Business Track launched to help merchants stay on track
According to a report published in 2014 by The UK Cards Association, the amount of information available to a merchant has risen in line with the growth of card payments, which topped £0.5trn in the UK in 20131. After customer research2 revealed demand for a system to streamline and simplify the administration of card data, Lloyds Bank Cardnet launched Business Track.
“Business Track is a free, online service designed to give businesses a quick snapshot of their card transaction data,” stated Robert Morgan, Senior Product Manager, Lloyds Bank Cardnet. “Business Track is simple to use and complements our existing sophisticated management information tool, ClientLine, by providing any business with straightforward access to the high level information that they need”.
Responding to customer need
As an online service, Business Track is 'always on', enabling businesses to undertake administrative tasks or reconciliation at a time that suits them.
As well as being simple to use, Business Track is designed to provide businesses with comprehensive information, as Robert explained: “Through undertaking rigorous independent customer research2, we’ve built Business Track to respond to customer needs. This means that the data available includes a summary of total sales, expenses and any retrievals and card charge backs.
We also understand that being able to access card payment information is a critical component in the successful running of a merchant’s business, so Business Track is a free service offered to all of our merchants.”
Benefits of Business Track
For businesses seeking to make their administration more efficient, Business Track provides a wealth of benefits, 24 hours a day, 7 days a week:
- A quick summary overview of your sales and expenses.
- A 7 day view of transactions over 12 months, giving merchants access to historical data.
- No need to wait for postal statements as these can be viewed online two working days after month-end.
- Online statements are an exact replica of paper statements, so these can be printed off if necessary.
- Business Track can be used as a repository to store statements for up to 2 years, which can be printed as required.
- As an intuitive tool, businesses don’t have to invest precious time in learning how to use the service.
- Free service for all merchants.
“As the first major bank to launch a service of this type for our merchants, we’re proud of Business Track’s capabilities in supporting our customers,” said Robert. “As demand for paperless correspondence and 24 hour availability of data increases, services such as Business Track become more important for helping businesses stay ahead of the game.”
Committed to evolving solutions
In the fast-changing payment arena, Cardnet works hard to develop initiatives that respond to customer and industry changes. Robert concluded “Business Track not only offers merchants enhanced data access, but also supports the corporate and social responsibility agenda of both the customer and the bank. Online digital data decreases the amount of paper records needing to be printed, which in turn reduces the carbon footprint of our organisations. Across the Cardnet business, we’re committed to continually enhancing our existing products and services and developing new initiatives to provide our merchants with the service levels they expect.
1 Source: The UK Cards Association
2 Source: BDRC 2012 & 2013 and Curiosity Research 2013