Need to Know
- Montreal’s Lightspeed has announced a partnership with payments software company Stripe.
- Lightspeed will launch a new offering allowing for a more streamlined checkout process for retail and restaurant customers.
- Lightspeed’s stock has doubled since its IPO last spring and the company is now balancing plans for both for long-term growth and profit.
Montreal-based Lightspeed has announced a partnership with Stripe, extending payment options and allowing for a more streamlined checkout process for customers.
This integration will allow for the launch of Lightspeed Payments, which will eliminate the need for a separate payment provider for Lightspeed customers. Some of the perks of Lightspeed Payments include transparent pricing, a more simplified setup, faster checkout, and most significantly, one place for business owners to manage financial reporting and cash flow tracking.
Lightspeed is a cloud-based commerce platform that provides a point of sale system for restaurants and retailers in over 100 countries around the world. Last spring, Lightspeed went public, raising more than $240 million for the company during the IPO.
Lightspeed’s partnership with Stripe, a widely-used transactions company that accepts payments and helps clients manage their businesses online, is expected to improve the payment experience for customers.
“Stripe offers enterprise-grade infrastructure that puts our customers on the cutting edge of modern payments technology,” said Dax Dasilva, founder and CEO of Lightspeed. “The combination of Terminal [Stripe’s point of sale] and Connect [Stripe’s product for platform payments] is a powerful integrated solution in the market for ambitious platforms to facilitate payments for their merchants.”
Now, existing clients using Lightspeed Payments can expect shorter waits and a better experience for end customers. Plus, Stripe makes it possible for businesses to customize their payment software with their own branding.
“Lightspeed Payments is extraordinarily easy to use and has modernized the way we run our business,” says Lightspeed client Sarah Barton. “Implementing a payments solution that was directly integrated with my point-of-sale system has eased the burden on my staff and led to a smoother customer experience. It’s a nice touch that Stripe’s modern terminals blend in with the carefully curated aesthetic of my brick-and-mortar shop.”
This partnership is the next move in Lightspeed’s strategy of balancing both profit and long-term growth. Since its IPO last spring, Lightspeed’s stock has doubled, and they predict sales will jump as much as 48% this fiscal. Dasilva is also increasing spending on marketing and ads to attract early-stage entrepreneurs.
With Stripe’s world-class reputation on their side, they can expect the growth to continue. And it sounds like the feeling is mutual.
Said John Collison, president and co-founder of Stripe, “Lightspeed has been simplifying business for retailers and restaurants for 15 years, and we’re excited to partner with them.
“The fit and finish of Lightspeed’s new payment capabilities will delight their customers.”