Lloyds and Stripe team up to revolutionize small business payments

Lloyds has partnered with Stripe to offer advanced payment solutions to small businesses. The collaboration introduces Lloyds Accept, a service designed to streamline transactions for merchants across the UK. It promises quick setup and modern contactless payment options. Lloyds Accept integrates Stripe’s global payments system directly into Lloyds Business Accounts. This allows businesses to process payments using just a smartphone and the Lloyds Accept app. Sign-up for the service typically takes only minutes.

Merchants can accept contactless payments through Tap to Pay on iPhone and Android. Customers simply hold their card or digital wallet near the merchant’s device to complete a transaction securely.

Amanda Murphy, CEO of Lloyds Business & Commercial Banking, highlighted the benefits of the new tools. She noted that they enable businesses to begin trading immediately and maintain steady cash flow. Eileen O’Mara, Chief Revenue Officer at Stripe, added that the partnership brings cutting-edge technology to UK small businesses. The service is powered by Stripe Connect and built into Lloyds and Bank of Scotland Business Accounts. It provides small businesses with the tools needed for efficient operations and growth. The integration aims to simplify payments while enhancing security and convenience.