2020 Lloyds Cardnet Review

Founded in 1997 and handling over 1.1bn transactions every year, Lloyds is the largest retail bank in the UK. If you already have one of their debit or credit cards (or even if you don’t), now could be the time to consider whether a Lloyds Cardnet merchant account is right for your business.

And that’s where we come in.

Suitable for all types and sizes of UK businesses, we’re going to dig further into the individual features, pricing, and service levels, to help you decide whether Lloyds Cardnet is right for you.


To take a look at how Lloyds card processing fees compare against its competitors, click here to get started.


Lloyds Cardnet Features

There are a range of features in terms of different payment options so let’s start with those first:


Face-to-face Payments


  • Cardnet’s machines are compatible with most major debit and credit card companies, including American Express, MasterCard and Visa.
  • Choose from countertop machines, portable Bluetooth machines or SIM card mobile handsets to suit the way you trade
  • For streamlined, faster and easier transactions, take advantage of ‘Contactless’ payments, as well as Google Pay and Apple Pay
  • Online reporting tool so you can keep tabs on card processing activities


Online Payments

  • Again, compatible with all major credit and debit cards
  • Hosted payment page – Lloyds take responsibility for storing your customer’s payment details securely
  • Also offers a strong fraud prevention tool for added protection


By Phone


  • Virtual card machine to enable you to accept phone payments safely and quickly
  • No hardware or dedicated phone line required – just a decent internet connection


International Payments


  • At no extra cost to your business, Cardnet offers dynamic currency conversion so international customers can pay in their home currency.
  • Accepts foreign-issued Visa or MasterCard cards.
  • Exchange rate fixed at the time of transaction.


Lloyds Cardnet Fees

Unfortunately, we’ve struggled to find exact costings for the Lloyds Merchant Account as they don’t list the prices on their website. To work out exactly what you’d be charged, we’d recommend contacting Cardnet to get a quote.

Saying that, there’s a list of rough quotes when you have a look online so you can get some idea of what you might be paying.

Here’s the lowdown:


  • £175 joining fee
  • 3p per transaction authorisation fee
  • £25 monthly minimum fee for new customers
  • £15-24.95 monthly terminal rental fee
  • £15 chargeback fee
  • £200 early cancellation fee


If you’re lucky enough to have a Lloyds Business account, it seems you can get a slightly better deal in terms of pricing:


  • No joining fee
  • £15 monthly minimum fee
  • 25% transaction fee on all credit and debit cards


They also offer a bespoke pricing system for corporates and those wanting to make use of multiple payment methods. So, as we mentioned earlier, it’s worth contacting them directly to see what they can offer.


Cardnet Customer Reviews

Sadly, there’s no TrustPilot reviews and a limited amount of other reviews online. That being said, Cardnet seems to be a well respected company which has had very few complaints against it. After all, no news is good news.

From what we’ve gathered, here are the main pros and cons for this Lloyds Merchant banking offering:



  • Fast and effective technical support
  • Flexible payment options
  • Competitive pricing for business customers



  • Big security deposits for those merchants deemed “at risk”
  • More suited to Business Account Holders due to pricing
  • Pricey early cancellation fee


It’s worth noting that Lloyds Cardnet offers full customer and technical support Monday-Saturday from 8am-9pm. You’re also likely to have access to a dedicated account manager – someone who is familiar with your account and can help resolve issues quicker.


The Verdict?

This Lloyds merchant account seems to be a fairly basic payment service – and the overall fee structure doesn’t appear to be overly competitive. For small businesses or those in the start-up stage, the pricing is likely to be particularly expensive.

However, if you’re willing to become a Lloyds business account customer, the fees are pretty decent. Again, if you do a lot of international trading, this could also be a good option for you. Let’s also not forget that Lloyds merchant banking also offers very strong security and anti-fraud processes to give you peace of mind.

To see how well Lloyds card processing fees compare, click here to get started on our price comparison tool.

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