When ParentPay first sought a card services provider for its schools payment management software solution, Lloyds Bank Cardnet was the obvious choice.
As an existing customer of Lloyds Bank, ParentPay Limited was introduced to the Lloyds Bank Cardnet team by a Relationship Director at the Bank, because the team would have the foresight to embrace ParentPay’s innovative product. Clint Wilson, ParentPay’s Chief Executive, agreed that this was the right choice as Lloyds Bank Cardnet demonstrated a clear commitment and understanding of the business.
Founded in 2002, ParentPay created and defined the market for cashless payments in schools, through its unique web-based service. The company’s relationship with Lloyds Bank Cardnet began when the service launched in 2004, and the business has since grown exponentially in terms of the number of payments it handles.
In 2014 alone, ParentPay expects to help schools collect and manage over £350 million from parents in schools across the country – all of which will be processed by Lloyds Bank Cardnet. This is compared with payments of £30 million handled in 2009 – marking a tenfold increase over the five year period.
A shared vision
“From the outset, Lloyds Bank Cardnet took the time to understand us and our needs,” said Clint. “When we started we had zero volume but a strong vision, so we needed a provider that would share that vision, believe in it and invest in a relationship with us.”
“We never stopped believing that we could create cashless schools across the UK, and here we are today with over four thousand schools using our solution, having been supported by Lloyds Bank Cardnet from the start. They’ve given us sound input about what’s happening in the card payments world, and have offered us a variety of services that made a real difference, such as a fast-track set up process and simpler forms to enable schools to get on board more easily.”
Ten years after being launched, the benefits of ParentPay are being felt by both schools and parents alike. It saves time and hassle for schools helping reduce the administration burden in the office. It’s also significantly easier for parents to use than cash purchases. They benefit from a simpler checkout process because they can pay for different items, for different children and even across different schools, all in one payment transaction, also reducing the overall cost burden for schools.
“We were the first company in the UK to offer this solution and this dispensation was utterly transformational for our business. We couldn’t have done it without the support of Lloyds Bank Cardnet,” explained Clint.
Today, around 35% of the UK’s schools have a solution for online payments, and as the largest provider, ParentPay manages approximately half of those. Its success was initially due to first mover advantage but now, Clint believes, it’s the smart decisions they’ve made along the way that continue to support ParentPay’s growth.
“ParentPay is an excellent product and has proven to be the absolute market leader. We have been thrilled to support ParentPay throughout the past ten years, and are proud to have supported its growth from a small business into one which is handling millions of pounds in card payments for schools across the UK,” said Bernie Hollywood OBE, Senior Manager, Strategic Commercial Partnerships, Lloyds Bank Cardnet.