Lightspeed, a global leader in cloud-based point of sale (POS) systems, delivers advanced and comprehensive solutions that aid retailers, hospitality providers, and e-commerce businesses in streamlining their operations. Their product suite, which covers payments, inventory management, and data analytics, makes business management a breeze.
Read on for an in-depth examination of Lightspeed’s services, pricing, customer reviews, and comparisons to other competitors in the market.
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Headline numbers
- Operating in over 100 countries.
- Serving over 135,000 customers globally.
- Handled transactions worth £19 billion annually (as of the last fiscal year).
- Revenue growth of 70% YoY.
- Acquired more than 10 companies to expand its service offerings.
Lightspeed data and fees
| Fee Category | Details |
|---|---|
| Card Reader Name | Lightspeed Reader |
| Contract Length | Pay-as-you-go or 12 months |
| Terminal Cost | £69 per reader |
| Consumer Card Fees | 1.4% + 20p per transaction |
| Business Card Fees | 2.2% + 20p per transaction |
| Card Not Present (CNP) Fees | 2.5% + 20p per transaction |
| Minimum Monthly Charge* | £10 per month |
| Refund Fees | No fee |
| Chargebacks | £15 per instance |
| Replacement Reader | £69 per unit |
| Receipt Rolls | £12.99 per pack of 20 |
| Paper Billing (optional) | £3 per month |
| PCI Compliance | Included in the package |
| Early Termination | Depends on the contract (contact Lightspeed for exact fees) |
* If total fees from card transactions don’t amount to at least £10 per month.
Please note that this information is a representative example. It’s always best to contact Lightspeed directly to get the most accurate and up-to-date pricing information for your specific business needs.
Company information
| Item | Details |
|---|---|
| Founded | 2005, Montreal, Canada |
| Website URL | www.lightspeedhq.com |
| Phone Number | +44 20 3695 9599 |
| FSCS Protected? | No |
| FCA Regulated? | No |
Pros and cons of Lightspeed
Pros
- Lightspeed offers a comprehensive and feature-rich solution with the versatility to support a variety of businesses.
- Their products are particularly known for robust inventory management, strong reporting, and analytics capabilities.
- Their cloud-based system is advantageous, enabling businesses to access their data anywhere and at any time.
- Moreover, their regular updates and integrations with other popular software extend functionality.
Cons
However, Lightspeed’s advanced feature set may not be cost-effective for small businesses or start-ups with tight budgets.
- Some users have reported that the system’s comprehensive capabilities require a steep learning curve, and while Lightspeed offers 24/7 customer support, responses are sometimes slow.
- The high cost of add-ons and extra features may also add to the expenses for businesses requiring tailored solutions.
Lightspeed products and services
Lightspeed Retail
This is a comprehensive cloud-based POS system specifically designed for retailers. It handles inventory, employees, and customer management, along with in-depth reporting and analytics. The pricing for this product starts from £59 per month.
Lightspeed Restaurant
Catering to the foodservice industry, this specialised POS system offers features such as table management, menu customisation, and staff management. The starting price for this product is £59 per month.
Lightspeed eCommerce
This platform equips businesses with the necessary tools for building a robust online store. Features include SEO tools, secure shopping cart, and multi-channel selling. The pricing for this product starts from £49 per month.
Lightspeed Golf
This is a comprehensive management system for golf courses. It covers everything from the pro shop and restaurant to tee-sheet and inventory. Pricing information for this product is available on request.
Lightspeed Onsite
This is a server-based POS system designed for brick-and-mortar retail businesses. It includes features such as inventory management, customer relationship management, and detailed reporting. It is ideal for businesses that prefer locally installed software. The pricing for this product is available upon request.
Lightspeed Payments
This integrated payment processing solution allows for seamless transactions within the Lightspeed ecosystem, providing an end-to-end business solution. Its transparent pricing ensures businesses are only charged per transaction without any additional fees. The exact rates can be obtained by contacting Lightspeed.
Lightspeed Loyalty
An add-on to the primary POS system, this helps businesses create customer loyalty programs, manage marketing campaigns, and gain insights from customer data. The cost for this add-on starts from £29 per month.
Lightspeed reviews
| Ratings Source | Rating |
|---|---|
| TrustPilot | 4.0/5 |
| Google Reviews | 4.2/5 |
| Reviews.io | 3.9/5 |
| Average | 4.03/5 |
Alternatives to Lightspeed
For businesses that find Lightspeed’s pricing steep, other alternatives exist in the market.
Square, with its straightforward pricing and easy-to-use software, is suitable for small businesses.
ShopKeep provides robust features at a lower cost, but may lack some of the in-depth reporting and analytics provided by Lightspeed.
Vend offers similar features to Lightspeed but with a more flexible pricing structure, making it a viable option for small to medium-sized businesses.
Additional considerations
When choosing a POS system, it’s crucial to consider the unique requirements of your business.
For instance, the nature and size of your business, your budget, and specific feature requirements are factors that can influence the choice of a POS system.
Also, it’s beneficial to examine the system’s integration capabilities with other software you currently use or plan to use.
Lightspeed company history
Lightspeed was founded in 2005 in Montreal, Canada, with the vision to revolutionise the retail industry with a quick and efficient POS system.
Since then, the company has expanded its product line to encompass a range of solutions for different sectors, including restaurant and eCommerce businesses.
Lightspeed has also grown through strategic acquisitions, broadening its capabilities and market reach.
FAQ
While Lightspeed offers advanced features, its pricing may not be cost-effective for small businesses or startups.
Yes, Lightspeed provides 24/7 customer support, but response times can sometimes be slow.
Lightspeed integrates with various third-party applications, enhancing its functionality.
Given its advanced feature set, there can be a steep learning curve associated with using Lightspeed.
Yes, one of Lightspeed’s key features is its robust inventory management system.
Yes, Lightspeed offers an eCommerce platform that helps businesses build their online stores and handle online transactions efficiently.
Yes, Lightspeed has mobile apps for both iOS and Android devices, allowing businesses to manage their operations on the go.
Yes, Lightspeed offers a restaurant-specific POS system with features like table management, menu customisation, and staff management.
Yes, Lightspeed offers integrated payment processing via Lightspeed Payments, allowing for seamless card transactions.
Yes, Lightspeed Loyalty, an add-on to their primary POS system, allows businesses to create and manage customer loyalty programs.
Yes, Lightspeed’s software is primarily cloud-based, allowing businesses to access their data from anywhere at any time. However, they do offer a server-based POS system called Lightspeed Onsite for businesses preferring locally installed software.
Yes, Lightspeed provides online resources, tutorials, webinars, and personal onboarding to help users understand the system.