Lightspeed has launched a new module that is designed local retailers using Lightspeed Payments in North America to collect recurring revenue through their POS. The aim of Lightspeed Subscriptions is to provide retailers an “innovative tactic to build customer loyalty and future-proof their business,” officials said in a statement.
Lightspeed Subscriptions supports a multitude of complex small and medium-sized businesses (SMBs) at the core of Lightspeed’s retail customer base, according to officials. For example, retailers can sell subscriptions that will regularly replenish a buyer’s favorite product or surprise customers with new specialty items every month, officials said.
“The introduction of Lightspeed Subscriptions further adds to our comprehensive toolbox of solutions for complex retailers,” said Dax Dasilva, founder of CEO of Lightspeed, which is based in Montreal. “We’re approaching a fundamentally different 2020 holiday sales season, and local retailers need to gear up for a dramatic shift in shopping habits. With this in mind, we’re equipping merchants with an exciting new service that promises a source of uninterrupted revenue and will continue to fuel their businesses into the New Year.”
Advantages of Lightspeed Subscriptions, as outlined by officials:
- Provides stable revenue. “Recurring payments guarantees income at regular intervals, which merchants can depend on during unpredictable times.”
- Builds a loyal customer base. “Convenient and personalized product/service offerings boost brand loyalty and customer retention.”
- Integrates directly into POS. “As an add-on to Lightspeed Retail, ensures simple and unified set-up within the existing POS platform.”
Ensures secure, automated payments. “Credit card information is securely stored for future automatic Subscription sales with customer consent (PCI Compliant). Failed payments are also automatically reprocessed and expired cards will continue to work, even as the bank replaces the physical card to ensure minimal interruption for the customer.”
Lightspeed is currently developing plans to roll out Lightspeed Subscriptions for e-commerce, officials said.