Lightspeed Commerce has unveiled a range of new features and updates aimed at simplifying and expanding operations for businesses in the retail and hospitality industries.
These new solutions join the company’s point-of-sale (POS) and payments platform that serves retail, hospitality and golf businesses in more than 100 countries, Lightspeed Commerce said in a Thursday (Jan. 25) press release.
One of the additions is Lightspeed Tableside, a portable POS and payment processing device designed specifically for restaurants, according to the release. With this tool, servers can instantly process orders, reducing wait times, increasing table turnover and boosting customer satisfaction.
Another new feature, Lightspeed Retail and NuORDER order integration, enables retailers to order from thousands of brands through direct integration with NuORDER, the release said. This integration streamlines the purchasing process and inventory management.
Lightspeed Retail has also added Advanced Insights that provide retailers with new reports to reduce inventory waste and increase efficiency, per the release. Dusty Inventory and Sell Through reports offer a clear view of what needs stocking or discounting, while Individual Performance and Sales by Hour reports help identify top-performing employees and peak sales hours.
To improve cash flow, Lightspeed Commerce has launched Instant Payouts for eligible retailers, according to the press release. This feature allows merchants to access funds immediately after transactions, even on weekends and holidays.
Furthermore, Lightspeed Payments now offers accounting reconciliation on Lightspeed Retail, the release said. This integration with QuickBooks Online and Xero automates and expedites the reconciliation process by recording deposits and transaction fees.
In the hospitality sector, Lightspeed Commerce has introduced Self Delivery on Order Anywhere, per the release. This feature enables restaurants with their own fleet of delivery drivers to offer meals directly to their customers, creating an additional revenue stream without commission fees.
Lightspeed Commerce has also expanded its Tap to Pay on iPhone feature to the United Kingdom and the Netherlands, according to the release. This allows merchants to accept contactless payments from contactless credit cards, debit cards and digital wallets.
Additionally, Lightspeed Capital, a funding solution, has expanded into France, the Netherlands, Germany and Belgium, the release said. It offers eligible merchants access to funding, featuring a flat-fee cost structure and a two-business-day funding timeline.
Lightspeed rolled out its combined POS and payments platform in May, incentivizing customers to sign up for its in-house payment platform along with its POS tech, PYMNTS reported at the time.
“We’ve reached a point where if we want to provide our customers the best possible experience to scale their businesses, it is important for us to think about payments and [the point-of-sale] platform as one unified product,” Lightspeed CEO JP Chauvet told analysts earlier in 2023.
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