Together, the two companies have agreed to launch a flexible monthly payment option for clients, which will combine both services for first time in the retail industry. LightSpeed says it will be priced at $40 per month for the first user and $20 per month for each additional user. In a press release issued today, the company also confirmed that the new plan will be available to all of its existing customers once they renew a subscription.
“We are thrilled to partner with LightSpeed, and introduce payment options to their client base in a flexible and seamless manner,” said Bill Ready, CEO of Braintree. “By enabling monthly billing, we hope to allow LightSpeed to continue to deepen its relationship with retailers around the globe.”
LightSpeed is a software company that helps retailers try and “reinvent” in-store shopping through the use of Macs, iPads and iPhones, either as a point of sale or retail management tool. It’s a pretty slick interface, which is also said to be multi-user, multi-store and eCommerce ready. The LightSpeed software can also be extended through a developer API, which is useful for stores looking to tweak or evolve the platform for its own specific needs.
Back in August Braintree announced its acquisition of Venmo, a company that powers person-to-person payments, for $26.2 million. While the firm is still very keen to move into the mobile payments space, it’s perhaps not suprising that it’s also looking to grow into the traditional brick and mortar stores too. After all, if it’s possible why not do both?
Earlier this month Braintree also announced a new round of funding, worth $35 million, in order to keep up with its expansion and acquisitions. Led by New Enterprise Associates (NEA) and with participation from existing investors that include Accel Partners, it raised the firm’s total funding up to $70 million.
Braintree says it wants to become the payment platform of choice for devevelopers such as Uber, Fab and Airbnb, who are working on the next ‘wave’ of eCommerce and mobile commerce applications.
“Braintree is kicking down both the technology and business road blocks that have made online and mobile payments challenging for developers and a hassle for consumers,” said Ravi Viswanathan, General Partner of NEA. “We believe Braintree has the strengths to challenge all the incumbents in the payment space.”
Braintree currently works in more than 30 countries and is able to accept more than 130 different types of currencies. The firm, founded in 2007, already works with a number of renowned online merchants, including Animoto and GitHub.
LightSpeed on the other hand, led by its founder and CEO Dax Dasilva, was launched in 2005 with financial backing from Accel Partners.
Top Image Credit: Luz Bratcher