Lightspeed is not only a simple retail system but it also helps businesses manage and operate all aspects of a business system. In addition to the powerful features of a point-of-sale (POS) solution, Lightspeed impresses business users with its support for payments and related processes. However, it also has certain limitations. In this article, we would like to introduce Lightspeed payment as well as point out common issues and limitations.
Overview of Lightspeed Payment
Lightspeed payment is a solution provided by Lightspeed Retail that makes the checkout process of a store or business easier. This support makes buying and selling transactions faster, safer, and more accurate. It allows users to accept a variety of payment methods from cash, credit or debit cards, e-wallets, or payments through third-party payment gateways.
This payment solution also has features and services such as integrated fee and report management that accelerate payment processing and streamline the payment experience for corporate customers.
Common Issues and Limitations of Lightspeed Payments
Lightspeed payment, like other technology products, has specific limitations and problems that users need to anticipate to consider before using.
The first is the problem of technical errors. This payment application may be difficult to access and does not allow access in certain countries or regions. Besides, for today’s multi-channel businesses, the online payment process takes place too much at the same time; there may be problems when the consumer has paid but the system still reports an error. However, Lightspeed allows that if a customer is mistakenly charged twice, they can still refund one of the original transactions in the POS. This will be supported by the platform’s technical team.
For payment processing, sometimes the process will be halted due to an invalid entry, inaccessible gateway, or card denial. This needs to be based on the actual situation to solve. Lightspeed, in addition, has updated processing fees. For each transaction, users will be charged a fee of 2.6% + $0.10 for card-presentation (CP) transactions or 2.9% + $0.30 for non-presentation transactions (CNP). To provide industry-leading technology and support and keep businesses running smoothly, the platform is merging retail Lightspeed and its payments support. Merchants using non-Lightspeed payment solutions will be charged a monthly third-party processing fee. Users who do not wish to pay this fee need to apply to switch from their current processor to a Lightspeed processor.
In addition, Lightspeed payment has a restriction on processing fees. If businesses or retailers use payment processors other than this system, an additional monthly fee must be charged. However, this fee is likely to increase over time, so it will affect the revenue of the business in the long run. To limit costs and reduce costs, users may consider choosing or changing to a more suitable POS system.
ConnectPOS is a leading SaaS (Software as a service) point-of-sale system that provides powerful support for business management across sales channels such as product management, order management, tracking inventory, and customer management. In addition to these features, the software solution also supports payment and a quick self-checkout process that enhances the consumer experience. Notably, ConnectPOS has no mandatory payment and does not charge retailers any additional fees. This is the best alternative to Lightspeed POS with similar perfect features but a cheaper pricing plan and no third-party processing fee.
Lightspeed payment offers great support for companies, but there will inevitably be some confusion and limitations. Therefore, to optimize the use of this platform, retailers need to choose a solution that supports business execution and optimizes handling fees to increase revenue. If you are looking for a system that supports this, feel free to contact us.