The Ecwid Blog>Save Time and Money with Lightspeed Payments

Save Time and Money with Lightspeed Payments

Posted by Anastasia Prokofieva

As an online seller, you’re likely well aware of the importance of choosing the right payment processor for your business. Not only does that decision affect the amount of fees you have to pay, but it also plays a significant part in your customers’ shopping experience.

If only the perfect payment solution existed for online sellers who want to effortlessly and securely accept payments in their Ecwid store… Wait, there is! Drum roll, please—meet Lightspeed Payments!

Lightspeed Payments is brought to you by Lightspeed, the one-stop commerce platform for merchants around the world to simplify, scale, and create exceptional customer experiences. Specifically, the platform caters to retail, restaurant, and golf-oriented businesses.

Ecwid joined forces with Lightspeed in 2021 to give online sellers additional resources, cutting-edge technologies, and more opportunities to grow. Lightspeed Payments is one of those awesome perks!

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What Is Lightspeed Payments?

Lightspeed Payments is a cost-effective and secure payment method that helps manage your payments right where you run your online store—your Ecwid control panel. It also provides consumers with a fast and easy checkout experience, which is essential for retaining shoppers.

Lightspeed Payments is a payment system currently available in Australia, Canada, the UK and US. It allows you to accept payments in your online store via all major credit and debit cards, as well as Google and Apple Pay.

Here’s what makes Lightspeed Payments better than other payment gateways:

Now let’s break down Lightspeed Payments’ key functions and perks for online sellers.

Benefits of Getting Paid with Lightspeed Payments

Lightspeed Payments is a great option both for beginner online sellers and established business owners for a number of reasons.

You Save Money on Fees

Lightspeed Payments offers transparent and competitive pricing—2.9% + $0.30 per transaction—with no hidden fees.

In comparison, PayPal Checkout (including Venmo) charges 3.49% + a fixed fee or 2.89% + a fixed fee per transaction.

You Save Time on Managing Payments

You can easily set up and manage Lightspeed Payments right from your Ecwid control panel, no tech skills needed. Instead of logging into your payment gateway on some other website, you can check out your balance, payments, and payouts on the Finance page.

Payments processed through Lightspeed Payments are displayed on the Finance page in the Ecwid Control Panel

The Ecwid control panel provides real-time reporting of your payments, allowing you to always know exactly what your profits are at any moment. With Lightspeed Payments, you can manage refunds through the control panel, making the whole process easier for you and quicker for your customer.

It’s Convenient Both for You and Your Customers

Here at Ecwid, we strive to make the life of online sellers easier. That’s why we simplify all operations and let you manage them from one place. Lightspeed Payments is no different. Its setup and payment management are simple for any online seller, regardless of tech knowledge or business background.

As for your customers, they’ll appreciate a seamless, secure, and fast online checkout—one of the most important steps in the customer journey. Customers can checkout even faster with Apple and Google Pay. As Lightspeed Payments accepts all major credit cards, they provide a flexibility that helps prevent abandoned carts, putting you ahead of your competitors.

Lightspeed Payments is also mobile-friendly, letting customers purchase their favorite products on their smartphones just as easily as on their computers. As 79% of smartphone users rely on their phones to make purchases, you should definitely make sure the mobile version of your store is as easy to use as your website, if not easier.

You’re Protected From Fraud

With Lightspeed Payments, you can process your payments confidently and securely with built-in PCI compliance, which provides bank-level security.

Lightspeed Payments protects you and your customers’ data with end-to-end encryption. It is a method of secure communication that prevents third parties from accessing information as it is transferred between parties during a transaction.

Lightspeed Payments helps you to prevent fraud and chargeback in many ways, including having customers specify billing addresses. With a billing address, a payment gateway can verify whether it matches the data from the card-issuing bank. If the data doesn’t match, Lightspeed Payments will prevent a fraudster from buying in your store.

The Billing address section is prefilled with a customer’s shipping address

How to Set Up Lightspeed Payments in Your Store

Are you ready to start reaping the benefits of Lightspeed Payments for your online store? Rest assured, it’s very easy to set up!

Lightspeed Payments is available on all plans, including a free one, for Ecwid sellers in Australia, Canada, Belgium, the UK and US (terms and conditions apply).

Still no Ecwid store? Sign up right now to set up a free online store in minutes.

Applying for Lightspeed Payments

Setting up Lightspeed Payments is incredibly easy. All you have to do is apply for the payment method from your Ecwid control panel. Learn how to apply for Lightspeed Payments in our Help Center.

Apply for Lightspeed Payments

After you submit your application in the Ecwid Control Panel, it will be checked automatically and likely approved for accepting payments in your store. This way, you can start benefiting from the lower fees and convenience of the gateway right away.

You can submit your application right in the Ecwid Control Panel

Meanwhile, the Lightspeed Payments team will review your application manually to approve it for payouts. In some cases, they might request additional documents. For example, if you sell medical products, you might need to present the necessary certificates.

Once your application is fully approved by the Lightspeed Payments team (it may take several business days), you’ll see a notification in your Ecwid control panel. After that, you can start accepting and receiving payments right away.

In rare cases, an application might not get approved automatically. Such applications are sent to the Lightspeed Payments team for further review. They’ll reach out to you via email within a couple of business days to request some documents and help you with the approval process.

Note: Ensure you add legal pages, product, and shipping settings in your store before applying for Lightspeed Payments. You can apply without, but your store won’t be fully approved until you add that information. In which case, you can accept payments but won’t be able to withdraw your hard-earned cash.

Getting Paid with Lightspeed Payments

Once your store is fully approved for Lightspeed Payments, you can finally start getting paid!

After the payment is processed, money will be automatically deposited into your bank account within two business days (the payout is the transaction amount minus the fees). It may take longer to get your first payout than you might expect, but you can find transaction information on the Finance page in your Ecwid control panel to learn more.

You can see information about transactions made with Lightspeed Payments whenever you want

Check out the following Help Center articles to learn more about managing Lightspeed Payments in your store:

If you have any questions about enabling and using Lightspeed Payments in your store, don’t hesitate to reach out to our Customer Care team.

Start Saving Time and Money with Lightspeed Payments

For any online seller, accepting payments is a critical, if not the most important, part of a business. If you want to save money on payment processing fees and simplify your payment routine, we recommend applying for Lightspeed Payments. You get lower rates, faster payouts, and the security of knowing that your transactions are protected.

Lightspeed Payments is straightforward to set up and takes less time than scrolling through your social media feed.

So what are you waiting for? Apply today and start taking advantage of all that Lightspeed Payments has to offer!

Apply for Lightspeed Payments

 

About The Author
Anastasia Prokofieva is a content writer at Ecwid. She writes about online marketing and promotion to make entrepreneurs’ daily routine easier and more rewarding. She also has a soft spot for cats, chocolate, and making kombucha at home.

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