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Lloyds Bank Cardnet Reviews & Complaints
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Overview
In this review of Lloyds Bank Cardnet, we provide a detailed overview of the company's credit card processing services. We will discuss the range of services offered, including POS systems, mobile payments, and e-commerce solutions, and identify the types of businesses that may benefit from these services. We will also examine client and customer reviews to highlight common trends and potential concerns. Additionally, we will cover the company's pricing structure, contract terms, and specific services included. By the end of this article, you will have a clear understanding of whether Lloyds Bank Cardnet meets your payment processing needs.
About Lloyds Bank Cardnet
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.
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Lloyds Bank Cardnet Products and Services
Payment Processing
Lloyds Bank Cardnet offers processing services for a wide range of debit and credit cards, catering to various business types. Their offerings include EMV card readers, e-commerce solutions, mail order/telephone order (MOTO) capabilities, data reporting and analytics, and website creation tools.
Online Payment Solutions
Lloyds Bank Cardnet provides solutions for businesses to accept payments online, featuring a gateway that integrates with most shopping cart systems. The gateway includes fraud screening tools to help protect businesses from fraudulent transactions.
Mobile and Contactless Payments
Lloyds Bank Cardnet supports contactless payments, enabling customers to use contactless cards or digital wallets on smartphones for transactions.
Payment Terminals
Lloyds Bank Cardnet offers a variety of payment terminals, both countertop and portable, to meet the needs of different businesses. These terminals support chip and PIN transactions, contactless payments, and mobile wallet payments.
Dedicated Support and Reporting
Lloyds Bank Cardnet provides customer support to assist clients with any card processing issues or queries. Additionally, they offer reporting tools to help businesses track and manage their transactions.
Lloyds Bank Cardnet Customer Reviews
Here's What Their Clients Say
Total Online Complaints | 20+ |
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Live Customer Support | Yes |
Most Common Complaint | Fund-Holds |
Recent Lawsuits | No |
Limited Complaint Volume
We have identified approximately 20 negative Lloyds Bank Cardnet reviews, none of which accuse the company of fraudulent activities. The predominant issues raised by complainants relate to fund-holds and subpar customer service. It’s worth noting that complaints about delayed or frozen payments are primarily from high-risk or card-not-present merchants, a common challenge irrespective of the merchant account provider. If you have your own experience with Lloyds Bank Cardnet, please share it in the comments below.
Lloyds Bank Cardnet Legal Standing
No class-action lawsuits or FTC complaints are outstanding against Lloyds Bank Cardnet. Dissatisfied clients seeking recourse against the company may consider reporting their concerns to relevant supervisory organizations.
Lloyds Bank Cardnet Customer Support
Despite its size, Cardnet has received a notably low volume of complaints, suggesting that clients do not frequently encounter significant issues. While it earns a commendable “A” rating in this category, Lloyds Bank Cardnet does not meet the criteria for being considered a top credit card processor for customer service. The company provides phone and email support for all its clients.
Lloyds Bank Cardnet Customer Service Information
- 01268 567 100 – Customer Support
- 0330 134 7976 – Sales
Other Support Channels
- Live chat
- Customer service email address at [email protected]
Lloyds Bank Cardnet Online Ratings
Here's How They Rate Online
No Profile
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
Cancellation Penalties | Yes |
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Monthly & Annual Fees | Yes |
Processing Rates | Variable |
Equipment Leasing | Yes |
Lloyds Bank Cardnet Pricing
The Lloyds Bank Cardnet merchant agreement specifies a term ranging from 12 to 36 months, accompanied by an early termination fee of £200. New customers are subject to a joining fee of £175. Existing Lloyds business banking customers benefit from a uniform 1.25% per-transaction fee on all credit and debit card transactions, a monthly minimum fee of £15 (£25 for new customers), and a monthly terminal rental fee ranging from £15 to £24.95, which decreases after 18 months. Reports suggest a similar £175 joining fee for non-business banking customers.
UK Industry-Average Terms
Lloyds Bank Cardnet’s rates and contract terms align well with UK market standards and offer more flexibility compared to many U.S. counterparts. For existing Lloyds customers, the flat 1.25% rate is particularly advantageous, often undercutting standard interchange rates for credit cards.
Virtual Terminal and Payment Gateway Pricing
Lloyds Bank Cardnet also promotes virtual terminal and payment gateway services, though specific pricing details remain undisclosed. The merchant agreement indicates use of Verified by Visa and MasterCard SecureCode, providing enhanced security for e-commerce transactions. Additional fees, including gateway fees, technical support fees, batch fees, and other transaction rates, are likely applicable for these e-commerce services.
High-Risk Business Considerations
Some complaints about Lloyds concern long-term fund-holds or rolling reserves, particularly from high-risk merchants. While these measures are a standard risk management practice, high-risk clients should assess Lloyds Bank Cardnet’s policies in comparison with leading high-risk merchant account providers.
For broader options, business owners are encouraged to explore our compilation of the best merchant services.
Lloyds Bank Cardnet Employee Reviews & Sales Tacitcs
Should You Work For Them?
Uses Independent Resellers | No |
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Telemarketing | No |
Misleading Marketing | 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.
Full Disclosure
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.
Our Lloyds Bank Cardnet Review Summary
Our Final Thoughts
Lloyds Bank Cardnet stands out as a dependable credit card processing provider, based on the available information. Despite its significant size and partnership with the average-rated Fiserv, Lloyds boasts a remarkably low number of customer complaints, reflecting a strong commitment to customer satisfaction. While its pricing aligns with standard industry practices, it remains fair and transparent. For businesses already banking with Lloyds, Cardnet provides an especially advantageous option, offering seamless integration and streamlined account management.
The collaboration with Fiserv expands Cardnet’s capabilities, delivering a comprehensive suite of payment processing solutions suitable for various business sizes and needs. This partnership ensures reliable support across sectors, helping businesses confidently manage card payments in a dynamic marketplace. However, UK businesses seeking alternatives to Lloyds should consider top-rated mobile credit card processing apps, which often offer flexibility and innovative features tailored to unique business requirements. By comparing these options, businesses can identify the solution that aligns best with their specific goals.
Location & Ownership
Charlie Nunn is the CEO of Lloyds Bank, which is headquartered at Phoenix House, Christopher Martin Rd, Basildon SS14 3EZ, United Kingdom.
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Julian Anna
I’ve been a loyal customer of Lloyds Bank Cardnet for several years now, and I can’t say enough good things about their services. As a business owner, finding a reliable payment processing partner is crucial, and Lloyds Bank Cardnet has truly exceeded my expectations.
Right from the start, their onboarding process was smooth and hassle-free. Their team took the time to understand my business needs and provided valuable insights on the best solutions for my industry. They made the whole setup process a breeze, and I was up and running in no time.
One of the things I appreciate most is their user-friendly interface. Managing transactions and reconciling payments has never been easier. The platform is intuitive, and even if I encounter a challenge, their customer support is always just a call away, ready to guide me through any issue.
Lloyds Bank Cardnet’s pricing is transparent and competitive, which is a huge plus for any business owner. I no longer have to worry about hidden fees or unexpected charges. With their straightforward fee structure, I can confidently forecast my expenses and manage my cash flow effectively.
Speaking of customer support, I must say, Lloyds Bank Cardnet has set the bar high. Their team is friendly, professional, and always willing to go above and beyond to assist me. It’s reassuring to know that whenever I have a question or concern, I can rely on their knowledgeable support staff to provide prompt and helpful solutions.
Security is a top priority in today’s digital world, and Lloyds Bank Cardnet takes it seriously. I feel confident knowing that my customers’ payment information is protected with their robust security measures and fraud prevention tools.
Overall, my experience with Lloyds Bank Cardnet has been exceptional. They have made payment processing a seamless part of my business operations, allowing me to focus on what matters most – growing my business. If you’re looking for a trustworthy and efficient payment processing partner, I highly recommend giving Lloyds Bank Cardnet a try. You won’t be disappointed!