Retail

Stripe Powers Digital, In-Store Payments For Lightspeed Retail, Restaurant Customers

Stripe Powers Digital, In-Store Payments For Lightspeed Retail, Restaurant Customers

Canadian global point-of-sale (POS) and eCommerce firm Lightspeed is teaming up with Silicon Valley payments platform Stripe to advance in-store and online payments for retailers and restaurants in the U.S. and Canada, the companies announced on Thursday (Feb. 6). 

In order to offer payment functions to its customers, Lightspeed incorporated Stripe Connect — Stripe’s product for platform payments — and Stripe Terminal, Stripe’s programmable POS. Restaurants and retailers will be able to process in-store payments and personalize readers with their own branding. 

“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 and Connect is a powerful integrated solution in the market for ambitious platforms to facilitate payments for their merchants.”

With Stripe’s technology, Lightspeed aims to streamline the way restaurants and retailers can take in-store and digital payments. Businesses that want to quickly accept payments with Lightspeed can tap Stripe Connect for seamless onboarding, while in-store payments become plug-and-play with Stripe Terminal. 

“Lightspeed Payments is extraordinarily easy to use and has modernized the way we run our business,” said LABEL Boutique owner 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.”

Restaurants and retailers that are using Lightspeed also experience reduced latency at checkout, with readers roughly three times more responsive on average. That translates into shorter queues and a preferable experience for end customers. 

“Lightspeed has been simplifying business for retailers and restaurants for 15 years, and we’re excited to partner with them,” said John Collison, president and co-founder of Stripe. “The fit and finish of Lightspeed’s new payment capabilities will delight their customers.”

Stripe’s APIs and emphasis on developers allowed Lightspeed to go live within three months. Lightspeed is also using Stripe’s Sigma tool for reporting and reconciliation and Stripe’s scalable and secure cloud-based infrastructure.

Last month, Lightspeed announced the launch of Lightspeed Payments for U.S. retailers. The system integrates payment processing and POS for merchants operating online and in physical stores. 

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PYMNTS STUDY: THE CROSS-BORDER MERCHANT FRICTION INDEX – JUNE 2020

The PYMNTS Cross-Border Merchant Friction Index analyzes the key friction points experienced by consumers browsing, shopping and paying for purchases on international eCommerce sites. PYMNTS examined the checkout processes of 266 B2B and B2C eCommerce sites across 12 industries and operating from locations across Europe and the United States to provide a comprehensive overview of their checkout offerings.

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