Lightspeed Commerce Inc. has officially expanded its ‘Meet or Beat Promise’ globally, ensuring that all eligible customers worldwide can now benefit from competitive payment processing rates when transitioning to its unified payments and POS platform.
This initiative, previously exclusive to North America, aims to simplify and enhance the experience for businesses seeking seamless payment solutions and operational efficiency.
In April 2023, Lightspeed introduced its unified Lightspeed Payments & POS platform, encouraging eligible customers to embrace a comprehensive product offering. This initiative embedded Lightspeed Payments directly into the Point of Sale (POS) system. Following a successful North American launch, it has now been extended to Europe, Australia, and New Zealand.
JD Saint-Martin, President of Lightspeed, expressed the company’s commitment to global expansion: “Now feels like the right time to roll out our ‘Meet or Beat Promise’ globally. We’ve heard great feedback from customers who see tangible benefits to their business by adopting Lightspeed Payments and POS. We’ve proven that we can offer better payment processing rates for the majority of merchants who switch. And we want to make sure that customers around the world can experience this too.”
Since its inception, Lightspeed Payments & POS has received positive feedback from over ten thousand businesses worldwide. Tyan Parent, Owner of Le Brande Groupe in Montreal, Canada, shared his experience: “From the time we decided to switch to Lightspeed Payments to the time we were set up and ready to sell, it was less than 24 hours. Since then, we’ve saved so much time at checkout thanks to the fully integrated system. It’s just so simple and user-friendly.”
The unified platform streamlines operations, offers a seamless merchant experience, and facilitates business growth. Notably, the company’s close rates have remained consistent, and customer churn in North America has stayed within historical ranges, all for the quarter ending June 30, 2023.
JP Chauvet, CEO of Lightspeed, emphasized the company’s confidence in its offerings: “That’s why I’m so excited to announce our global rollout of our ‘Meet or Beat Promise’: If we can’t beat or at least match your current payment processing rate, we will not charge a monthly transaction fee for using a third-party payments provider and will not require you to adopt our payments platform.”
To make the transition even more accessible, Lightspeed provides free payment terminals, free on-site installation, and contract buyouts to cover early termination fees from existing processors. Eligible customers who switch to Lightspeed Payments also unlock several benefits, including powerful insights, streamlined bookkeeping, hassle-free reporting, and faster product launches.
Lightspeed has also just made a game-changing announcement that is set to revolutionize the way businesses operate. Leveraging the power of data and artificial intelligence, Lightspeed is unveiling a range of innovative features designed to simplify the complexities of running a business, from restaurant management to retail inventory planning.
Lightspeed’s new features are custom-built to enhance speed, streamline processes, and offer greater customization, ultimately allowing business owners to save precious time and focus on scaling their operations. Some of the developments include:
AI-Powered Menu Creation with Smart Items
In the realm of restaurant management, Lightspeed Restaurant introduces a groundbreaking solution called Smart Items. This AI-driven feature is set to be a game-changer for chefs and restaurateurs. Instead of spending hours manually inputting and updating menu items, Smart Items can create a chef’s-kiss menu in a matter of seconds. This transformative tool generates compelling product information, creates captivating images, and even auto-translates the menu into multiple languages, catering to diverse customer bases.
Advanced Insights for Smarter Decisions
Lightspeed Restaurant’s Advanced Insights tool receives a substantial upgrade with two new features: Magic Menu Quadrant and Staff Performance Tools. The Magic Menu Quadrant provides merchants with valuable insights into popular menu items and those that encourage repeat dining, helping restaurant owners make data-driven decisions. Staff Performance Tools assist managers in optimizing their front-of-house team’s performance, from increasing order sizes to cross-training.
Lightspeed Retail: Streamlined Assortment Planning
For sophisticated retailers and brands, Lightspeed Retail now offers NuORDER Assortments, a feature that simplifies purchasing and planning. This powerful tool allows brands operating retail stores to streamline assortment planning, reduce manual work, identify merchandising gaps, and make more informed decisions regarding inventory allocation.
Expanded B2B Catalog for Retailers
Lightspeed Retail’s B2B Catalog has expanded across all major verticals, encompassing Fashion & Apparel, Sporting & Outdoor Goods, Bikes, Toys & Crafts, Home & Lifestyle. This expansion enables retailers to effortlessly add product information from millions of products and thousands of popular brands directly to their product catalogs, enhancing their offerings to customers.
Lightspeed Retail Services Module
After a successful beta launch, the Services Module is now available globally on Lightspeed Retail. This feature allows merchants with service components, such as those in the bike, sporting goods, and jewelry industries, to create, schedule, track, and sell service offerings directly within the Lightspeed Retail platform. Notably, this module now supports backordered items, further improving the customer experience.
Lightspeed’s innovative use of AI, data, and insights is set to empower businesses across various industries, making operations more efficient and customer-focused. With these new features, Lightspeed says that it is not just illuminating the path forward, it’s paving the way for the future of business management.
