Loaf.com switch to Lloyds Bank Cardnet to help growth ambitions
When Loaf.com sought to find a supplier for their new card services, it all came down to which provider saw the bigger picture.
Online furniture retailer Loaf.com, established in 2007, has grown rapidly to a turnover of £15m on card payments in 2013. This significant growth led Charlie Marshall, the company’s managing director, or ‘Head of Loafing’ to research alternative card providers.
“To make the business grow and to get us to where we want to be in five years’ time, I needed a card provider that’s really interested in my business and fully understands it,” he says.
“When it came down to choosing who I thought I’d get that personal relationship from – not just in words, but also backed up by actions – Lloyds Bank Cardnet felt like the right choice.”
Charlie’s initial concerns about migrating the entire back office card processing system were swiftly allayed. “Because it’s an online business and any disruption could be detrimental, we gathered the necessary documents so we could push this through as urgent with our credit teams,” explains Russell Cohen, Corporate Sales Manager, Lloyds Bank Cardnet.
“The move was seamless and efficient,” agrees Charlie. “Afterwards, we noticed that when the statements started to come through on a weekly or monthly basis they were very easy for us to allocate, which we found really impressive.”
The relationship approach
The relationship between the business and the Bank has grown steadily. “The team aren’t just sitting behind their desks looking at our books and figures,” says Charlie. “They actually come and see the business and understand exactly what we’re doing and where we’re going.”
“Our approach is to build strong relationships with our customers and be visible to them. Loaf.com is a strong business with excellent growth potential, and we’re looking forward to helping them achieve their 25% year-on-year growth in turnover target,” says John Slimin, Senior Relationship Manager, Lloyds Bank Cardnet.