As the retail industry continues to adopt innovative solutions amidst the global pandemic, Lightspeed (NYSE: LSPD) (TSX: LSPD) has announced the initial availability of Lightspeed Capital, powered by Stripe.
Through financing offers, this new product will help U.S.-based merchants with overall business growth, more specifically to buy inventory, invest in marketing or manage cash flows.
It is available for retailers using Lightspeed Payments in the U.S. and provides financing of up to $100,000 USD per retail location.
Funding to help retailers pursue their business goals
Featured benefits of Lightspeed Capital for retailers include:
- Fast and Efficient Approval Process: Unlike traditional financial institutions, there is no lengthy application or collateral obligations, and approved funds are typically deposited the next day
- Automated and Flexible Repayments: A percentage of daily sales will automatically be repaid against the borrowed amounts, keeping repayment flexible to suit the needs of the business
- Accessible Reporting: Retailers can review how much has been repaid in real time with data built into Lightspeed’s software, providing one seamless platform to manage both payments and capital funds
- Data-Driven Eligibility: Approval is based on a retailer’s history with Lightspeed Payments, and draws on data from Stripe’s global business network
“Lightspeed retailers have always outperformed the broader industry, and this has been more apparent than ever during COVID-19 as these innovative merchants have leveraged omnichannel solutions to meet customer demand,” said Dax Dasilva, Founder and CEO of Lightspeed.
“The introduction of Lightspeed Capital is one more tool to help them digitally transform their business and continue to outpace the industry.”
Supporting merchants for growth
“We’re excited to help Lightspeed go the extra mile in building technology to make all aspects of running a modern retailer easier, from payments through to flexible financing,” Jeanne DeWitt Grosser, Head of Americas, Revenue and Growth at Stripe, commented. “Extra capital can make all the difference for Lightspeed’s growing retailers who want to invest in adaptation as the economy reboots.”
As part of Lightspeed’s continued effort to support merchants during this time, the company is hosting regular webinars to equip SMBs with essential information on financial planning, social media sales integrations, how to maximize retail revenue, and more.