UK small business payments are getting faster and easier, as Stripe and Lloyds partner to launch new tools. The collaboration, Lloyds Accept, is powered by Stripe and allows small businesses to access payment infrastructure similar to that used by OpenAI and Amazon. Lloyds Accept will be integrated directly into the Lloyds Business account, allowing merchants to accept payments in minutes.
Key Facts
- Lloyds and Stripe have partnered to launch Lloyds Accept.
- The service integrates directly with Lloyds Business accounts.
- Businesses can accept payments via card terminals, tap-to-pay, and payment links.
- The platform supports both Android and iPhone Tap to Pay.
- Lloyds serves over 1 million business and 26 million retail customers.
How Lloyds Accept Handles UK Small Business Payments
Merchants taking UK small business payments can use Tap to Pay (Android or iPhone), in-person terminal devices, or online payment links. They can also use the Lloyds Accept app for contactless payments. The Stripe Connected service is available for Bank of Scotland and Lloyds Business Accounts. Lloyds has over 26 million retail customers and about one million business customers.
The tools will support payments across various trading environments, including school events, customer sites, and community events. Customers can make payments with a digital wallet or by holding a card near the merchant’s device at checkout.
Lloyds CEO of Business and Commercial Banking, Amanda Murphy, said, “These new tools enable customers to get set up and start trading instantly, supporting healthy cash flow which is critical for every stage of growth.”
The partnership makes it easy for any small business to have the same payment infrastructure as large companies. Eileen O’Mara, Stripe’s Chief Revenue Officer, said, “World-class financial tools shouldn’t be gated by size and, together with Lloyds, we’re reaching more businesses than we ever could alone.”
The Take
The collaboration highlights increased competition in the UK small business payments market, where banks partner with fintech firms to offer modern payment solutions. With Lloyds’ customer base and Stripe’s payment technology, the companies have raised the bar for UK banking businesses.
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