its point-of-sale and payment initiatives, so that it may reduce complexity by simplifying bookkeeping and becoming a one-stop shop for the businesses it works with. To that end, over the summer, the company has helped migrate many businesses across North America onto its platform by changing their payment processors, offering competitive rates and providing free payment terminals without installation fees involved. Up next for this unification is Europe, Mr. Chauvet said.
In the new quarter, Lightspeed’s customers processed a gross transaction value of US$23.4-billion, which is up by 6 per cent since last year. Figures for omnichannel retail and hospitality grew at roughly the same rates. But Lightspeed noted an increasing portion of the revenue in relation to commissions is being processed through the company’s payments solutions, with gross payment volume increasing 56 per cent to US$5.1-billion from US$3.3-billion year over year.
The “solid” results on Thursday suggest Lightspeed’s push on payments is advancing well, according to National Bank of Canada analyst Richard Tse: “It a meaningful opportunity; that said, it’s still early in that process.” It is “good to see” that Lightspeed is on target with profitability metrics, said Mr. Tse, “as it reflects improving capital deployment discipline.” Eventually, all these recent measures from the company should reflect well on its stock valuation, he added.