Lloyds Bank Launches 'Get Paid' Tool to Tackle Late Payments for UK SMBs

Lloyds Bank has launched Get Paid, a new in-app tool designed to help UK small businesses simplify invoicing and payment collection. The tool, powered by a partnership with BankiFi, will be available at no extra cost to business banking customers and aims to reduce the administrative burden of chasing late payments.

Lloyds Launches 'Get Paid' to Simplify Invoicing for Small Businesses

Lloyds Bank has introduced a new tool called Get Paid, designed to help UK small and medium-sized businesses (SMBs) streamline invoicing and payment collection. According to TechRadar, the tool will be integrated into Lloyds’ existing mobile app and online banking platform, allowing customers to manage invoices and payments without needing separate software.

The Get Paid tool enables business customers to create and send invoices, issue secure payment links, and track payments—all within the Lloyds app. Automated reminders will also help reduce the time spent chasing late payments, a persistent issue for UK SMBs.

Addressing Late Payments in the UK

Late payments are a significant challenge for UK small businesses. TechRadar reports that nearly half (49%) of SMBs experience delays in payments from customers, with the total value of overdue payments reaching £26 billion. On average, each business is owed £17,000, a burden that contributes to financial strain and, in some cases, business closures.

According to the same report, an estimated 14,000 UK businesses close annually due to late payments. Lloyds’ Get Paid tool aims to mitigate this issue by providing businesses with automated reminders and real-time payment tracking.

Powered by BankiFi Partnership

The Get Paid tool is the result of Lloyds Bank’s strategic partnership with BankiFi, a fintech company specializing in embedded banking solutions. TechRadar notes that the tool will be available at no additional cost to Lloyds’ business banking customers, aligning with the bank’s vision of embedded accounting.

By integrating invoicing and payment features directly into its banking platform, Lloyds aims to reduce the need for businesses to switch between multiple systems. This centralized approach is intended to simplify day-to-day financial management for SMBs.

Broader Trends in Digital Banking

The launch of Get Paid reflects a growing trend in digital banking: the integration of financial tools directly into banking platforms. This approach, often referred to as embedded accounting, aims to provide businesses with a seamless experience by consolidating invoicing, payments, and accounting within a single ecosystem.

Recent developments, such as the UK’s first interbank transactions using tokenised deposits, also highlight the banking sector’s shift toward innovative solutions to improve efficiency and security. These advancements underscore the industry’s focus on leveraging technology to address long-standing pain points for businesses.

What this means

Lazyfounder analysis — our interpretation, not reported fact.

Get Paid is a practical step toward addressing a critical pain point for small businesses: late payments. By embedding invoicing and payment tools directly into its banking app, Lloyds is reducing friction for SMBs that might otherwise rely on separate—and often costly—software solutions.

For founders and operators, this launch signals two key trends. First, embedded accounting is gaining traction, and banks are increasingly positioning themselves as all-in-one financial hubs. This could mean fewer third-party tools are needed for basic financial tasks, potentially lowering costs and complexity for businesses.

Second, the tool’s focus on automation—particularly automated reminders—highlights how fintech partnerships can tackle operational inefficiencies. For startups, this serves as a reminder that solving mundane but persistent problems (like chasing payments) can have outsized impacts on customer retention and satisfaction.

However, the success of Get Paid will depend on adoption. If Lloyds can demonstrate real-world reductions in late payments and administrative burden, it could set a benchmark for other banks to follow.

Key takeaways

• Lloyds Bank has introduced 'Get Paid,' a free invoicing and payment collection tool for business customers.
• The tool integrates seamlessly with Lloyds' existing app and online banking platform.
• It aims to reduce administrative burdens and late payments for UK small businesses.
• UK businesses are currently owed £26 billion in overdue payments, averaging £17,000 per business.
• The launch reflects a broader trend toward 'embedded accounting' in digital banking.

FAQ

What is the 'Get Paid' tool?

Get Paid is a new invoicing and payment collection tool launched by Lloyds Bank for its business banking customers. It allows users to create and send invoices, issue secure payment links, track payments, and send automated reminders—all within the Lloyds app or online banking platform.

Who can use the 'Get Paid' tool?

The tool will be available at no additional cost to existing Lloyds Bank business banking customers in the UK.

How does 'Get Paid' help with late payments?

The tool includes automated reminders to notify customers when payments are overdue. This feature aims to reduce the time businesses spend chasing late payments and help improve cash flow.

What is 'embedded accounting'?

Embedded accounting refers to the integration of accounting and financial management tools directly into banking platforms. This approach allows businesses to manage invoicing, payments, and other financial tasks without switching between multiple software systems.

When will 'Get Paid' be available?

The tool is expected to launch later this year, though Lloyds has not provided an exact date.

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