Lightspeed POS Review 2022 – Top 10 POS Systems
A POS system is a vital business tool; it makes payment processing easier. There are plenty of POS providers serving small and large corporations. You should choose the provider with the most intuitive system that’s also feature-packed. Switching from a basic cash register to an advanced point-of-sale system seems daunting. But if you want to remain competitive, increase sales, and make customers happy, you must make the change. Lightspeed payment processing is a one-stop commerce platform for hospitality, retail, and golf merchants. They provide exceptional features and services to help businesses scale and grow. Many local businesses are relying on the system to achieve greater operational efficiency. This Lightspeed POS review will show you how the system can ignite your business.
Lightspeed POS
Lightspeed has a lot of things going for it. The software can be used in all manner of ways. The Canadian-based company has established roots across the globe by helping businesses like yours succeed. It might not be the cheapest POS system out there, but it has a lot to offer. They tick many boxes, especially for a growing company that wants to improve the checkout process.
- User-friendly interface
- Great insights and reports
- Robust inventory management
- Great customer service
- Multiple integrations
- CRM and marketing tools are available
- Setting up the system is easy
- They have fewer payment processor choices than Lightspeed competitors
- You need an annual subscription to enjoy lower prices
About Company
Lightspeed is headquartered in Montreal, Canada. But they have expanded into Asia-Pacific, Europe, and North American cities. They are available in over 100 countries worldwide. They offer POS solutions for restaurants and retail businesses. They tailor solutions to fit different companies. They are always at the forefront of emerging customer trends. They have both hardware and software a business uses to run different transactions. Lightspeed also offers inventory management owners use to track items in multiple locations. They have been delivering custom solutions for over 15 years. However, when you consider staffing resources, Lightspeed payment processing may not be the most ideal for small businesses. But if your company is growing at pace, you can still try their POS solutions.
Newer small businesses with uncomplicated operations are better off with a simpler, less expensive POS solution. Lightspeed is geared toward larger and established mid-sized companies. Since they pay attention to the cutting-edge trends in the point-of-sale world, there are few complaints lobbed against them. Their solution is priced with a subscription model, and technical support is part of the package. They have a phone, live chat, social media, and additional resources on the website that come in handy in case of an issue. Lightspeed prices are favorable but might be expensive for a small business. They offer a free trial, which most companies use to sample their POS system features. You can sign up for Lightspeed retail on a month-to-month basis; there are no contracts. But if you want to cancel the subscription, you must contact them within 30 days of the next payment to avoid getting billed for another month.
Lightspeed POS system is capable on its own, but a few add-ons and integrations can improve it. The company has a B+ rating from Better Business Bureau. The complaints against them are primarily about glitches, ignored customer requests, and a learning curve. These are probably the reasons why they haven’t achieved an A+ rating. Setting up the system is easy and fast, but before you think about using the software, you must evaluate its features.
Services
Lightspeed POS has a few features that simplify running a business. The features can be tailored depending on the kind of business you run. There are thousands of companies that use these services or features.
- Inventory Management
Automated inventory management helps you take control of your stock. This feature is designed with retailers in mind. You can bundle up items and create product variations that help you manage inventory across multiple locations. They have preloaded catalogs with over 8 million items. You can categorize the items by size or color and assign them unique serial numbers. You will receive low stock alerts when you are running out of things. You can order new stock directly from the point-of-sale system. Transferring stock between different stores is also possible. The software supports different types of inventories. Enter complete details on each inventory item because it makes monitoring and tracking the items easier. You can also enter non-inventory items on the system; these are things you buy but don’t sell. You may not need to track such items but the non-inventory items to prepare accurate accounting statements. If you usually give gift baskets to loyal customers, the kit/club feature will be beneficial. It allows you to record or enter multiple items. The automated inventory will help you ditch the spreadsheet.
- eCommerce
Online stores never close their doors; you can keep your business running throughout and get the best revenue. Lightspeed integrated platform allows you to manage your business in one place. If you operate an eCommerce website, Lightspeed simplifies operations for you. They have more than 50 customizable templates you can use to design the website. Ensure you stay true to your brand when customizing the online store. Once your website is live, you can start accepting orders and completing sales online. Customers can set appointments directly from the online store. You can automatically accept the appointments and send them email reminders if you want. The eCommerce features also simplify returns and exchanges. The site comes with a wishlist where customers can add their favourite items and buy them later. Lightspeed eCommerce has built-in SEO tools to improve marketing. You can also connect the online store to your social media accounts. It’s possible to create your website in up to 14 different languages. This expands your outreach to international customers. You will also be able to support multiple currencies. Shipping tools are available; you can view, edit, and organize shipping. There are several reports you can run to determine how the online store is working.
- Employee Management
Keeping track of employee performance and sales is easy. Employees can punch in and out with a PIN. You can use the employee management system to give employees back-end permissions and assign them custom roles. That way, every staff member is working toward a common role. You will receive notifications when a worker offers discounts, processes refunds, or accepts product returns. You will also know if employees adjust inventory data. You will have a 360 view of your staff and their activities. You will be making strategic business actions that keep the company growing. Onboarding will also be easier because Lightspeed offers insightful webinars about the process of hiring new employees. Your new hires will be quickly acclimated to the functions of the POS system. You can view daily sales reports from your employees from the comfort of your smartphone. Managing a large staff makes it difficult to know what every employee is up to during working hours. But with the Lightspeed employee management features, you will always be in the know.
- Customer Relationship Management
Lightspeed comes with built-in CRM tools. You can see customer purchase history, anticipate their needs, and offer better solutions. You can also create profiles for your clients and add notes about their preferences. Understanding your customers is one way of succeeding because only then will you be able to offer helpful products and services. You can add VIP status to some of the customers. You will send them birthday deals and other personal promotions when you know your customers well. The loyalty program allows you to reward loyal customers and motivate them to keep coming back. You should create tiered reward programs for offline and online sales channels. Give customers redeemable points for every purchase they make. You should go for the advance plan if you want a Lightspeed loyalty program. If you select other plans, you will have to add a loyalty program as an add-on for an extra cost. CRM tools help you automate marketing based on customers’ buying habits.
- Payments
Lightspeed credit card processing and the overall POS system guaranteed secure, fast, and integrated payments. The software and hardware give you everything you need to get paid and process sales in one place. Fully integrated payment processes ensure you complete sales whether customers buy via the online store or in person. Simplifying the checkout process gives customers a pleasant experience. Easier payments also simplify bookkeeping. End-to-end encryption and PCI compliance keep customer information safe. If you accept credit cards, you must ensure the client’s information is protected. Lightspeed offers unlimited fraud monitoring. Free 24/7 support, videos, demos, and webinars help you get the most out of Lightspeed payments. Lightspeed credit card processing terminal allows you to accept payments anytime with ease. You will accept all major credit cards, Apple Pay, Google Pay, and debit cards. Hardware is sold separately; ensure you choose a device with a sleek, intuitive design.
- Advanced Insights and Reports
Reports with Lightspeed POS can be as detailed or simple as you want. The software is capable of running up to 50 built-in reports. Reports help you analyze staff performance, inventory, sales, and marketing effectiveness. The pre-set printable reports will be your reference tool whenever you want to make a decision. You can filter the customizable reports by year, month, week, or day. Advanced insights are also a few clicks away. Advanced insights are mainly meant for restaurants. But all Lightspeed customers can benefit from valuable customer and employee data analysis. You can track how customers are coming back and what they keep ordering over and over again. Your customer service will be exceptional when you understand guest preferences. Insights and reports keep you updated at all times, even when you don’t have boots on the ground. You can view the reports and insights from your phone at home or on the go.
- Accounting
Integrated retail accounting from Lightspeed keeps your store’s finances in check. This feature helps you minimize errors and save time. You can link the accounting software to your POS to spend more time growing rather than worrying about the accounts. They automatically sync bookkeeping data with your business platforms. Your books will always be up to date and accurate. Payments, sales, taxes, or discounts are all transferred to your account of choice. You will also get losses and profit reports. Lightspeed is compatible with most accounting software like QuickBooks and Sage. You can pick the system you are familiar with. Managing accounts give so many businesses trouble, especially new companies. If you can get software that automates bookkeeping, you will have an easier time establishing the brand.
Plans and Pricing
Monthly Lightspeed prices will be steeper if you use Lightspeed payments to process transactions. They recommend getting a custom quote if you operate more than one store. But if you only have one store location, they have plans you can choose from. The plans include 24/7 customer support, integrated payments, a dedicated account manager, free training, and registers. Remember, the price will increase if you get any of their hardware. The hardware cost is quote-based. There is a $ 15 chargeback fee on the payment processing cost. They say there are no hidden fees and no third-party accounts. Card-present transactions cost 2.6% + 10 cents. Card-not-present transactions cost 2.6% + 30 cents. There are three plans, and you can choose to get billed monthly or annually.
- Lean plan: $ 69 per month
- Standard plan: $ 119 per month
- Advanced plan: $ 199 per month
These Lightspeed prices reflect the annual subscription. If you opt for the monthly subscription, the Lean plan will be $ 89 per month. The Standard plan will be $ 149 per month, and the Advanced plan will be $ 269 per month. The Standard plan is the most recommended because it has all the tools a midsized or large business needs to grow. But if you want to go further in your business, then you should try the advanced plan. High-volume merchants and large companies that process over $ 250 000 per year need to speak to a Lightspeed representative for a quote. Give the free trial a spin if you are still on the fence about Lightspeed POS. That’s the best way to look at the features and decide which plan makes sense for your business.
Frequently Asked Questions
What Hardware Items Does Lightspeed Support?
The Lightspeed system supports all Windows and iOS items that are compatible with the software. You will integrate the software with your work devices to make it more convenient. They also have an app available on the App Store for you to download. But the app is only meant for iOS devices. The highly flexible and intuitive system allows a lot of integrations. That’s why Lightspeed POS is the best option if you are mainly on the go. To run operations, you don’t have to be physically at the business location.
Will The Lightspeed Software Handle Taxes?
Yes. The accounting software will help you with taxes. But you might still need a more advanced tax system to remain compliant. But when it comes to basic tax rates for items and basic bookkeeping, Lightspeed will help you. Luckily you can integrate the software with other apps and software known for accounting and taxes. If you want a system that automatically files your taxes and keeps your books up to date, looks for a suitable integration.
What Do Lightspeed Customers Mostly Complain About?
Lightspeed customers are generally happy with their services. Customers like their excellent responsive customer service. They are quick to return calls, and they have a lot of additional resources online. However, connectivity issues are what most clients complain about. Transferring inventory can also be troublesome. But if you connect with technical support, they can help you through such issues.
Do Lightspeed Backup Data?
Lightspeed POS backs up data regularly. The data is stored in a secure and automated data center. When you switch to a system like Lightspeed, you must consider data security and backup. This ensures customer information is safe even when there is trouble with the POS system. When accepting online transactions, you also have to be aware of fraud and other internet threats. Thankfully, Lightspeed has advanced security features that come with the POS system.
What Business Types Does Lightspeed Work With?
Based on their official website, their POS is meant for retail, golf, and restaurant businesses. Whether you are in the liquor, pet, electronics, jewelry, or home decor business, you will appreciate the POS system. There is a software dedicated to the restaurants and food business. They don’t have a list of companies they don’t work with. They have helped thousands of midsized and large enterprises from different industries establish their payment processes
Is The Company Right For You?
Lightspeed POS is right for businesses looking for advanced payment processing features. However, they are unsuitable for a new small business with a limited budget. Their pricing adds up quickly and might be overwhelming for a new business. Their basic plan is enough to help you create better customer experiences. But if you want more payment processing features, you will need integrations. Any Lightspeed POS review will tell you that the company is most suitable for retailers. Ease of use appeals to most business owners, and their support is also great. The system does more than process payments. You can also use it to track inventory, manage employees and foster better customer relationships.
