Lightspeed launches Lightspeed Payments in United Kingdom and Europe in expansion of tailored financial solutions

Rhea-AI Summary

Lightspeed (NYSE: LSPD) has launched Lightspeed Payments for hospitality merchants in the United Kingdom and Europe. This initiative aims to simplify payment processes as 94% of UK SMBs seek integrated payments to enhance operations. The offering includes mobile and contactless payments, crucial for businesses adapting post-pandemic. A study revealed that 94% of respondents believe integrated POS payments save money, while a significant portion requests support for preventing fraud. With a history of success in North America, Lightspeed aims to empower global customers with secure, efficient transaction capabilities.

Positive

• Launch of Lightspeed Payments for hospitality in the UK and Europe enhances payment solutions for SMBs.
• 94% of UK SMBs indicated that integrated POS payments save money.
• The solution provides mobile and contactless payment options critical for pandemic recovery.

Negative

• No significant negative aspects identified.

Global commerce leader brings key functionality to restaurateurs as 94% of polled UK-based SMBs look to integrate payments to simplify and scale their businesses

MONTREAL, April 6, 2021 /PRNewswire/ - 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's integrated payments experience gives small and medium-sized businesses in the hospitality industry access to key functionalities made crucial by the global pandemic, including mobile and contactless payments, ahead of anticipated economic reopenings. 

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. 

A study Lightspeed conducted with London's OnePoll and over 300 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. 

"This is a crucial time for the small and medium-sized businesses we serve and they need simplified solutions that save them time and money," says Dax Dasilva, founder and CEO of Lightspeed. "This launch empowers many of our global customers to generate faster, more secure transactions that give them richer data about their business. The United Kingdom has historically seen rapid adoption of new payments solutions and we are excited to add new capabilities and flexibility to the businesses that are the backbone of that economy."

Lightspeed Payments proved to be essential for many North American businesses during 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. 

LeAnna Brun runs Brunmillers Soapworks, a small retail business in Texas. While COVID-19 and recent ice storms wreaked havoc on her tourism-driven business, being able to run her shop online using both Lightspeed eCommerce and Lightspeed Payments has helped keep her business afloat. 

"Lightspeed has made everything so much easier," Brun said. "It keeps business moving and having an integrated system is really important. With Lightspeed Payments, I love checking my bank account in the morning. It's the most painless part of my whole business. Being able to control inventory and payments for online sales and in-store from a single location is extremely valuable. It's also important to me that my customers feel secure when checking out."

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. 

To learn more about Lightspeed Payments, please visit www.lightspeedhq.com.

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.com 
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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.

Media Contact:
media@lightspeedhq.com 

Victoria Baker
NKPR
victoriab@nkpr.net

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SOURCE Lightspeed POS Inc.

FAQ

What is Lightspeed Payments and when was it launched?

Lightspeed Payments is an integrated payment solution launched by Lightspeed on April 6, 2021, for hospitality merchants in the United Kingdom and Europe.

How do UK SMBs feel about integrated payments according to Lightspeed's study?

According to Lightspeed's study, 94% of UK SMBs believe integrated POS payments save money.

What features does Lightspeed Payments offer for hospitality businesses?

Lightspeed Payments offers mobile and contactless payment options to streamline the payment process for hospitality businesses.

Which countries will receive Lightspeed Payments after the UK?

After the UK, Lightspeed Payments will expand to hospitality merchants in France, Belgium, the Netherlands, Germany, and Switzerland.

Why is the UK market considered underserved for payments?

The UK has historically been underserved in terms of integrated payment solutions, particularly in the hospitality sector.