Lloyds Bank Cardnet 2023: Reviews & Complaints
Founded in 1997, Lloyds Bank Cardnet is the merchant services division of Lloyds Bank, the largest retail bank in the United Kingdom. The company, which often goes by the name “Cardnet,” provides merchant accounts and payment services to UK businesses of all sizes. The company also advertises Clover as a POS solution. Cardnet is a joint venture between Lloyds Bank and First Data (now Fiserv), and the company claims to serve over 51,000 merchants.
Lloyds Bank Cardnet Payment Processing
Lloyds Bank Cardnet processes all major debit and credit cards for most business types. Their services include EMV card readers and swipers, e-commerce solutions, MOTO, data reporting and analytics, and website creation.
Online Payment Solutions
Lloyds Bank Cardnet provides online payment solutions that enable businesses to accept payments on their websites. Their gateway is designed to integrate seamlessly with most shopping carts. It also offers fraud screening tools to help protect businesses from fraudulent transactions.
Mobile and Contactless Payments
As part of their service, Lloyds Bank Cardnet supports contactless payments, allowing customers to pay using their contactless cards or digital wallets on their smartphones.
Lloyds Bank Cardnet provides a range of payment terminals, both countertop and portable, to accommodate the needs of different businesses. These terminals are equipped to support chip and PIN transactions, contactless payments, and mobile wallet payments.
Dedicated Support and Reporting
Lloyds Bank Cardnet offers dedicated customer support to its clients, helping them resolve any issues or queries they might have regarding card processing. They also provide reporting tools that allow businesses to track and manage their transactions.
Location & Ownership
Charlie Nunn is the CEO of Lloyds Bank, which is headquartered at Phoenix House, Christopher Martin Rd, Basildon SS14 3EZ, United Kingdom.
Table of Contents
Lloyds Bank Cardnet Customer Reviews
Here's What Their Clients Say
|Total Online Complaints||20+|
|Live Customer Support||Yes|
|Most Common Complaint||Fund-Holds|
Low Complaint Volume
We are currently able to locate roughly 20 negative Lloyds Bank Cardnet reviews, none of which accuse the company of being a scam or a ripoff. The common themes among complainants include fund-holds and poor customer service. As noted above, Lloyds Bank Cardnet reviews about delayed or frozen payments are almost uniformly filed by high-risk or card-not-present merchants, who would face the same issues with any merchant account provider. If you have your own Lloyds Bank Cardnet review to make, please do so in the comments below.
Lloyds Bank Cardnet Lawsuits and Fines
We have not found any outstanding class-action lawsuits or FTC complaints filed against Lloyds Bank Cardnet. Dissatisfied clients who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
Lloyds Bank Cardnet Customer Support Options
Overall, Cardnet has received an impressively low number of complaints for a provider of its size, and there’s no indication that its clients are encountering regular problems in any specific department. We have therefore awarded it an “A” in this category, but do not consider Lloyds Bank Cardnet to be a top credit card processor for customer service. Lloyds offers phone and email support for all of its clients.
Lloyds Bank Cardnet Customer Service Numbers
- 01268 567 100 – Customer Support
- 0330 134 7976 – Sales
Others Support Options
- Live chat
- Customer service email address at [email protected]
Lloyds Bank Cardnet Online Ratings
Here's How They Rate Online
The Better Business Bureau does not maintain a profile for Lloyds Cardnet at this time. We therefore will not factor a BBB rating into this review.
Lloyds Bank Cardnet Fees, Rates & Costs
A Closer Look at The Contract
|Monthly & Annual Fees||Yes|
Lloyds Bank Cardnet Pricing
The standard Lloyds Bank Cardnet merchant agreement outlines a term lasting a minimum of 12 months, lasting up to 36 months, with an early termination fee of £200. A joining fee of £175 applies to new customers. For businesses that are already banking with Lloyds, additional terms include a flat 1.25% per-transaction fee on all credit and debit cards, a monthly minimum fee of £15 (£25 for new customers), and a monthly terminal rental fee of £15 to £24.95 that goes down after 18 months. Some reports also mention a joining fee of £175 for non-business banking customers.
UK Industry-Average Terms
In general, the Lloyds Bank Cardnet rates and contract terms are fairly standard for the UK market, although they are far more flexible and competitive than most U.S. merchants. Cardnet’s pricing for existing customers is especially appealing, as a flat 1.25% rate is lower than many interchange rates for credit cards.
Virtual Terminal and Payment Gateway Pricing
In addition to its storefront payment processing services, Lloyds Bank Cardnet also dedicates a portion of its website to advertising its virtual terminal and payment gateway services. However, pricing is not disclosed on either of those services. The company’s merchant agreement reflects that Lloyds Bank Cardnet fortifies its payment gateway through Verified by Visa and MasterCard SecureCode. These three-domain security protocols provide enhanced security measures to both merchants and consumers utilizing any e-commerce channel. Additional rates and fees, including gateway fees, technical support fees, batch fees, and additional transaction rates typically apply to these e-commerce services.
High-Risk Business Considerations
There are some complaints about Lloyds placing long-term fund-holds or rolling reserves on payments, but the complainants in these cases are almost uniformly high-risk merchant types. Besides clearly communicating its fund-hold policies in advance, there is little Lloyds can do to avoid restricting cash flow in these cases. High-risk clients should compare Lloyd Bank Cardnet’s offerings to the top high-risk merchant account providers. We also encourage business owners to check out our list of the providers of the best merchant services.
Lloyds Bank Cardnet Employee Reviews & Sales Tacitcs
Should You Work For Them?
|Uses Independent Resellers||No|
|Discloses All Important Terms||Yes|
No Sales Complaints
Lloyds Cardnet appears to primarily market its services through traditional advertising and its existing customer base. The company’s vast reach via its banking services and partnerships with trade organizations gives it the ability to contact a large number of retailers directly, which may explain why we are unable to find any independent sales position listings at Cardnet. We are also unable to locate Cardnet complaints that describe unethical or deceptive sales tactics by the company’s sales staff.
This compares favorably to our list of best credit card processors.
Cardnet publicly lists many of its merchant account rates and fees for existing banking customers on its website. There is no evidence that these rates are misleadingly quoted at this time. In general, Lloyds Bank Cardnet appears to fully disclose its pricing in ways that are easy for merchants to understand. If you suspect that the company is charging you hidden fees, however, we recommend seeking a third-party statement audit.
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