Lloyds has announced a major payment change for thousands of its banking customers, partnering with global payments technology company Stripe to modernise transactions for small businesses. The new collaboration introduces Lloyds Accept, a suite of flexible payment tools integrated into Lloyds and Bank of Scotland Business Accounts.
What Is Lloyds Accept?
Lloyds Accept is a new proposition that provides small businesses with access to payment tools designed to help them operate more effectively and focus on growth. Powered by Stripe Connect, the suite is integrated within the Lloyds and Bank of Scotland Business Accounts, with sign-up times typically within minutes.
Key Features
- Tap to Pay on Smartphones: Businesses can accept contactless payments using only a smartphone and the Lloyds Accept app, whether on-site at customer locations, markets, community events, or school events.
- Payment Links: Merchants can send payment links to customers for remote transactions.
- Modern Terminal Devices: In-person payments are supported via modern terminal devices.
At checkout, customers simply hold their card or digital wallet near the merchant's device to pay securely.
Statements from Leaders
Amanda Murphy, CEO of Lloyds Business & Commercial Banking, said: "Businesses need simple, flexible payment solutions so they can focus on growing and serving their customers. Our new tools enable businesses to get set up and start trading instantly, supporting healthy cashflow - which is vital for small businesses. We're delighted to be working with Stripe to bring market-leading technology that helps our customers grow and manage their finances with confidence."
Eileen O'Mara, Chief Revenue Officer at Stripe, added: "Small businesses are at the heart of the UK economy. Stripe powers payments for millions of businesses worldwide, from startups to the world's largest companies. We're thrilled to work with Lloyds to bring that same infrastructure to UK small businesses through Lloyds Accept, giving them the tools to compete, grow, and help drive UK economic growth."
