Lightspeed is a comprehensive eCommerce platform that not only provides management solutions for retailers and omnichannel businesses but also supports a fast and secure checkout process. Lightspeed payment gives small and medium-sized retailers access to key functions that are important including mobile payments and contactless ones. In addition, payment processing is an important component of any business. In this article, we would like to offer comparisons and considerations about Lightspeed processing fees.
Overview of Lightspeed Payment
Lightspeed payments refer to Lightspeed’s built-in payment processor. This system accepts a variety of payment methods directly within the Lightspeed Retail (R-Series) POS (point of sale), including credit and debit cards as well as contactless payments. The solution also offers features and services such as integrated charge and report management with a simplified design that expedites payment processing and streamlines the payment experience for business customers.
Lightspeed Payment Processing Fees: Comparisons and Considerations
Lightspeed processing fees are 2.6% plus 10 cents per live transaction and 2.6% plus 30 cents for manually locked transactions. However, one thing that users of the system should be aware of is that if they are not using Lightspeed billing for payment processing, the monthly subscription price will be significantly higher. Notably, if the company has more than one retail location, it should get a personalized quote for a suitable price.
Lightspeed processing fees are affected by many other factors as its usage plan depends on the needs of the business and its ability to pay. In addition to the basic service plans for seamless multi-channel system operation, Lightspeed payment comes with free PCI (Payment Card Industry) compliance and fraud prevention. When using this support, the business will receive the money to its account within two working days. However, using Lightspeed processing fees, retailers must prepare a $15 chargeback fee. Besides, the platform offers quote-based pricing for businesses that process over $250,000 per year.
Lightspeed processing fees have had recent updates and changes. Intending to provide industry-leading technology and support and keep retail or omnichannel businesses running smoothly, the platform is merging Lightspeed retail payments and Lightspeed payments. Merchants using non-Lightspeed billing solutions will be charged a monthly third-party processing fee. To avoid this processing fee, companies should submit a Lightspeed payments application to switch from their current processor to a Lightspeed processor before the end of the notice period. The extra charge can affect the revenue of the business in the long run because the cost will increase. To change this situation, businesses can consider choosing and switching to another POS solution to reduce costs.
ConnectPOS is the best alternative POS system that offers full features and is almost similar to other solutions. Not only does it provide business management support such as order, inventory, customer, and product management, but the payment support it provides is also extremely convenient and useful. In particular, this software has a cheaper pricing plan and no third-party processing fee. Notably, ConnectPOS has no payment mandatory and does not charge any additional fees for retailers. This will help businesses maintain revenue streams and maximize profits.
Conclusion
Lightspeed processing fees have changed compared to the current market and to optimize business operations and generate more profits, businesses should consider choosing a POS system that provides and connects closely. with third-party payment platforms to limit costs. Contact us if you are looking for assistance with your payment process.
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