Lightspeed Commerce Inc. (NYSE | TSX: LSPD) announces to all
current customers worldwide that it will meet or beat their
existing third party payments processing rates when switching over
to adopt its unified payments and POS platform, or else exempt
customers from mandatory adoption of the platform and corresponding
transaction fees. Previously this ‘Meet or Beat Promise’ was only
available in North America.
In April 2023, the Company announced the launch of its unified
Lightspeed Payments & POS platform, asking all eligible
customers to sign up for its one cohesive and comprehensive product
offering, which sees Lightspeed Payments embedded directly into
their POS. This offering has been successfully rolled out in North
America, and has started to launch in Europe, Australia and New
Zealand.
“Now feels like the right time to roll out our ‘Meet or Beat
Promise’ globally,” explained JD Saint-Martin, President of
Lightspeed. “We’ve heard great feedback from customers who see
tangible benefits to their business by adopting Lightspeed Payments
and POS. We’ve proven that we can offer better payment processing
rates for the majority of merchants who switch. And we want to make
sure that customers around the world can experience this too.”
Since the launch, the Company has seen overwhelmingly positive
results from thousands of customers around the world who made the
switch and are seeing the benefits that one unified suite of tools
brings to their business. For example, Silo and Crate Brewery in
London, UK, have experienced a 10% revenue increase on their
busiest days and save 3 hours per week on reporting since adopting
Lightspeed Payments. City Bird, a Detroit-based gift shop and
gallery, saw, for each customer, an 80% reduction in checkout
times. “From the time we decided to switch to Lightspeed Payments
to the time we were set up and ready to sell, it was less than 24
hours. Since then, we’ve saved so much time at checkout thanks to
the fully integrated system. It’s just so simple and user
friendly,” stated Tyan Parent, Owner of Le Brande Groupe in
Montreal, Canada. “I can now travel and still be connected to our
data, make better informed decisions and correct mistakes from
anywhere for all three stores, directly on my phone. We switched
for the efficiencies, and that’s been the biggest value, but as a
bonus we’re now paying less in fees too.”
This highlights the ways in which Lightspeed Payments & POS
is a single, powerful platform that streamlines operations,
provides a seamless merchant experience and helps businesses scale.
Additional indicators of success with unified Lightspeed Payments
& POS customer adoption include the Company’s close rates
remaining relatively consistent and customer churn in North America
remaining within historical ranges, all for the quarter ended June
30, 2023.“We also know that we’re the ones asking our customers to
make a change, and change is hard. But we are so confident in our
offering that we want to lower as many barriers as possible for our
merchants, so they can experience the same convenience, time
savings, and potential revenue growth that merchants have seen when
they switch to Lightspeed Payments,” said JP Chauvet, CEO of
Lightspeed. “That’s why I’m so excited to announce our global
rollout of our ‘Meet or Beat Promise’: If we can't beat or at least
match your current payment processing rate, we will not charge a
monthly transaction fee for using a third-party payments provider,
and will not require you to adopt our payments platform.”
In addition to this, the Company is providing free payment
terminals for each register, free on-site installation, and
contract buyouts to cover any early termination fees from existing
processors. Eligible customers who switch to Lightspeed Payments
will also unlock benefits such as:
- Powerful insights into how to optimize their business.
Embedding payments processing directly into the POS gives
Lightspeed the power to unlock unique data and insights. We serve
those back to our customers through our Advanced Insights tool to
help them make faster, smarter business decisions, like which meals
drive the most repeat visitors and which categories are selling
fastest.
- Streamlined bookkeeping and support. No more multiple bills and
multiple numbers to call for help. With one dedicated account
manager, our customers benefit from streamlined operations and
white glove support so their POS, hardware and payments needs are
covered under one roof.
- Hassle-free reporting saves time, reduces risk of fraud and
manual errors. Customers will now have one consolidated reporting
sheet in their hands, saving them hours of reconciliation per week.
It also reduces the risk of errors, giving them more precise
reporting and their staff fewer manual tasks to complete.
- Faster releases of product launches that will help businesses
scale. Lightspeed is investing its resources into new features,
analytics and insights that will help customers grow their
business, save them time and give them peace of mind. Investing
efforts in a single payments offering has accelerated the speed of
delivery and unlocked a variety of enhancements in the last
quarter, including next day & instant payouts, Tap to Pay on
iPhone, and enhancements to Lightspeed Capital.
Ultimately, adopting Unified Payments and POS means more time
back for merchants to concentrate on improving the experience for
their customers, and better data to drive business growth.
Customers interested in taking advantage of Lightspeed’s Meet or
Beat Promise can learn more by visiting our Lightspeed Retail or
Lightspeed Restaurant websites, or reaching out to the Company’s
support team at +1-844-799-5773.
- Full details of Lightspeed’s “meet or beat” policy are
available here.
- Payout timing depends on business type (Retail or Restaurant).
Instant payouts available to US customers only at the moment.
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 and Toronto Stock Exchange (NYSE:
LSPD) (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 Lightpseed’s product offerings, planned
product roadmap, unified POS and payments initiative and pricing.
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 profiles on SEDAR at www.sedarplus.ca 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 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
- Lightspeed Goes Global with Its 'Meet or Beat Promise'
Sara Basdeo
Lightspeed Commerce Inc.
6475376271
sara.basdeo@lightspeedhq.com
Lightspeed Commerce (TSX:LSPD)
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