Lightspeed brings Lightspeed Payments to UK customers as 94% of UK-based merchants look to integrate payments to simplify and scale their businesses
Lightspeed Payments will be rolled out to hospitality merchants in the United Kingdom, followed by retail.
Lightspeed to launch Lightspeed Payments in United Kingdom and Europe in expansion of tailored financial solutions
MONTREAL, April 6, 2021 /CNW Telbec/ - Lightspeed (NYSE: LSPD) (TSX: LSPD), a leading provider of cloud-based, omnichannel commerce platforms, today announced the initial availability of Lightspeed Payments for hospitality merchants in the United Kingdom and Europe.
Lightspeed Payments will be rolled out to hospitality merchants in the United Kingdom, followed by retail. This will continue for Lightspeed merchants throughout France, Belgium, the Netherlands, Germany and Switzerland. The United Kingdom is an underserved market when it comes to payments, especially in the hospitality sector, and Lightspeed is thrilled to support these businesses as they begin to re-open for full-capacity dining.
Eliminating the need for a separate payments provider, the launch of Lightspeed's integrated payments capabilities gives small and medium-sized businesses in the hospitality vertical access to the key functionalities made crucial by the global pandemic, including mobile and contactless payments, ahead of anticipated economic reopenings.
A study Lightspeed conducted in April with over 300 UK-based small business owners found that:
- 94% said having integrated POS payments saves money and 79% believe it saves time.
- 83% are using mobile payments.
- 78% manage their financials on their own.
- 34% said they need more support preventing fraudulent payments, while 42% said they need more overall support with financial management.
Lightspeed Payments proved to be essential for many North American businesses throughout the COVID-19 pandemic. Operating from a single system of record, merchants eliminate the inconvenience of a separate payments provider, gaining a globally-backed, secure platform.
"This is a crucial time for small businesses where they need simplified solutions that save them time and money," says Dax Dasilva, founder and CEO of Lightspeed. "This launch empowers our global customers to have more secure, faster transactions that give them richer data about their business. The United Kingdom has historically seen rapid adoption with new payments solutions, and we're excited to add new capabilities and flexibility for those merchants."
Key features of Lightspeed Payments include:
- Frictionless, faster processing at competitive rates: No startup or hidden fees – transparent pricing for swipe, tap, or manual entry.
- Manage Your Business in One Place: With one source of data and one company to trust, hospitality operators can manage their businesses in one place with an integrated experience that manages your POS and payments.
- Simplified Set-Up: Get your businesses transactional quickly and painlessly.
- Comprehensive reporting and robust analytics that interact directly with the POS: Save time and frustration, with no need to juggle reports and tools; all payments reports are at your fingertips in Lightspeed. Retain increased customer data with every swipe or tap.
- Enhanced Payment Security backed by a global network: EMV, tokenization and end-to-end encryption.
- Operational support with chargebacks, fraud, and customer queries.
- Flexibility with a range of localized payment options.
As restaurants look ahead to the new future of hospitality, they're increasingly adopting new technology to streamline their efforts and improve their operating costs. This new integration from Lightspeed eliminates the need for a separate payments service provider, which can be costly and difficult to manage.
Today's announcement furthers Lightspeed's commitment to the tens of thousands of customer locations it supports throughout the globe and extends Lightspeed Payments beyond North America, where the company has offered the solution since 2018.
For more information, see www.lightspeedhq.co.uk
About Lightspeed
Lightspeed (NYSE and TSX: LSPD) powers complex small and medium-sized businesses with its cloud-based, omnichannel commerce platforms in over 100 countries. With smart, scalable and dependable point of sale systems, Lightspeed provides all-in-one solutions that drive innovation and digital transformation within the retail, hospitality, and golf industries. Its product suite enables SMBs to sell across channels, manage operations, engage with consumers, accept payments, and ultimately grow their business.
Headquartered in Montreal, Canada, Lightspeed is trusted by favorite local businesses worldwide, where communities go to shop and dine. Lightspeed has staff located in North America, Europe, and Australia.
For more information, see www.lightspeedhq.co.uk
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Methodology
The above merchant data was compiled with OnePoll from a sampling of 300 eCommerce merchants in the UK in March of 2021.
Forward-Looking Statements
This news release may include forward-looking information and forward-looking statements within the meaning of applicable securities laws ("forward-looking statements"). Forward-looking statements are statements that are predictive in nature, depend upon or refer to future events or conditions and are identified by words such as "will", "expects", "anticipates", "intends", "plans", "believes", "estimates" or similar expressions concerning matters that are not historical facts. Such statements are based on current expectations of Lightspeed's management and inherently involve numerous risks and uncertainties, known and unknown, including economic factors. A number of risks, uncertainties and other factors may cause actual results to differ materially from the forward-looking statements contained in this news release, including, among other factors, those risk factors identified in our most recent Management's Discussion and Analysis of Financial Condition and Results of Operations, under "Risk Factors" in our most recent Annual Information Form, and in our other filings with the Canadian Securities regulatory authorities and the U.S. Securities and Exchange Committee, all of which are available under our profile on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. Readers are cautioned to consider these and other factors carefully when making decisions with respect to Lightspeed's subordinate voting shares and not to place undue reliance on forward-looking statements. Forward-looking statements contained in this news release are not guarantees of future performance and, while forward-looking statements are based on certain assumptions that Lightspeed considers reasonable, actual events and results could differ materially from those expressed or implied by forward-looking statements made by Lightspeed. Except as may be expressly required by applicable law, Lightspeed does not undertake any obligation to update publicly or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.
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