Payments News

Lyft Eyes Ways To Lower Payment-Processing Costs as It Preps for an IPO

Mar 12, 2019

With $2.28 billion in losses over the past three years, ride-share provider Lyft Inc. is looking to cut costs—and payment-card acceptance expenses won’t be spared.

San Francisco-based Lyft outlined several initiatives it already has started or is planning in a filing earlier this month with the Securities and Exchange Commission for an initial public offering of stock. The registration statement notes that as Lyft’s ride volume has grown, so have its payment-processing fees: up $109.6 million last year following a $140.3 million increase in 2017.

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