Lloyd’s is one of the biggest names in banking.
You may already have one of their debit or credit cards, so you should also consider whether a Lloyds Cardnet merchant account is right for your business.
We’re going to explain what features are on offer with a Cardnet account, how much it costs, and what customers think of the service: to help you decide whether it’s the right merchant account for your business.
Lloyd’s Cardnet service offers a wide range of features. Here’s a quick run-down of some of their most popular products:
- Cardnet’s machines will accept card transactions from most major debit and credit card companies, including Visa, MasterCard, and American Express.
- All machines are compatible with contactless payments, as well as Google Pay, and Apple Pay.
- Offers an online reporting tool so you can track card processing activity from a specific card terminal.
- Again, accepts all major credit and debit cards. However, Cardnet doesn’t offer a card payment gateway – you’ll need to find a provider to offer this service for you, which can be a hassle.
Over the phone:
- Comes with a virtual terminal, so you can accept phone payments when the customer isn’t actually there.
- The virtual terminal is all software-based, so all you need is a decent internet connection.
- Cardnet offers Dynamic Currency Conversion, so customers can pay in their home currency – without a loss from you. Also, they support 35 major currencies.
What are the Cardnet fees?
The all-important question – how much?!
As with most merchant accounts, it’s irritatingly difficult to find an exact set of fees. To figure out what you’d be charged, you have to contact Cardnet to get a quote.
However, there’s a list of rough quotes floating around online. We’ll include them to give you an idea of what you might be paying, but remember that you’ll need to contact Cardnet directly for a custom quote!
Here’s what we found:
- A joining fee of £175.
- 3p per transaction authorisation fee.
- £25 per month minimum monthly charge.
- £200 to cancel.
- £15 chargeback fee.
However, if you have a Lloyds Bank Business account, then you’ll get slightly cheaper fees:
- £15 per month minimum monthly charge.
- No joining fee.
- A fixed-rate of 1.25% on Visa and MasterCard/Maestro credit/debit cards.
- Terminals are available to rent from £15 per month.
It’s worth noting that Cardnet comes with fraud prevention technology, including PCI and 3D Secure Payments.
What are the reviews like for Cardnet?
Unfortunately, unlike most other card processors, there’s no TrustPilot page for Cardnet: so we can’t link to a score out of five.
However, there are a fair few Google reviews made by Cardnet customers. Here’s a quick summary:
- Cardnet doesn’t use independent sales agents or resellers. No hidden terms/fees.
- Technical support was fast and supportive.
- Fees are good for Lloyds Bank business account owners.
Merchants weren’t impressed by:
- Expensive early termination fee.
- Big security deposits for “at-risk” merchants.
- Forced to join Lloyds business account for decent fees.
Lloyds Bank Cardnet seems to be a fairly average payment service. The fees aren’t anything special. That being said, they’re decent if you become a Lloyds business account customer. Also, if you have a lot of international customers, Cardnet could be a good choice.
One big problem with Cardnet is that it doesn’t have its own payment gateway. This means you’ll need to find your own in order to process online payments – an annoying hassle and yet another company you need to deal with.
Overall, it’s important to remember that Lloyds Bank Cardnet fees are custom. Make sure to get in touch with to get a quote, as it may beat what we’ve listed here. It can’t hurt!
For more on merchant services, why not check out our review of Elavon?