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.