Lloyds Cardnet Review & Fee Analysis

Overview

Backed by one of Europe’s most reputable banks, Lloyd Bank Cardnet is the merchant acquiring venture of Lloyds Banking Group and First Data (now Fiserv). It supports a broad UK merchant base, with over 35,000 businesses utilising it.

You don’t need to be an existing Lloyds Bank customer to use Cardnet, making it a practical option for established UK merchants who want the stability of a provider backed by a reliable bank.

Lloyds Bank Cardnet prides itself on transparent pricing and UK-based specialist support, backed by 99.99% availability (claiming you will never lose a transaction), PCI compliance, next-day settlement, and easy reporting accessible from any device.

Lloyds Cardnet Fees

The cost of their card machines and card readers varies by product and type, depending on factors such as your card turnover, the card payment method, and the product chosen. Customers receive a clear breakdown of rates and charges before purchase.

For businesses with lower card turnover that accept in-person payments, they offer a pay-as-you-go (PAYG) plan with a one-off fee of £49 and a flat transaction fee of 1.75%.

All other customers pay a transaction fee, plus an authorisation fee. However, for higher-turnover businesses, it is better to move to their bespoke pricing, where rates are negotiated based on turnover, card mix, and risk. It will typically work out much lower than the flat 1.75% PAYG rate. We can compare quotes from multiple payment processors if you fill in our form here.

Transaction fees for Lloyds Cardnet vary depending on your business type, turnover, card sales mix. The fees below are for a retail business with an average transaction value of £25. Fees will be lower for companies with higher annual card turnover. We’ve provided a range from £25k to £2.5M as a guide.

Annual Card Sales	In Person – Debit	In Person – Credit	In Person – Business	Online / MOTO – Debit	Online / MOTO – Credit	Online / MOTO – Business
£25,000	0,54%	0,96%	2,09%	0,79%	1,21%	2,34%
£250,000	0,52%	0,9%	1,97%	0,77%	1,15%	2,22%
£500,000	0,5%	0,88%	1,9%	0,75%	1,13%	2,15%
£1,000,000	0,49%	0,85%	1,88%	0,74%	1,1%	2,13%
£2,500,000	0,47%	0,8%	1,86%	0,72%	1,05%	2,11%

A typical quote will appear as detailed in the table below. This is an example of an indicative quote for a retail company with an annual card turnover of up to £25,000 and an average transaction value of £25.

Typical fees:

• Authorisation fee: 2p-4p
• Chargeback fee: £20 -25 per case
• Card Machines: Price depends on the terminal
• Payment Gateway: £10 monthly + 10p per transaction
• PCI DSS service fee: £5-£10
• Minimum monthly service charge (MMSC): £10
• Cards Accepted: VISA, Mastercard, American Express, JCB, UPI, Discover (Diners)
• Settlement speed: Depends on the contract

Lloyds Cardnet Card Machines

There are seven terminals available at Lloyds Cardnet, offering options across mobile, portable, and countertop formats, ranging from an entry-level mPOS reader to Android smart devices and Clover POS systems. Merchants can start small and then scale up where needed. Pricing begins from £49 on a PAYG plan, with monthly rentals also available.

These are the devices available with Cardnet:

Device	Category	Connectivity	Display	Receipts	Battery / Other features
Lloyds Bank Cardnet mPOS	Mobile	Bluetooth to an app on a smart device. Wi-fi and 4G also available		Email or SMS receipts	8 hours of battery life
Castles Technology Saturn S1F2	Mobile / Portable	4G or Wi-Fi	5.5-inch colour touch screen	Built-in receipt printer	6000mAH battery
Clover Flex	Mobile / Portable	Wi-Fi or 4G	5.99-inch toughened glass touch screen	Digital and printed receipts	2190mAH battery
Ingenico Move 5000	Portable / Mobile	4G, Wi-Fi, Bluetooth and ethernet (IP)	3.5-inch display	Built-in receipt printer	2900mAH battery
Clover Station Duo	Countertop	Wi-Fi or Ethernet cable	14-inch toughened glass touch screen	Receipt printer and digital receipts	Customer-facing smart terminal; customised functionality using Clover apps and software plans
Clover Mini	Countertop	Wi-Fi or 4G	8-inch toughened glass touch screen	Receipt printer and digital receipts	Customised functionality using Clover apps and software plans
Ingenico Desk5000 Desktop	Countertop	Ethernet (IP)	3.5-inch display	Built-in receipt printer

Before Lloyds Cardnet can open your merchant account, you’ll need a Lloyds business current account. Once that’s in place and you’ve selected which card machine you want, Lloyds Cardnet will complete the setup within 7-10 days of your application, subject to their terms and conditions.

Lloyds Cardnet Online Payment Solutions

For online payment options, Lloyds Bank Cardnet offers a low-code Hosted Payment Page, an Integrated Payment Page (APIs), Pay by Link, Virtual Terminal (MOTO), a hardware-free QR option using PAYDIT, and an omnichannel gateway that integrates in-store, online, and phone payments with a single view of analytics.

Hosted Payment Page

Customers are redirected to a Cardnet-hosted checkout to complete payment and then return to your site. You can add your logo and set colours. The page also supports subscriptions and recurring payments as well as tokenisation for one-click checkout (with CVV at purchase). Enables Apple Pay and Google Pay, and integrates with 24/7 reporting and real-time analytics.

Integrated Payment Page (APIs)

Enables you to have complete control over payments, allows customers to pay without leaving your website, and hosts the payment page on your own server. Integration options include established XML protocols, Web Service APIs, and RESTful APIs.

Pay by Link (Virtual Terminal)

Generate links in the Virtual Terminal and send them by email, SMS, social media, invoice, or as an embedded QR code. Customers then enter their card details securely on a page hosted by Lloyds Cardnet.

Funding typically takes 3-5 working days, or fast next-day settlement is available for a small fee.

Virtual Terminal

This web-based terminal accepts card-not-present payments from any internet-connected device, without needing a website.

• Pricing: £10 + VAT per month + 10p + VAT per transaction (in addition to acquiring fees)

Features include: automatic email receipts, role-based access, and multiple user accounts.

QR codes by PAYDIT

Create and manage unlimited QR codes in the PAYDIT portal, enabling customers to scan and pay with their phones. Gift Aid opt-in is available.

• Pricing: £50 joining fee
• No monthly fees
• 4p + VAT gateway fee
• 2p authorisation fee
• 1.6% for consumer cards and 2% for commercial & diners cards

Payment Gateway

Cardnet have an omnichannel solution which connects their in-person and remote payment systems. One helpful feature of this is that a credit or debit card previously used by a customer online can be recalled for an in-store refund or exchange (via tokenisation). Click & Collect is also supported by using the same card to verify the customer’s identity at pickup.

• Reporting runs 24/7 with analytics on behaviour, preferences, and spending habits.
• Pricing: Flat monthly fee + pence-per-transaction (+VAT) for the Online Payments platform; acquiring (MSC) is charged separately.

Security & Compliance

For online payments, Connect (Hosted Payment Page) operates in a PCI DSS Level 1 environment, utilising 3-D Secure and fraud tools managed by Cardnet. It supports tokenisation, recurring payments, and Apple Pay/Google Pay, with 24/7 reporting.

The Integrated Payment Page keeps customers on your site, where you manage PCI scope and EMV 3-D Secure; the gateway provides AVS/CVV checks.

Pay by Link, Virtual Terminal, and PAYDIT QR transact on Cardnet/partner-hosted systems with PCI and fraud controls. At the same time, the omnichannel gateway encrypts data, screens for fraud, and utilises tokenisation to enable cross-channel refunds/exchanges.

For in-person payments, Cardnet’s mPOS, Castles/Clover/Ingenico terminals are PCI-compliant and support EMV chip & PIN and contactless.

International Payment Processing Capabilities

Cardnet supports 35 major currencies worldwide. Settlement is available in sixteen currencies, allowing you to accept and convert international payments (including GBP, EUR, and USD).

Dynamic Currency Conversion (DCC) is also available, offering international customers the option to pay in their own currency rather than the local currency of the country they are in.

Alternatives to Lloyds Cardnet

The most significant competitors for Lloyds Cardnet include Barclaycard Payments, Elavon, Worldpay, and Global Payments. All of these are global giants that offer acquisition options in addition to online gateway services for UK SMEs and larger corporates.

At the enterprise/API-first end, providers such as Adyen, Stripe, and Checkout.com are also fast-growing online brands that emphasise developer tooling, modern REST APIs, and multi-acquirer routing.

For smaller or lower-turnover merchants, flat-rate options and those with short contract capabilities, such as Square, Zettle, SumUp, and Dojo, remain popular due to their simple onboarding, packaged hardware, and transparent pricing.

UK businesses typically choose Cardnet for its bank-backed relationship, bespoke pricing with next-day settlement as an option, and a standardised terminal/gateway mix.

Business Health & Future Prospects

	Dec 2024	Change from 2023
Profit Before Tax (PBT)	£15.7m	down 32%	Attributed to higher operating costs and increased investment spend.
Net Fee & Commission Revenue	£53m	flat	Price increases helped to offset the impact of falling volumes and market share loss.
Total payment volume	£52b	down 4%	Followed an 8% fall in 2023, reflecting a loss of market share, particularly in the competitive SME and enterprise sectors.
Strategic Investment Spend	£15.7m	increase	Primary factor in the profit decline. Total spent over three years is reported to be £38 million, aimed at improving products and onboarding.
Operation costs	£40m	up 13%	Driven by strategic investment, higher recharged salary costs, and increased fees from Fiserv.

Cardnet remains a joint venture of Lloyds Bank (principal owner) and Fiserv (First Data), and has extended its collaboration with Fiserv to bring Lloyds’ wholesale FX rate to DCC for card transactions. Lloyds announced a multi-year partnership with PayPoint, under which Cardnet becomes PayPoint’s main card-acquiring partner.

Customer Service and Tech Support

Specialist UK phone support: 01268 567 100

New customers should call: 0330 134 7976

They also have this practical PDF guide of all phone numbers and email addresses of their various support departments, which include:

• Existing Customer Enquiries: For general account management, billing, and statements.
• Technical Support: For issues with card terminals, payment gateways, and connectivity problems.
• New Business/Sales Enquiries: For businesses interested in signing up for Cardnet services.
• Terminal Upgrade & Leasing: For upgrading existing card machines or queries about rental agreements.
• Fraud & Security: For reporting suspicious transactions or security incidents.

Latest News

In March 2025, Epos Now, a leading global AI-driven point-of-sale (POS) provider, announced its partnership with Lloyds Cardnet. Epos Now has developed a custom-built integration specifically for Lloyds Cardnet, ensuring seamless end-to-end connectivity between merchants’ POS systems and Lloyds’ payment processing services.

Paypoint partnered with Cardnet in Q3 2024, making Cardnet the main card acquirer across 60,000+ PayPoint merchants. Merchants gain access to services such as earlier-in-the-day settlement, faster onboarding, a new merchant app, and access to Lloyds’ business banking and lending products. The partnership is central to Cardnet’s strategy to boost volume and grow its merchant base.