Lightspeed Payments deploys to hospitality merchants across five European markets

Rhea-AI Summary

Lightspeed (NYSE: LSPD) has launched its integrated financial service, Lightspeed Payments, for hospitality merchants in Germany, Switzerland, France, Belgium, and the Netherlands. This expansion follows its availability in Canada and the U.S. and aims to enhance payment processing for independent businesses. As 40% of Lightspeed’s customers are outside North America, this move is significant. The company reports that 94% of U.K. small-business owners see cost benefits from integrated payments. The hospitality sector in Europe is rebounding, emphasizing the need for efficient payment solutions.

Positive

• Launch of Lightspeed Payments in five European countries enhances service offerings.
• 94% of small-business owners in the UK see cost savings with integrated payments.
• Expansion serves over 40% of Lightspeed's international customer base.

Negative

• None.

Expansion follows launch of integrated financial services in the United Kingdom  

MONTREAL, Aug. 3, 2021 /PRNewswire/ - Lightspeed (NYSE: LSPD) (TSX: LSPD), the one-stop commerce platform for merchants around the world to simplify, scale and create exceptional customer experiences, today announced the general availability of Lightspeed Payments for hospitality merchants in Germany, Switzerland, France, Belgium and the Netherlands. 

Lightspeed Payments is currently available to retail businesses in Canada and the United States as well as hospitality merchants in the United States. In the coming months this is planned to expand to serve Lightspeed merchants in the Asia-Pacific region, including customers of the recent acquisition of Vend. The expansion of Lightspeed's integrated financial services offerings to these new markets is a milestone for Lightspeed as non-North American markets comprise over 40% of Lightspeed's global customer locations. 

Lightspeed Payments provides independent hospitality businesses critical tools such as mobile and contactless payments, allowing them to process payments faster and manage their businesses from a single platform. In a constantly shifting hospitality market that has become increasingly digital and consumer-driven, integrated payments provides an advantage for successful restaurateurs. 

"The hospitality industry in Europe is rebounding just in time for summer holidays and this is a crucial time for the small and medium-sized businesses we serve in that region," says Jona Georgiou, Lightspeed's global General Manager of Payments. "This expansion empowers our customers around the world to generate faster, more secure transactions that give them richer data about their business and meet the needs of their guests."

Lightspeed survey data gathered from both small-business owners and consumers in the United Kingdom and Europe, shows that 94% of small-business owners in the United Kingdom believe that integrated payments provide significant cost savings. New data also shows that over half of French consumers now prefer to pay with a credit or debit card or make mobile payments, while 62% prefer contactless payments for their speed and sanitary benefits. Similarly, a majority of German consumers signaled they believe that independent businesses should be required to offer at least one electronic payment option in addition to cash payments, according to a representative study by the German digital association Bitkom. 

"The COVID-19 health crisis accelerated the use of contactless solutions, a necessary evolution but also a real asset that saves a lot of time. Lightspeed Payments combines convenience, transparency and cost reduction," said Maxime Barré, founder and owner of Michelin-starred French restaurant, La Belle Étoile. "The transparent transaction rates and the ability to immediately credit a customer's account in the event of a cashier error encouraged us to make this choice." 

About Lightspeed 
Powering the businesses that are the backbone of the global economy, Lightspeed's one-stop commerce platform helps merchants innovate to simplify, scale and provide exceptional customer experiences. Our cloud commerce solution transforms and unifies online and physical operations, multichannel sales, expansion to new locations, global payments, financial solutions and connection to supplier networks.

Founded in Montréal, Canada in 2005, Lightspeed is dual-listed on the New York Stock Exchange (NYSE: LSPD) and Toronto Stock Exchange (TSX: LSPD). With teams across North America, Europe and Asia Pacific, the company serves retail, hospitality and golf businesses in over 100 countries.

For more information, see www.lightspeedhq.com

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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 Commission, 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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SOURCE Lightspeed POS Inc.

FAQ

What new markets has Lightspeed Payments expanded into?

Lightspeed Payments has expanded into Germany, Switzerland, France, Belgium, and the Netherlands.

Why is the expansion of Lightspeed Payments significant for LSPD?

The expansion is significant because over 40% of Lightspeed's global customer locations are outside North America, enhancing its international presence.

What percentage of small-business owners in the UK see cost savings with integrated payments?

94% of small-business owners in the UK believe integrated payments provide significant cost savings.

How does Lightspeed Payments benefit hospitality businesses?

Lightspeed Payments offers mobile and contactless payment solutions, helping hospitality businesses process transactions faster and more securely.