Lloyds Accept lets small businesses take contactless payments via smartphone

Lloyds has launched a new payment service called Lloyds Accept for small businesses. The tool allows traders to take contactless payments using just a smartphone and an app. It is designed to help companies operate more efficiently and focus on growth. Lloyds Accept is powered by Stripe Connect and built into Lloyds and Bank of Scotland Business Accounts. The service supports Tap to Pay on iPhone and Tap to Pay on Android, enabling quick and simple transactions. Businesses can sign up in minutes and start trading immediately.

Amanda Murphy, CEO of Lloyds Business & Commercial Banking, highlighted the benefit of instant set-up for healthy cashflow. Eileen O’Mara, Stripe’s Chief Revenue Officer, said the company was excited to partner with Lloyds in bringing this technology to UK small businesses. Stripe’s global infrastructure underpins the new suite of tools, which is part of the collaboration between the two firms. The new service gives small businesses access to advanced payment technology. Traders can now accept payments with minimal equipment and delays. This integration aims to streamline operations for companies using Lloyds Business Accounts.