In 2019, Lightspeed launched Lightspeed Payments, making it easy for retailers to accept credit and debit cards, both in-store and online. To power its payment offering, the company operated as a registered payfac, integrating a legacy payments processor and middleware.
After experiencing challenges common with traditional payfac models, Lightspeed was in search of a payments partner that could ensure the best reliability for its merchants, enabling Lightspeed to continue to deliver a seamless customer experience and innovative solution.
The company needed a reliable, enterprise-grade payments solution that would power omnichannel payments, provide a unified customer view, and streamline payouts for its customers, all while offering continued innovation and growth opportunities.
In January 2020, it shifted Lightspeed Payments to Stripe Connect for a modern payfac solution that would scale with Lightspeed’s growth in the United States and Canada - and eventually globally.
Stripe’s solution lets platforms like Lightspeed design a customised experience for their omnichannel merchants. This flexibility enables Lightspeed to manage complex money movement, set pricing and fees, integrate financial reporting, and offer new services to customers such as point-of-sale payments, subscriptions and capital.
Thanks to Stripe’s focus on developer resources, Lightspeed was able to go live within three months.
Lightspeed drives greater revenue by integrating payments into core solution Through its partnership with Stripe, Lightspeed offers payments solutions in addition to providing its merchants with a one-stop shop for POS software and back-office operations.
“Customers want to work with one partner that can bring together all the solutions they need to run all the elements of their business,” said Dax Dasilva, founder and CEO of Lightspeed.
By offering Lightspeed Payments alongside the rest of its product suite, the company can now offer a comprehensive solution that merchants trust. Since the launch, Lightspeed has seen strong customer adoption and an increase in revenue.
Stripe as an innovation launchpad By building its business on Stripe, Lightspeed customises and sells payment software and financial services to retailers creating a differentiated customer experience.
“Partnering with Stripe is like an innovation multiplier that’s yielded already amazing results for the products we’ve brought to market, and it’s going to yield even more as we get more creative with each other,” Dasilva said.
Today, Lightspeed integrates with Stripe Billing and Stripe Terminal to offer omni-channel payments, and Stripe Capital to provide cash advances to retailers in the form of Lightspeed Capital, all of which provide new value to customers.