How payments work in Lightspeed
Lightspeed Payments is Lightspeed's own payment service. Lightspeed's support article says merchants using a payment solution other than Lightspeed Payments are charged a monthly third-party processing fee. A news report dates that change to March 27, 2023.
Lightspeed has also offered help with early cancellation fees and free terminals for merchants who move to Lightspeed Payments, and its switch page describes unifying Lightspeed Retail and Lightspeed Payments. A payment processor is the company that moves card money from your customer to your bank.
What we are checking for you
- Which Lightspeed product you use (R-Series or X-Series) and which processor is behind it today.
- Whether you are being charged the monthly third-party processing fee, and how much.
- Whether your terminals would need to be replaced.
- Your contract end date and any early cancellation fee with your current processor.
Questions merchants ask
Can I use my own processor with Lightspeed?
In some setups, yes, but Lightspeed describes a monthly fee for merchants on other processors. We check the details for your account.
Why am I being charged a monthly fee for using another processor?
Lightspeed's own support article describes that fee. Look for it on your Lightspeed billing page or invoice, and ask us to review it alongside your processing statement.
How do I compare processing costs?
Open your monthly processing statement and add up every fee. Divide that total by your card sales for the month. The result is your effective rate, the real percentage you pay after every fee. Our free statement review walks you through it.
Would I need new card terminals?
Often, if you change processors. We confirm which terminals work with your account before you buy or return anything.
See what you pay, for free
A person reads your statement with you and tells you what each fee means and whether a different processor is even possible with Lightspeed. There is no pressure to switch.