Nov 2, 2023
Lightspeed looks to help merchants do more with less: CEO
, BNN Bloomberg
We are giving them free terminals: Lightspeed CEO on pushing company's own payment software
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Lightspeed Commerce Inc.’s revenue soared in the third quarter of this year growth as new products and unified payments drove the company’s growth.
The point-of-sales software provider reported a 25-per-cent jump in revenue in its latest quarter as it focused on the launch of new products and growth strategies.
“I think it’s just a natural step in a company, at some point your revenues grow, and the growth in revenue offsets the growth in your cost structure, and then you become profitable,” JP Chauvet, chief executive officer of Lightspeed, told BNN Bloomberg in a television interview on Thursday.
He believes the company is operating from a position of strength as it continues to invest in its products.
One main initiative the company has focused on in 2023 is unified payments, which is the integration of payment platforms across the hospitality and retail sector, Chauvet explained.
“Ultimately the merchants on the market today need to do more with less,” he said. “As the cost of labour is going up, margins are shrinking.”
A more tightly integrated payment system should help these merchants generate more cash flow, Chauvet added.
CONTROVERSIAL CHARGES FOR CUSTOMERS
Some customers have expressed concern after Lightspeed charged a fee for not signing up to its newly integrated platfrom.
Chauvet defended the move, arguing that the merchants who did not integrate Lightspeed’s newest payments solutions are unaware of the cost efficiency it would bring them.
“As customers move over, they don’t know what they don’t know, and what we’re hearing is… ‘Oh wow, when we moved over this was so positive to our business,” he explained.
Chauvet added that Lightspeed has a “beat or meet” policy, which guarantees customers a lower price point for services than what they are currently paying if they switch over to Lightspeed “so there is really no downside to the merchant,” he added.
“Really the value is how much more we can automate those businesses,” he said.
The point-of-sales software provider reported a 25-per-cent jump in revenue in its latest quarter as it focused on the launch of new products and growth strategies.
“I think it’s just a natural step in a company, at some point your revenues grow, and the growth in revenue offsets the growth in your cost structure, and then you become profitable,” JP Chauvet, chief executive officer of Lightspeed, told BNN Bloomberg in a television interview on Thursday.
He believes the company is operating from a position of strength as it continues to invest in its products.
One main initiative the company has focused on in 2023 is unified payments, which is the integration of payment platforms across the hospitality and retail sector, Chauvet explained.
“Ultimately the merchants on the market today need to do more with less,” he said. “As the cost of labour is going up, margins are shrinking.”
A more tightly integrated payment system should help these merchants generate more cash flow, Chauvet added.
CONTROVERSIAL CHARGES FOR CUSTOMERS
Some customers have expressed concern after Lightspeed charged a fee for not signing up to its newly integrated platfrom.
Chauvet defended the move, arguing that the merchants who did not integrate Lightspeed’s newest payments solutions are unaware of the cost efficiency it would bring them.
“As customers move over, they don’t know what they don’t know, and what we’re hearing is… ‘Oh wow, when we moved over this was so positive to our business,” he explained.
Chauvet added that Lightspeed has a “beat or meet” policy, which guarantees customers a lower price point for services than what they are currently paying if they switch over to Lightspeed “so there is really no downside to the merchant,” he added.
“Really the value is how much more we can automate those businesses,” he said.
