Lloyds Bank Plc offers its business clients the opportunity to implement direct debits for their customers/clients. Lloyds also offer their clients the SEPA Direct Debit scheme which is designed to allow businesses to accept and make direct debit payments in Euros throughout the SEPA.
Lloyds Direct Debit Processing & Payment Services
Lloyds Direct Debit Features
- 24/7 customer service
- Fraud prevention
- Industry standard BACS payment cycle
- Paperless direct debits – 24/7 signup, less admin time, improved accuracy.
- Control over collection dates
- Improved cash flow
- Improved debtor control
- Eliminate time consuming reconciliation
- Improve member/customer sign up
- Improve member/customer retention
- Ensuring direct debit scheme compliance
- Reducing indemnity claims
- SEPA Direct Debit (available to Lloyds Bank customers)
- Reduces operational costs
- Improves cash management
- Allows UK businesses access to the European markets by removing the barriers to collections
- Collect funds through a single bank account
- Can be used for single or recurring collections
- Business to customer (Core SEPA Direct Debit Scheme)
- Or Business to business (Business to Business SEPA Direct Debit Scheme)
Lloyds Direct Debit Pricing & Fees
Lloyds Direct Debit doesn’t list its pricing and fees on its website. These must be obtained directly from the company. However, Lloyds website states that they charge a set-up fee of £250 for applications, then a fee per file and item submitted depending on your current account tariff.
To see how they compare, have a look at: 2019 UK Merchant Account and Debit Card Processing Fee Comparison.
Other Lloyds Direct Debit Products and Services
- Bacs direct debit training
- Bacs bureau services
- Bacs consultancy
Company Background
Taylors & Lloyds opened Birmingham’s first bank in 1765. It was a bank whose main customers were in the manufacturing and mercantile industries. With the advent of the Industrial Revolution, and the enormous part Birmingham played in its growth, the bank flourished, financing industry and trade in the town.
In 1852, the Taylors left the bank, preferring the quiet of the countryside, and the bank was renamed Lloyds & Company. In 1865, Lloyds became a joint-stock company and was now known as Lloyds Banking Company Limited.
Over the next 50 years, Lloyds took over more than 200 banks, either directly or indirectly. Lloyds continued to take over significant banking establishments during the early part of the twentieth century, securing its place as on of the ‘Big Five’ high street banks. Lloyds also began to venture in to foreign lands and acquired banks with branches in Argentina, Brazil and Europe.
The Lloyds Banking Group celebrated its 250th anniversary in 2015 and is now one of the big four clearing banks and is the largest retail bank in Britain.
Lloyds Direct Debit Reviews
Lloyds Direct Debit has no online reviews which relate to this part of their business. It’s therefore not possible to give a fair Merchant Machine review at this time.
Website: www.commercialbanking.lloydsbank.com
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