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In this review of Lightspeed POS, we take a close look at its point-of-sale and payment processing solutions designed for retail, restaurant, and eCommerce businesses. We’ll examine features such as pricing, contract terms, and customer feedback, with a focus on fee transparency, customer support, and overall satisfaction. By highlighting the strengths and drawbacks of Lightspeed’s system, this review provides a clear picture of what the platform offers and helps business owners decide whether Lightspeed POS is the right fit for their payment processing needs.
About Lightspeed POS
Lightspeed POS Homepage
Lightspeed POS is an iPad and desktop-based POS solution that provides services to retail, restaurant, and e-commerce based merchant accounts, serving over 51,000 locations in around 100 countries worldwide. The company compartmentalizes its services between those different types of merchants, offering tailor-made solutions for each industry. The company relies on Vantiv, Cayan, and iZettle for payment processing but discloses its own rates and fees. In addition to payment processing solutions, Lightspeed’s POS software also provides QuickBooks integrated accounting, scheduling, email marketing, and inventory management tools. Merchant reviews reflect that the company’s platform is comprehensive while still being easy to use.
An Expanding Operation
On May 30, 2019, Lightspeed POS announced its acquisition of Chronogolf, a cloud-based POS solution used to manage golf courses. The acquisition of the fellow Montreal-based POS solution will allow golf courses to streamline their services from everything to their clubhouse sales to other facilities on their premises, including restaurants.
On October 20, 2019, Lightspeed POS announced its acquisition of Konta Holdings Pty Ltd. The newly acquired company is a cloud-based POS solution that caters to small to mid-sized merchants in the hospitality industry. Kounta has a large presence in the Asian-Pacific market, serving over 7,000 locations across Australia and New Zealand. Its cloud-based POS solution is used by restaurants, cafes, bars, and boutique hotels. Kounta made $6.4 million during the 2018-2019 fiscal year.
Lightspeed’s acquisition of Kounta will be completed through a cash/stock purchase for $35.3 million and the issuance of 306,290 shares of stock at a price of $25.05 per share. The disbursement of the stock will be paid out to employees through October 2021. The acquisition is at the core of Lightspeed’s mission to serve small to mid-sized businesses.
Customer Reviews & Sentiment
Minimal Complaints
Despite over 50 negative reviews, there are no accusations of fraud or scams against Lightspeed POS.
Lightspeed POS offers extensive customer support, including a 24/7 dedicated phone line, email support, live chat, one-on-one sessions, webinars, a customer forum, and onboarding assistance. While this aligns with best merchant accounts for customer service, complaints about support quality persist.
Overall Assessment
Considering the moderate number of complaints, clean legal record, and comprehensive but mixed-reviewed support options, Lightspeed POS receives a “B” rating in this category.
Industry Scores & User Ratings
Online Ratings Summary
BBB
1
Trustpilot
4.1
Average Rating
2.55
Lightspeed BBB Rating
Lightspeed has a 1 out of 5 star rating based on 20 user reviews on Better Business Bureau.
Positive Feedback
There are no positive reviews published about Lightspeed on the Better Business Bureau website.
Negative Feedback
This company has the worst customer service, lied to me before signing up, and poor management. I waited weeks for them to send my system and then said we sent you an email to order it? Then offered service to move my ecommerce to their ecommerce and then tried to charge me after I already paid for my year of subscription. I was very clear of what I wanted before I signed up and theyonly told me what I wanted to get me to sign up. Do not sign with them! It’s been a month of me going and back and forth and I still have not used this software.
Trustpilot Rating for Lightspeed
Lightspeed has a 4.1 out of 5 star rating based on user reviews on Trustpilot.
Positive Feedback
We are very satisfied with Lightspeed… professionalism, commitment to client needs, ability to deliver high-quality solutions, and reliability are the Services Lightspeed provides us with consistency!!
Negative Feedback
Have been using Lightspeed for last three years. Though functionality is acceptable nothing great. Customer service is very very poor. It takes a month to get a Response. I want to add a device and a Business. Neither the Account Manager or Customer Support is responding. Shame!
Processing Rates & Fees
Industry-Specific Rates and Fees
Lightspeed POS offers tailored pricing for different sectors: retail, restaurant, and e-commerce. Retail plans start at $99 per month for each register, including a swipe rate of 2.6% plus $0.10 and a keyed-in rate of 2.60% plus $0.30. Restaurant plans, priced from $69 per register, have varying fees and transaction rates depending on the size and sales volume of each establishment.
Virtual Terminal and Payment Gateway Pricing
Additionally, Lightspeed POS outlines pricing for its e-commerce services. The e-commerce plan starts at $59 per user account, with a transaction rate of 2.6% plus $0.30. This monthly fee encompasses several features, including import/export tools, personalized onboarding, a reporting dashboard, an app store, a return management system, and SEO optimization. It’s important to note that Lightspeed’s e-commerce solution is accessible only to merchants who also use the company’s retail services.
A “B” Overall
Lightspeed POS’s clear pricing structure and the breadth of services supported by its POS software contribute positively to its reputation. However, the limitation that prohibits operating a stand-alone e-commerce account is a significant factor in the company receiving a “B” rating in this category.
Employee Reviews & Sales Practices
Lightspeed POS Sales Tactics
Unlike some competitors, Lightspeed POS sells its hardware directly to merchants. Though its POS software is hosted on iPads and desktops, Lightspeed sells other hardware. Printers, cash drawers, barcode readers, and more are available for purchase directly on the company’s website.
In addition to selling directly to merchants, Lightspeed POS website also conveys that it does not employ independent resellers. The company does not have any public complaints regarding its sales practices.
No Misleading Pricing
To its credit, Lightspeed POS does not appear to list deceptive prices. The company explicitly lists its monthly fees and transaction rates directly on its website. Different monthly fees and rates apply depending on whether a merchant does its business in the retail, restaurant, or e-commerce industry.
Lightspeed’s policy of selling hardware directly to merchants is a definite plus. As is the fact that the company does not employ independent resellers, nor does it have any complaints regarding its in-house sales practices. Those factors, along with its transparent pricing are the reasons behind why we award Lightspeed POS an “A” in this category.
Lightspeed POS Competitors
Compare Lightspeed POS to competitors that earned top marks.
Lightspeed POS stands out primarily for its transparent pricing, which is clearly laid out for its retail, restaurant, and e-commerce plans. Retail and e-commerce rates are explicitly listed on the website, though the restaurant transaction rates remain variable. This transparency allows merchants to readily understand and evaluate their options.
However, Lightspeed POS falls short of being a budget-friendly option for online-only merchants since the e-commerce plan is exclusively available to those also using its retail POS services. Despite this limitation, the company’s straightforward pricing still enables merchants to effectively weigh Lightspeed’s costs against alternative POS solutions and make informed decisions.
