Lloyds Bank Cardnet Issue with Cardnet System

Friday, December 28th, 2018

Lloyds Bank Cardnet has been providing card payments services for businesses since 1997. As part of Lloyds Bank, they boast many years of financial expertise and strongly believe in collaborative banking.

However, several months ago, they fell into an obstacle, which is further discussed in this blog post. If you want to learn more about this company and get reliable review, just read below.

Lloyds Bank

Lloyds Bank is focused on providing excellent service and support to both local coffee shops and multi-national retailers. The company offers not only card machines and payment processing solutions, but also exceptional technical support and award-winning customer service. This is what makes them stand out from the crowd.

The company offers reliable technology and support for accepting online payments face to face, over the phone, or using your website. So, the company does its best to deliver hassle-free payment processing and ongoing support from a dedicated team.

However, in September 2018, Lloyds Bank encountered some technical problems during the operation of its Cardnet payment system. The company didn’t admit any possibility of a cyberattack.

In fact, the error was caused by an issue with a particular card terminal operated by Cardnet. The latter is a joint venture between Lloyds Bank and First Data. Because of the error, customers paid twice as a result.

According to Lloyds, they were aware that a small number of merchant terminals had some issues caused by the technical problem, which was soon resolved. They claimed to have been providing guidance to those merchants on how they could solve the problem and were very sorry for the inconvenience caused.

As Lloyds Banking Group reported, just less than 5% of Cardnet machine transactions had been affected, and that they’d refunded all those customers. According to an HSBC executive, when it comes to bigger banks like this, outages of this type aren’t pardonable.

Most Reliable Review on Lloyds Bank Cardnet

If you’re interested in Lloyds Bank, you’d better turn to a reputable merchant services comparison company in the UK like Best Payment Providers to get the best review on the company.

Best Payment Providers is focused on helping you find the best processor for your financial needs. So, you can be sure to get the best review of contracts, rates, and fees so to get a better understanding of the company you want to work with.

What’s more, Best Payment Providers can easily keep you away from unwanted expenses caused by confusing terminology, hidden costs, or dishonest sales tactics. With Best Payment Providers, you can enjoy the most honest snapshot of the processors in the industry.

Besides, each provider’s integration process will be checked so to enable you to enjoy a smooth transition and onboarding process. Finally, Best Payment Providers guarantees the cheapest rates and the highest level of customer service. Consultation and advice are free.

When it comes to Lloyds Bank Cardnet, Best Payment Providers hasn’t found any complaints of hidden terms and fees since the bank doesn’t partner with independent sales agents and resellers.

However, according to Best Payment Providers, the bank offers more favorable rates to merchants who have existing bank business accounts. Those lacking such account are required to pay a high joining fee. Besides, merchants should pay an early termination fee of up to £200 in case they decide to cancel before the 1st 6 months of the agreement.

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