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Lloyds Bank Cardnet Review: Features and Fees

Stephen Hart

Stephen Hart

Founder - Cardswitcher

Former - Chief Financial Officer @ Worldpay

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. 

Lloyd’s Bank Cardnet merchant services is actually a joint venture by Lloyds Banking Group and First Data. 

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. 

Cardnet Features

Lloyd’s Cardnet service offers a wide range of features. Here’s a quick run-down of some of their most popular products: 

Face-to-Face payments: 

  • 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. 


Online payments:

  • 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.


International payments:

  • Cardnet offers Dynamic Currency Conversion, so customers can pay in their home currency - without a loss from you. Also, they support 35 major currencies.woman looking at payment card


What are Cardnet's fees?

The all-important question - how much?!

As with most merchant accounts, it’s idifficult 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. 

paying online on laptop

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: 

Merchants liked:

  • 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 is a great payment service, particularly if you have a lot of international customers or if you already have a Lloyd business account.

One downside to Cardnet is that it doesn't offer its own payment gateway. You'll need to set this up separately.

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! 

To save up to 40% on your card processing fees, give our card processing fee comparison tool a whirl! You should also have a look at our cheapest merchant services roundup for a deeper dive into your options.

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Written by:
Stephen Hart

Stephen Hart

Founder - Cardswitcher

Former - Chief Financial Officer @ Worldpay

Stephen brings a wealth of experience honed through years in the financial sector, particularly in the card processing payments industry. His illustrious career spans key roles at PwC, Natwest, and the role of CFO at WorldPay, before going on to found card processing comparison site, CardSwitcher. He is passionate about helping growing businesses to understand the card processing landscape so they can make savvy financial decisions.