- Lloyds partners with PayPoint to offer over 60,000 UK SMEs better banking and payment services, including next-day settlements and faster onboarding.
- The expanded partnership will accelerate growth for Handepay, providing SMEs with new tools, insights, and a dedicated mobile app to manage business finances.
What happened: Lloyds partners with PayPoint to improve SME payment services
Over 60,000 small and medium enterprises (SMEs) in the UK will benefit from a new banking and payments offering through a partnership between Lloyds Banking Group and PayPoint Group. This collaboration will enable merchants to access Lloyds’ services, improving interactions with the PayPoint and Handepay networks.
The partnership accelerates growth for Handepay, which has been part of PayPoint since 2021. It will provide SME and retailer partners with better tools, support, and experiences. Lloyds’ Managing Director, Melinda Roylett, highlighted the importance of providing small businesses with flexible, cost-effective payment solutions.
SMEs using Handepay and PayPoint’s merchant services will enjoy benefits such as next-day settlements, faster onboarding, and additional customer insights. The new Handepay Merchant Mobile App also enables business owners to manage their finances and track sales performance. This expanded partnership comes as the SME sector grows, with many UK businesses planning to hire more staff. PayPoint CEO Nick Wiles emphasised the importance of the collaboration in supporting business growth.
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Why it is important
The partnership between Lloyds and PayPoint is crucial for UK SMEs, offering them enhanced banking and payment services. Over 60,000 small businesses will benefit from quicker, more flexible solutions. By integrating Lloyds’ services with PayPoint and Handepay networks, SMEs can streamline their payment processes and improve customer interactions.
This collaboration accelerates Handepay’s growth and provides businesses with advanced tools, support, and insights. Lloyds’ Managing Director, Melinda Roylett, emphasised the need for cost-effective solutions, which this partnership addresses.
Key benefits include next-day settlements, faster onboarding, and the new Handepay Merchant Mobile App, allowing SME owners to manage finances and track sales performance. This partnership comes at a critical time, as many SMEs plan to expand. PayPoint CEO Nick Wiles highlighted how this collaboration will support business growth, making it an important step in driving the sector forward.
