Lightspeed Payments is Lightspeed's integrated payment processor. With Lightspeed Payments, you can accept various payment methods directly within your Lightspeed Retail (R-Series) POS, including credit and debit cards and contactless payments. Lightspeed Payments also provides features and services like integrated reporting and chargeback management. Lightspeed Payments is designed to simplify payment processing and streamline the checkout experience for your customers.

Account management

• Lightspeed Payments is a payment processor designed for Lightspeed POS. Unlike other payment processors, Lightspeed Payments integrates with Lightspeed POS, allowing you to manage your business and transactions in one seamless Lightspeed experience.

• Before you can process card payments with Lightspeed Payments, you will need to submit an application. We are legally required to collect certain information about your business and follow due process before we can approve your application and set up your account with Lightspeed Payments.

• No. Lightspeed Payments does not integrate with any other payment processor or POS system.

• You can edit your bank account and business information in the Financial Services tab of your account by navigating to Financial Services > Settings.

• To provide industry-leading support and technology and keep your business running smoothly, we’re unifying Lightspeed Retail and Lightspeed Payments. Merchants using non-Lightspeed Payments solutions will be charged a monthly third-party processing fee. To avoid this processing fee, submit a Lightspeed Payments application to switch from your current processor before the end of your notice period. If you have any questions about these changes, contact your Sales Account Manager.

• For assistance with troubleshooting or questions about Lightspeed Payments, contact Lightspeed Support via chat or phone.

• In the event that you need to cancel your contract with Lightspeed Payments, please contact your Sales Account Manager.

Hardware

• Payment terminal compatibility depends on the country where you do business. Lightspeed Payments payment terminals must be obtained from Lightspeed directly. Payment terminals purchased through third-party vendors are not supported. The following terminals are compatible with Lightspeed Payments:

  • Smart Terminal (WisePOS E) (US, Canada)
  • WisePad 3 (Canada)
  • Mobile Tap/Chipper 2xBT (US)
  • Verifone MX915 (US)
  • Verifone P400+ (US, Canada)

• Yes. You can use the Mobile Tap card reader. View our Setting up Mobile Tap with Lightspeed Payments article to learn more.

Processing transactions

• By default, most major credit cards are accepted and automatically enabled for use with Lightspeed Payments.

• If a customer was double-charged by mistake, you can refund one of the original transactions in the POS. If you believe a system error led to the duplicate charge, contact Lightspeed Support.

• To process payments manually, follow instructions for manually processing credit cards with Lightspeed Payments.

• Once a refund to a customer's credit card has been initiated, the cardholder can expect their funds to settle into their account in 2-7 business days, depending on their bank's policies. 

Reporting

• You can find your Lightspeed Payments reports in the Financial Services tab of your account. Here you can see all payments processed through Lightspeed Payments, your settlements, your monthly statements, and any Lightspeed Capital advances or offers.

• To understand how to read your Lightspeed Payment reports, visit our Reporting with Lightspeed Payments article.

Batching and deposits

• In general, settlements are deposited into your bank account two business days after the original transaction. However, a number of circumstances can affect this timeline. For more information on deposits, see our Getting paid article.

• If you suspect a fraudulent transaction was processed in your store, immediately contact Lightspeed Support. While preventing fraudulent transactions is not always possible, we recommend taking proper precautions. Read our Preventing chargebacks article to learn more.

• To edit your bank account information, you can either navigate to the Financial Services tab of your account to add a new bank account or contact payments.documents.retail@lightspeedhq.com.

Chargebacks

• A chargeback occurs when a cardholder disputes a debit or credit card transaction on their account and the cardholder's bank reverses the transaction. Once a customer opens a dispute, the disputed funds and a chargeback fee are immediately debited from the merchant’s account. For more information, see our Guide to the chargeback process article.

• Once a cardholder has opened a dispute, our Lightspeed Payments team will reach out to you via email to discuss your next steps. To dispute the chargeback, you will need to provide evidence that the charge is legitimate. Our Lightspeed Payments team will walk you through the chargeback process.

• Chargebacks are a normal part of credit card processing, and it is difficult to avoid them entirely. However, maintaining PCI compliance and taking preventive measures in your daily business practices can significantly reduce the number of chargebacks you receive. For a list of preventive measures you can take to reduce customer disputes, see our article on Preventing chargebacks.

• If a dispute is opened against you, the Lightspeed Payments team will contact you via email to discuss your next steps. You can choose to dispute or accept the chargeback. For more information on managing chargebacks, see our article Managing chargebacks.

PCI compliance

• The hardware and software provided by Lightspeed Payments is PCI compliant. However, you will need to take some steps to ensure you handle sensitive card information securely. For more information about PCI compliance and protecting customer payment information, see our Understanding PCI compliance article.