Lightspeed’s Newest Release of its Flagship Restaurant Platform Reimagines How US Customers Run Their Front-Of-House Operations

Rhea-AI Summary

Lightspeed Commerce Inc. has released the Next Generation of Lightspeed Restaurant, offering faster ordering and payments options on smartphones, along with advanced insights and intelligent tip management. The new functionalities include 'Pay at Table', 'Tap to Pay' on iOS, 'Scan and Pay', self-serve Capital, enhanced APIs, and advanced insights. Lightspeed aims to revolutionize the restaurant industry by improving efficiency and changing the guest experience.

Positive

• Lightspeed Restaurant offers faster ordering and payments options on smartphones, increasing table turns and boosting order value. The platform is on average 40% faster than the competition. Self-serve Capital makes it easier for restaurant operators to access funds. Enhanced APIs allow for real-time inventory management. The advanced insights feature provides comprehensive data-driven insights to help businesses navigate restaurant operations.

Negative

• None.

Lightspeed Restaurant now drives more efficiencies in hospitality thanks to streamlined ordering and payments on smartphone devices, Advanced Insights, Intelligent Tip Management, advanced APIs, and robust offline capabilities

MONTREAL, May 17, 2023 (GLOBE NEWSWIRE) -- Lightspeed Commerce Inc. (NYSE: LSPD) (TSX: LSPD), the one-stop commerce platform for merchants and restaurateurs around the world announced today the release of the latest version of its powerful restaurant solution: the Next Generation of Lightspeed Restaurant. This update, now available in the United States, revolutionizes restaurant operations by offering faster ordering and payments options on smartphones and by leveraging the power of data.

New functionalities include:

• ‘Pay at Table’ - Uniquely designed by Lightspeed, this simplifies group dining with smart and easy check splitting
• ‘Tap to Pay’ on iOS - Increases table turns by transforming every smartphone into a payment terminal
• ‘Scan and Pay’ - Boosts order value by allowing guests to order or close a check themself
• Self-serve Capital - Helps restaurants fund their next stage of growth
• Tip Management - Builds staff loyalty with great tip management
• Enhanced APIs - Gives access to data to customize the Lightspeed experience
• Advanced Insights - Unlocks a previously unavailable layer of business intelligence
  

“We are helping US restaurants reimagine the way they run their front of house operations, not only to improve efficiency but to help drive additional revenue and change the guest experience for the better,” says Peter Dougherty, GM of Hospitality at Lightspeed. “Lightspeed is on a mission to radically change the restaurant industry, empowering restaurant operators with real-time insights at their fingertips.”

Streamline Ops to Serve Customers Faster
Lightspeed Restaurant helps business owners optimize their time so that they can spend more of it focused on their customers.

• The speed of the Lightspeed Restaurant platform means orders from the server to the back of house staff are on average 40% faster* than the competition.
• Improvements to how customers order and pay thanks to the seamless experiences offered with ‘Pay at Table’, ‘Tap to Pay’, and ‘Scan and Pay’ means restaurant operators can say goodbye to unnecessary waiting as guests dine, order, and pay – all from their seat.
• Tip Management means that operators can maximize server earnings with intelligent tip suggestion and reporting.
• Enhanced APIs means that external systems can easily integrate into the platform allowing for real-time inventory management.
• A strong offline mode ensures business continuity, even without internet connectivity.
  

Access to Capital
In the current challenging economic environment, restaurant operators are looking for more options to secure funds. Lightspeed Capital is now easier to access thanks to self-serve Capital embedded within the platform. Qualified restaurant owners can now easily get connected to Lightspeed’s merchant cash advances via in-app functionalities.

Harnessing the Power of Advanced Insights
Lightspeed Restaurant is an industry-leading, lightning-fast solution that offers comprehensive, data-driven insights to help businesses navigate the complex landscape of restaurant operations. Exclusive features include:

• Server Performance: Empower staff with feedback that improves services and boost earnings through performance insights.
• Menu Performance: Use data to discover the dishes that keep customers coming back by using a proprietary data matching algorithm to link customer preferences to their profile.
• Time Optimization: Make data-backed staffing decisions to drive peak efficiency.
• Logbook: Keep a finger on the pulse of restaurant operations, even when you’re not there, by automating and connecting restaurant staff together across shifts with a virtual log book.

Lightspeed powers the world’s best restaurants, including: Daniel Boulud Group (NYC), Atomic Hospitality Group (Chicago), Alinea Group (Chicago), Canlis (Seattle), Big Mamma (Europe), Kei (Paris) and Maybe Sammy (Sydney), and is now available in the United States, Canada, the United Kingdom, France, Belgium, the Netherlands, Switzerland, Germany, and Australia.

Dive into the transformative features of Lightspeed Restaurant on our website, or to witness its powerful capabilities, see www.lightspeedhq.com/pos/restaurant.

* Based on internal testing in August 2022 of industry peer check management and other workflows. Lightspeed Restaurant POS requires on average 40% fewer clicks for completing check splitting, discounting and other basic POS workflows than certain industry-leading POS systems in North America. Results outside such internal testing could vary depending on location and other factors

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.

Follow us on social media: LinkedIn, Facebook, Instagram, YouTube, and Twitter.

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"), including information regarding Lightspeed's product offerings and planned product roadmap. 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.

For further information:

Media Contacts:

Canada: Victoria Baker, NKPR - victoriab@nkpr.net;

USA: Jennifer Fugel, Newsmaker Group- jfugel@newsmakergroup.com;

Lightspeed Media Relations - media@lightspeedhq.com;

Investor Relations: Gus Papageorgiou, Lightspeed Investor Relations - investorrelations@lightspeedhq.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d8517aa8-c6f4-45bf-b72f-79c9575ec4ee

FAQ

What are the new functionalities of the Next Generation of Lightspeed Restaurant?

The new functionalities include 'Pay at Table', 'Tap to Pay' on iOS, 'Scan and Pay', self-serve Capital, enhanced APIs, and advanced insights.

How does Lightspeed Restaurant improve efficiency?

Lightspeed Restaurant is on average 40% faster than the competition, allowing for faster ordering and payments. The platform also offers self-serve Capital and enhanced APIs for real-time inventory management.

What are the benefits of the advanced insights feature?

The advanced insights feature provides comprehensive, data-driven insights to help businesses optimize server performance, menu performance, time optimization, and logbook management.