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Lightspeed POS Review
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A Multifaceted POS Solution
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.
Location and Ownership
Lightspeed POS is headquartered at 700 St-Antoine Est, Suite 300, Montreal, Quebec, Canada with its United States’ operations based at 111 8th Ave, Floor 16, New York, NY. Its acquiring bank is dependent upon which merchant account provider it relies upon for payment processing. JP Chauvet is the company’s president.
Lightspeed POS Review Table of Contents
- Costs & Contract: Lightspeed POS offers a 1-year contract with different rates and fees specific to retail, restaurant, or e-commerce accounts.
- Complaints & Service: Lightspeed POS has received more than 50 public complaints.
- BBB Rating: Lightspeed POS currently has a “D” rating with the Better Business Bureau and has received 9 complaints since its profile was created in April of 2017.
- Sales & Marketing: Lightspeed POS markets directly to merchants and does not employ resellers though it has not received any complaints about its sales practices.
- Rates & Fees: How Merchants Got The Best Rates With Lightspeed POS.
Lightspeed POS Customer Reviews
Here's What Their Clients Say
|Total Online Complaints||50+|
|Live Customer Support||Yes|
|Most Common Complaint||Poor Customer Service|
Low Complaint Total
We are currently only able to find over 50 negative reviews about Lightspeed POS. None of these reviews accuse the company of being a scam or fraud.
We have not found any outstanding class-action lawsuits or FTC complaints filed against Mynt. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
Lightspeed POS Customer Support Support Options
Lightspeed POS offers dedicated customer support between its 24/7 dedicated phone line, email address, and live chat feature. Additionally, the company also provides one-on-one support sessions, interactive webinars, a customer foreign, and onboarding assistance. This comprehensive offering is in line with what the best merchant accounts for customer service offer. However, merchant reviews often complain about the company’s customer support quality.
A “B” Overall
Given the company’s moderate complaint volume, clean legal history, and comprehensive but poorly reviewed support options, Lightspeed POS receives a “B” rating in this category.
Lightspeed POS Online Ratings
Here's How They Rate Online
|Product & Service Complaints||8|
|Billing & Collection Complaints||1|
|Advertising & Sales Complaints||0|
|Guarantee & Warranty Complaints||0|
Note: We have adjusted this company’s BBB rating according to our own standards. To better understand why we adjust BBB ratings, please see our Rating Criteria.
Low Complaint Record
Lightspeed POS is not accredited with the Better Business Bureau. As of this review, the company has a “D” rating with the BBB and has had 9 complaints filed against it since the company’s profile was opened in April or 2017. 8 of the complaints concern a problem with a product or a service while the remaining complaint addresses a billing or collection issue. The company does not have any informal reviews on its BBB profile. None of the complaints have been resolved, with 8 reaching a resolution that did not satisfy the merchants. 1 complaint was not answered by the company at all.
A “C” Performance Overall
Lightspeed’s low complaint volume surely doesn’t merit the “D” rating given to it by the BBB. We have adjusted that rating to a “C” overall. This rating is based on the fact that the company has not received any complaints and that it failed to even answer 1. Merchants should be aware, however, that there are reasons to be skeptical of the BBB’s reviews.
Lightspeed POS Fees, Rates & Costs
A Closer Look at The Contract
|Retail Swipe Rate||2.60% + $0.10|
|Retail Keyed-in Rate||2.60% + $0.30|
|Restaurant Swipe Rate||1.00% - 4.99%|
|Restaurant Keyed-in Rate||1.00% - 4.99%|
|e-Commerce Rate||2.60% + $0.30|
|Retail Fee||$99+ Per Month|
|Restaurant Fee||$69+ Per Month|
|e-Commerce Fee||$59+ Per Month|
Industry-Specific Rates and Fees
According to its website, Lightspeed POS dictates its pricing based upon its options for retail, restaurant, and e-commerce merchants. The company charges retailers plans beginning at $99 per month for each register with a swipe rate of 2.6% plus $0.10 and a keyed-in rate of 2.60% plus $0.30. Restaurant plans begin at $69 for each register with that fee and transaction rates depending upon the size and sales volume of each location.
Virtual Terminal and Payment Gateway Pricing
Lightspeed POS also dedicates a portion of its pricing plan page to its e-commerce services. The company’s e-commerce plan beginning at $59 per user account with a rate of 2.6% plus $0.30. That monthly fee includes additional features including importing/exporting tools, personalized onboarding, a reporting dashboard, app store, return management system, and SEO optimization. It should be noted that Lightspeed’s e-commerce option is only available to merchants also using the company’s retail services.
A “B” Overall
The company’s transparent pricing structure and the extent of the services the POS software supports are factors that work in the company’s favor. Despite this, the fact that users cannot operate a stand-alone e-commerce account is the main factor behind the company receiving a “B” in this category.
Lightspeed POS Employee Reviews & Sales Tacitcs
Should You Work For Them?
|Employs Independent Resellers||No|
|Advertises Deceptive Rates||No|
|Discloses All Important Terms||Yes|
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.
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