Lloyds and Stripe join forces to modernise payments for small businesses
Lloyds is collaborating with Stripe to deliver the latest payments technology to small businesses. Stripe’s global payments infrastructure is now integrated into Lloyds’ Business Account through a new suite of tools called Lloyds Accept.
The new Lloyds Accept proposition provides small businesses with access to payment tools that help them operate more effectively and focus on growing. Powered by Stripe Connect, Lloyds Accept is integrated within the Lloyds and Bank of Scotland Business Accounts and sign-up times are typically within minutes. Tools include Tap to Pay on smartphones, payment links and modern terminal devices for in-person payments.
Lloyds Accept supports Tap to Pay on iPhone or Tap to Pay on Android, enabling businesses to accept contactless payments wherever they trade – from on-site customer locations and markets to community and school events – using only a smartphone and the Lloyds Accept app. At checkout, customers simply hold their card or digital wallet near the merchant’s device to pay securely.
Amanda Murphy, CEO 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, said: “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.”