Lightspeed Commerce launches new product features and upgrades

Considering its capabilities as a unified POS and payments platform for entrepreneurs, Lightspeed intends to help businesses accelerate their growth and provide improved customer experience. As per the information detailed in the press release, the company presented a roster of new product upgrades designed to support retail and restaurant customers worldwide simplify their processes and increase customer efficiency and cost-effectiveness.

According to Lightspeed’s officials, as inflation remains a challenge amongst hospitality and retail providers, the company focused on improving speed and efficiency, while reducing the overall time related to managing daily business operations. Lightspeed’s new features include the Tableside solution, Lightspeed Retail, and NuORDER Order Integration, which aim to enable entrepreneurs to scale their business through enhanced customer services and simplified procedures.

As of January 2024, Lightspeed provides its US-based customers with its Tableside solution, which is a compact, portable, and flexible POS and payment processing device for restaurants. The solution focuses on expanding the ability to take orders and payments, resulting in more flexibility in service. The process intends to help minimise wait times, increase table turnover, and improve customer satisfaction. In addition to the Tableside solution, the company also announced the introduction of Lightspeed Retail and NuORDER, with the former intending to optimise the purchasing experience. Retailers receive the ability to order from brands they stock through direct integration with NuORDER by Lightspeed. Currently, the integration is available to the company’s retailers based in the US, Canada, the UK, Australia, and New Zealand. Lightspeed Retail also includes embedded payments, a capability that intends to accelerate and automate the reconciliation process through accounting connections with QuickBooks Online and Xero. Lightspeed Payments also allows retailers to process a payment without initiating the sale in their POS, enabling them to reliably accept payments in standalone mode.

The company provides reports to Advanced Insights subscribers with Dusty Inventory and Sell Through to offer more visibility into stocking, while Individual Performance and Sales by Hour reports support the identification of well-performing products. Furthermore, Lightspeed introduced Instant Payouts, which enables eligible merchants based in the US to access funds immediately after the transaction, manage daily expenses, and invest in growth opportunities. 

The company introduced several updates for hospitality businesses, including Self Delivery on Order Anywhere, a commission-free service, which enables restaurants with their own fleet of drivers to offer dishes directly to their customers. The solution, fully integrated with Lightspeed Restaurant, provides a flexible method for restaurants to integrate an additional revenue stream into their service model. Moreover, the company’s customers in the UK and the Netherlands can accept contactless payments from credit or debit cards, Apple Pay, Apple Watch, and smartphones with other digital wallets on their iPhones. This eliminates the need for additional terminals and hardware, thus reducing costs for entrepreneurs.

Lightspeed Capital, a solution that offers eligible merchants access to funding, has a flat fee cost structure, simple application, and two business day funding timeline. The company launched the service in four new markets, including France, the Netherlands, Germany, and Belgium. Currently, Lightspeed Commerce works with several businesses such as Boulud, Alinea, Recess, Death & Co, Mace, Service Bar, Collective Arts, Joe Beef, Cloakroom, David Rocco Bar Aperitivo, Cubitt House, Maybe Sammy, Sunshine Brewery, and In den Ouden Volgelstruys, among others.

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