The POS Software Blog

The POS Software Blog

News from Tower Systems about locally made POS software for specialty local retailers.

We think the Lightspeed EFTPOS payments pitch is inaccurate and here’s why


A big competitor of our our Aussie POS software company, Lightspeed, a big Canadian company, is promoting Lightspeed Payments as being revolutionary, delivering to retailers new benefits. We heard them pitch at a trade show in Sydney today that they are leaders on time-saving integrated EFTPOS, helping retailers save time, cut mistakes and do more.

Check out this pitch, which they published via Inside Retail.

At the forefront of this transformation, new payment systems are now advancing the way retailers handle transactions and manage their businesses. Instead of manually inputting sales into separate payment terminals after processing them on their point-of-sale (POS), retailers are now increasingly turning to systems that sync their POS with their payment processors, allowing transactions to seamlessly flow between the two platforms. These setups are commonly referred to as integrated payment systems.

What Lightspeed offers with integrated EFTPOS is goof tech, but it is no advance, no new technology.

Tower Systems has offered integrated payments for more than 16 years.

The difference with our offer is that our customers can choose the bank they go with. This can result in lower EFTPOS fees than the retailer may have to pay if they use the Lightspeed Payments platform.

Here at Tower Systems we also offer access to a 1% EFTPOS rate if customers would like to go with that.

As a software company, we do not have any charges for our customers that are based on retail transactions. From the Lighspeed marketing material, they do have such a charge – meaning as your business grows, you pay Lightspeed more for access to their software.

If you are Lightspeed customer and you choose to not use their payments platform Lightspeed has started charging customers a fee to compensate for them not making payments revenue from you.

In our opinion, what Lightspeed claims is an advance in its technology solution for retailers via Lightspeed Payments is, in fact, a price increase in the use of its software, something imposed on retailers but dressed as some great advancement.

Here at Tower Systems we believe that retailers should get to choose the payments platform that is right for their business. This choice can lead to significant savings in the cost of payments. We know of retailers paying way less than if they were using Lightspeed and were locked into the Lightspeed Payments platform.

Lightspeed is a successful company.  In our opinion, the claims being made in relation to Lightspeed Payments are inaccurate and shallow.

Our advice to retailers is to do your homework, look at the total cost of ownership, and, choose the software that serves your needs best as functionality and customer service are the two most critical factors. All good POS software puffers integrated payments, what Lightspeed claims as an advance is not – they are late that party.

By Mark
The POS Software Blog




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