Lightspeed 101: The Essential Guide For Restaurants (2024)

Lightspeed, a cloud-based POS platform, offers a wide range of hardware and mainly serves the retail, golf, and restaurant sectors. This Canadian-origin company has rapidly expanded abroad, with 17 offices throughout  North America, Europe, and Oceania.

In the restaurant industry, Lightspeed is a trusted partner that delivers comprehensive solutions for businesses of all sizes. From small cafés and bars to large restaurant chains, Lightspeed's versatile products and services, including POS hardware, kitchen printers, and software, are designed to meet your unique business needs.

Let's delve into the specific benefits this platform can bring to your business.

WHAT IS LIGHTSPEED?

Lightspeed is a comprehensive platform that enables restaurants and retailers to manage operations seamlessly, engage with customers, sell across various channels, accept payments, and drive growth. 

Established in 2005 and headquartered in Montreal, Lightspeed boasts nearly 20 years of experience in the market. It offers a worldwide comprehensive all-in-one commerce solution for retail, e-commerce, hospitality, and golf businesses.

The company has earned the trust of 168,000 locations worldwide, including over 160 Michelin-starred restaurants. For the fiscal year 2023, Lightspeed's platform facilitated the processing of $87.1 billion in GTV (Gross Transaction Value). 

HOW DOES LIGHTSPEED WORK FOR RESTAURANTS? 

Lightspeed helps restaurants boost efficiency through a platform that handles various tasks, integrations, and site management. It offers solutions in areas such as:

• Payment Processing

• Inventory Management

• Accounting

• Delivery

• Kitchen Display System

• Customer Facing Display

• Financial Services

• Data Services

According to Lightspeed data, their POS system operates 40% faster on average than other leading POS systems in North America.

FEES AND PAYMENTS

Lightspeed offers a variety of plans tailored to restaurants’ unique needs, allowing businesses to customize their subscriptions to fit their specific requirements. Subscription payments are processed monthly.

Interested in learning more about optimizing delivery orders for large enterprise businesses? See how Deliverect can help.

PLANS

Restaurants can choose from Starter, Essential, or Premium plans. All plans feature vital functions such as customizable POS, menu management, advanced insights, takeout and delivery options, CRM and loyalty programs, floor plans, and more, along with dedicated 24/7 support and an offline mode.

Additionally, restaurants have access to a fully customizable option called Enterprise. In the Lightspeed pricing section, you will find a detailed feature comparison of each plan.

Lightspeed’s plans:

1. Starter

2. Essential 

3. Premium 

4. Enterprise 

Let’s look at the advantages that each one offers.

Starter Plan

The Starter Plan is designed to streamline your daily operations at an affordable rate.

• Transaction fees: 2.6% + 10¢

• Monthly fee: USD 69

Essential Plan

The Essential Plan offers all the features of the Starter Plan plus additional functionalities to enhance your business operations.

• Transaction fees: 2.6% + 10¢

• Monthly fee: USD 189

Additional features include multi-location management, online and contactless ordering, advanced inventory management, the online menu for pickup or delivery, order and pay at the table, a Lightspeed Live app, and more.

Premium Plan

The Premium Plan builds upon the Essential Plan with even more advanced features tailored to businesses with higher demands.

• Transaction fees: 2.6% + 10¢

• Monthly fee: USD 399

Additional features include multiple revenue center support for hotels and raw API access.

Enterprise Plan

For businesses with unique needs, Lightspeed offers a customizable Enterprise Plan. This plan includes:

• Personalized software and hardware package

• Unlimited launch and consultation services

• Dedicated support team and customer success manager

For pricing tailored to your business, please contact Lightspeed directly.

Note: Prices may vary depending on the type of business and country.

REGISTERING AND SET UP

To begin using Lightspeed, follow these simple steps:

• Visit the Lightspeed website

• Provide your contact information on the homepage to initiate the signup process.

• Await contact from a member of the Lightspeed sales team.

• A dedicated Lightspeed agent will contact you promptly and assist you in getting started with Lightspeed.

FEATURES / SOLUTIONS

Lightspeed offers a variety of products tailored for restaurants, including software, hardware, and financing options. Let’s break down each category:

Software:

To boost operational efficiency, elevate customer experiences, streamline cost management, and increase profitability and satisfaction, Lightspeed offers a comprehensive array of restaurant management solutions, including:

• Point of Sale

• Delivery

• Order Anywhere

• Advanced Insights

• Inventory

• Tableside

• Accounting

• Kitchen Display System

• Customer Facing System

Hardware

Lightspeed provides the iPad Hardware Kit for new restaurants, supplying everything needed for business management. This kit includes:

• Receipt printer

• Cash drawer

• Lightspeed iPad stand

• Kitchen printer

Additionally, Lightspeed offers a wide range of hardware options for purchase, such as:

• Scanners

• Printers

• Mobile Tap

• Cash drawers

• Kitchen printers

• Barcode scanners, and more.

Payments

Lightspeed provides unified payment solutions integrated with its advanced POS system. Benefits of this service include:

• Secure payment integration

• Variety of payment methods.

• Tip management

• Transaction analysis

• Detailed reporting

• Regulatory compliance

• Technical support.

Lightspeed Capital

Lightspeed Capital provides tailored financial solutions for restaurant owners, including cash advances designed for specific needs like expanding or updating facilities. Funds are deposited directly into business accounts, with repayments made via a percentage of daily credit card transactions, offering a repayment method that adjusts with the business’s cash flow.

For inquiries about eligibility, contact: capital.sales@lightspeedhq.com

POS INTEGRATIONS

Lightspeed provides strong integration capabilities, offering seamless connectivity with various third-party applications and services. Whether businesses aim to enhance their point-of-sale experience, streamline inventory management, or optimize their online presence, Lightspeed’s extensive integration ecosystem has the solution.

The partnership between Lightspeed and Deliverect Restaurant simplifies order management for restaurants. By synchronizing data between Lightspeed’s POS system and Deliverect Restaurants' delivery management platform, businesses can efficiently process orders from third-party delivery services directly into Lightspeed, streamlining operations and enhancing order accuracy. 

TIPS FOR LEVERAGING LIGHTSPEED IN YOUR RESTAURANT

Tailor Your System to Your Business Requirements

With Lightspeed, customization is key to seamlessly integrating the system into your restaurant. Create personalized menus, screens, and floor plans that reflect your specific operational needs. From configuring menu options, product variations, and modifiers to managing refunds, coursing, and inventory, Lightspeed allows you to tailor every aspect to enhance your restaurant’s efficiency.

Leverage Platform-Provided Insights

Gain invaluable insights into your restaurant’s performance with ready-to-use data. Lightspeed Restaurant offers immediate access to extensive analytics, from tracking daily sales to understanding customer trends. Use this detailed information to optimize your business operations and elevate your customers' dining experience.

Enhance Operations with Advanced Features

Explore Lightspeed Restaurant's extensive capabilities and uncover advanced features that can transform your restaurant operations. Test functionalities like tableside ordering, check splitting, and real-time reporting to enhance operational efficiency and customer satisfaction. Ensure your team is well-trained and supported to fully leverage these tools, maximizing the potential of the Lightspeed platform in your restaurant.

ADVANTAGES AND DRAWBACKS 

As with all POS services, signing up with Lightspeed has pros and cons: 

Pros:

• Customized Gift Cards for diverse purposes.

• Lightspeed Capital offers a novel merchant cash advance program that provides more flexibility than traditional loans. 

• RAW API access to customize your experience.

• Customer support 24/7

• One-on-one onboarding

• Advanced Analytics

• Offline mode 

• Integration capabilities with different tools.

Cons:

• Incorporating transaction fees into your costs

• Learning curve 

Lightspeed excels as a dynamic platform that helps restaurants improve their operational efficiency and customer satisfaction. Its user-friendly design, adaptable features, and robust integration options make it an essential asset for restaurant owners striving to stand out in a competitive environment.

Businesses in the restaurant industry now have the exclusive chance to trial cutting-edge technology facilitated by the collaboration between Deliverect Restaurants and Lightspeed. This opportunity allows for a complimentary 14-day trial at a single location, providing firsthand experience of seamlessly managing online orders directly through the point-of-sale system.

Explore the many features Lightspeed has designed to match your company's needs. Embrace the digital evolution, streamline your operations,  and begin your path to enhanced success today. Register now and experience the cutting-edge of restaurant management with Lightspeed.