailers without Lloyds business accounts; you’ll need to pay a sign-up fee of £175, a monthly fee not less than £25, and an approval fee of 3% for every transaction. On top, you’ll need to pay a chargeback fee of £15.
The sign-up fee caters for account set up, and contracts last not less than six months. Lloyd’s charges credit cards as a percentage of the total value of payments, and debit cards as a percentage for each transaction. Non-account holders should expect rates form 1.5% to 3.5% based on transaction volumes and size of the business size. Lastly, PCI compliance fee for Lloyds Bank Cardnet also varies significantly.
Hardware Purchase and Rentals
Lloyds Bank Cardnet stocks Ingenico chip and pin equipment with mobile, over the counter and portable solutions, and a variety of POS terminals from Clover too.
Plus, they rent out card machines, but the costs tied to the equipment depends on which model you pick. The prices range from £15 to £24.95 per month, and charges drop after 18 months of use. Rental contracts, unlike merchant account agreements, usually last longer than six months. Most rental deals vary from 18 to 48 months.
Topics discussed in this article:
- lloyds merchant services