Car sales firm achieves improved efficiency thanks to ePay Virtual

Date: 29-01-2016

Tagged as: Case StudyMidlandsSMEAutomotive

“At every point, we’ve said to Lloyds Bank ‘this is what we need’ and they have come up with a solution. They tailored the reconciliation features to exactly what we needed.” Natalie Crosby, Reconciliation Supervisor, Colliers Motor Group

Colliers Motor Group is a family business operating from three sites in the Midlands, dealing in world-famous motor brands such as Honda, Jaguar, Land Rover, Mazda and Nissan.

Lloyds Bank helped Colliers to take full advantage of changes to tax disc legislation by introducing ePay Virtual as a way to pay vehicle excise duty efficiently. It was a substantial win for Colliers, which spends an average of around £25,000 each month on road tax.

Making payments easier

In the past, Colliers employees would buy physical tax discs, usually paying by cheque, often multiple times a day. The reconciliation work required was substantial. Since October 2014, HMRC no longer require a physical tax disc – leading to Lloyds Bank to suggesting a change.

“Using ePay Virtual promotes efficiency and saves time,” says Louise Pearl, Client Development Manager, Commercial Cards at Lloyds Banking Group. “The beauty of the system is that it generates a virtual credit card number for each transaction, which can only be used for one specific purchase. Reconciliation is much easier to achieve swiftly and efficiently.”

Control gains

Colliers also gains greater control, Louise adds. “Whoever makes the purchase has to get prior approval. That means Colliers’ management knows where, when and how much is being spent, before a transaction is completed.”

Natalie Crosby, Reconciliation Supervisor at Colliers Motor Group, was impressed by the service. “At every point, we’ve said to Lloyds Bank ‘this is what we need’ and they have come up with a solution. They tailored the reconciliation features to exactly what we needed.”

What our customers say

Terms

Read about the experiences of other similar businesses.

More customer stories

Calls may be monitored or recorded in case we need to check we have carried out your instructions correctly and to help improve our quality of service.

Lloyds Bank plc Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 2065. Telephone: 0207 626 1500.

Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under Registration Number 119278.

We subscribe to The Lending Code; copies of the Code can be obtained from www.lendingstandardsboard.org.uk

Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS). Please note that due to FSCS and FOS eligibility criteria not all Business customers will be covered.

Lloyds Banking Group includes companies using brands including Lloyds Bank, Halifax and Bank of Scotland and their associated companies. More information on Lloyds Banking Group can be found at www.lloydsbankinggroup.com