![]() ![]() “We went for seven years boot-strapped,” said Dasilva in an interview with Cantech Letter last June. This means that the days of the magnetic stripe are finally over.Īlong with other Canadian tech success stories, Lightspeed has witnessed incredible recent growth after a long period of bootstrapping its business from lean beginnings. As of that date, responsibility for fraudulent use of cards will fall on retailers who have not updated to the chip-and-pin payment cards now widely used in Europe, removing liability from credit card companies. ![]() Octorepresents a major shift in the POS retail industry, with the industry wide EMV liability shift taking effect. retailers to change how they process credit card payments the explosion of contactless payment options the new bar for convenience, speed and service,” continues Dasilva. “There are a lot of factors at play that make it an incredible time to be in the retail tech industry – the October 2015 deadline for U.S. The point-of-sale retail industry is also in flux, with the imminent Europay Mastercard and Visa (EMV) liability shift approaching, and the overall application of mobile technology to the retail checkout process. Lightspeed is the first iPad based POS platform to be approved for the MEV program. Quebec calculates that missing revenue through under-reporting or fraud constitute a loss of $425 million in tax revenue annually. This month, the Lightspeed platform was approved by Quebec’s MEV program, a sales recording module meant to cut down on tax fraud in the restaurant industry by recording sales in real time through a restaurant’s point-of-sale system. “Lightspeed’s focus on giving retailers and restaurateurs the tools that can not only help them survive, but thrive in this changing landscape is paying off – we are actually seeing our customers grow significantly faster than the market average,” said Lightspeed founder and CEO Dax Dasilva. In the past year alone, Lightspeed closed a $35 million funding round, led by iNovia Capital and previous investor Accel Partners. The average Lightspeed customer has $600,000 processed annually through the platform, which has helped the company grow its bookings 123% year over year. ![]() The Lightspeed POS platform now processes over $10 billion worth of transactions annually for its retail and restaurant clients, counting over 24,000 customers in more than 100 countries. ![]()
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