Merchant Accounts Through Lloyds BankCardnet
PayPoint’s merchant account contracts are issued by Lloyds Bank Cardnet, a prominent UK bank known for its flexible pricing models. Lloyds typically customizes pricing based on the merchant’s industry, business size, and transaction history.
The standard Lloyds Bank Cardnet contract is set for a period ranging from 12 to 36 months, with an early termination fee of £200. New customers are charged a joining fee of £175. Lloyds customers benefit from a 1.25% per-transaction fee for all credit and debit card payments, a monthly minimum fee of £15 (rising to £25 for newcomers), and terminal rental costs between £15 and £24.95 per month.
Merchants using PayPoint need to negotiate their transaction rates, contract duration, and monthly charges directly with Lloyds Bank Cardnet, not with PayPoint, as the latter’s quoted fees may not align with Lloyds’ official documentation.
Terminal Pricing
PayPoint lists weekly rental prices for the PayPoint One terminal, starting at £10 for the Base Package for existing merchants, £15 for the Core Package (also for existing merchants), £20 for new merchants selecting the Core Package, and £30 for the Pro Package. The Base Package includes essential business services, a POS tablet, integrated payment processing, and cloud-based administrative tools. The Core Package adds EPOS Core functionalities, expedited product scanning, customizable promotions, shelf label generation, and a complimentary cash drawer. The Pro Package further includes comprehensive reporting, mobile inventory management, batch printing of shelf edge labels via the mobile app, and integrated ordering and supplier management tools.
Unclear Customer Pricing
Although there are some complaints about PayPoint related to high rates or fees, these predominantly concern consumer-facing products rather than merchant services. It’s challenging to find detailed criticisms about merchant account specifics like transaction fees, monthly minimums, PCI compliance fees, fund holds, or termination charges, making it difficult to compare PayPoint’s offerings with the market’s most affordable merchant accounts.
Share What You Know
The scarcity of detailed complaints about merchant services and the transparency of equipment rental rates contribute to PayPoint’s “A” rating in this area. If you possess insights into the PayPoint/Lloyds Cardnet merchant agreements, please share your experiences in the comments section.
Merchants are also encouraged to review our compilation of thetop merchant service providers to find the best fit for their business needs.
