Credit card processing fees

ProvidenceinteriorsProvidenceinteriors Member Posts: 3

It would be so helpful for our accounting team to have the lightspeed integrated Cc payment processor deposit each daily batch amount into our bank account each day with a single processing fee at the end of each month. Instead we have two transactions to account for for every daily batch payment. This is so cumbersome. Square and autorize.net, and payscape all deposit our actual transaction amounts with a single monthly Cc processing fee. I really wish Lightspeed would do the same!

Is anyone else struggling with this?

14 comments

  • VD_LSVD_LS Administrator, Moderator, Lightspeed Staff Posts: 796 moderator

    Hey @Providenceinteriors


    Thanks for the information! It's something we hear often in support. Since Accounting was created long before the Payments options was available to customers, it's something we're still potentially working on but need to make sure that we can implement it, first.

    ———

    If you have any further questions Please do not hesitate to contact LightSpeed support or check out our Support Page.


    All the best!

    Vanessa

    Lightspeed Retail Support

    866-932-1801 ext. 2 (Toll-Free)

    514-907-1801 ext. 2 (Montreal)

  • LightUserLightUser Member Posts: 16

    Has this feature been implemented. Most other payment processors do this. Why did Lightspeed choose to make life difficult for customers?

  • me2me2 Member Posts: 2

    Yes. This definitely needs to be done. If the payment info is transferred into our accounting software (quickbooks for me) then it seems an easy step for Lightspeed accounting to add the fees. What has been done on this project?

  • BenVBenV Member Posts: 55 ✭

    If it were me I'd seriously consider switching to a different payment processor. As far as I know there's no requirement to use Lightspeed to process your payments. Worldpay and Cayan both do integrated processing and both debit their fees monthly. You can likely also save money on fees if you negotiate 'Interchange-plus" pricing with them. (Lightspeed Payments only offers flat-rate pricing last I checked)

  • dhicksdhicks Member Posts: 33

    Any update on this...it is definitely a pain point on the accounting side!! And seems to be an easy fix with just fees taken out once a month, like most of the other folks do.

  • RainflurryRainflurry Member Posts: 30

    I'm sure there's a reason the fees are taken out daily instead of monthly. It's a significant income source. We've been using LS for many years and switched to LS Payments over a year ago. We previously used World Pay (formerly Vantiv and formerly Element). Switching to LS Payments saved us just shy of $10K in processing fees over the past 12 months. Yes, reconciling is more difficult but, for us, the lower fees are a much better trade-off.

    Also, you can run the Lightspeed Payments>Card sales report to reconcile payouts. You can run see each day's cc sales, fees, and payout. It has a few quirks to be sure - you need to select Sat through Mon to get the total combined payout for those days, for example. And, sometimes it's either over/under by an amount that is on a subsequent day's payout. Overall, yeah, it could be way better but the card sales report eases the pain a little if you haven't been using it.

  • jonahsagejonahsage Member Posts: 2

    Unfortunately, I have not found an answer to this to make it easier. Fees taken out monthly would definitely help simplify this. When I look at deposits to reconcile my bank statements, Lightspeed payments likes to hold deposits for 3 days, but if there is a refund, it is deducted from the deposit from up to 3 days previous. I am not sure how to even start reconciling this mess. Payouts should be for the complete day and not include refunds from days after. Please simplify this! And can Lightspeed Accounting send the credit card fees for the days transactions?

  • JWeerJWeer Member Posts: 1

    We are thinking of switching to LS payments (in Canada and no other integrated options), this scares me a little. I think they transfer net funds not gross so it's harder to figure out how much you are actually paying. They are calculating that our fees will be lower but the way I do the math they are higher. Any recommendations?

  • tcbentleytcbentley Member Posts: 1

    I agree, I am new to LS and it is astounding to me that they take fees daily. The other issue is that the fees aren't part of the LS accounting import. How does a business reconcile their bank account to the cc deposits??

  • lynannelynanne Member Posts: 1

    Lightspeed, PLEASE make this a priority. It is a nightmare for my bookkeeper. I am considering switching back to Cayan because it is such a headache.

  • Signet_WizardSignet_Wizard Member Posts: 10

    Agree with all of this; I waste hours and hours i don't have to spare to reconcile all the rigmarole LS payments produces. My old processor even had credit cards and debit cards separated so you could easily reconcile all types of payments. If you don't do it monthly, at least produce a clear report i can print out with details of which days and fees are included in a specific deposit! I am also in Canada, so no other options for payment processors yet if i want it integrated, but it's enough of a nightmare i may switch to a non-integrated after all.

  • terricdsportsterricdsports Member Posts: 1

    A monthly recap statement of sales/payments/fees would help tremendously. It is so arduous trying to get the accountant the amount of processing fees vs sales. Please help!

  • Signet_WizardSignet_Wizard Member Posts: 10

    From Canada here also, LS's method is absolutely an accounting nightmare; i was told Moneris would be able to be integrated with LS in Canada, but this has yet to materialize. And for anyone wondering, the flat rate offered by LS is definitely higher than interchange plus with a traditional processor, and taking their fees daily makes no sense for their customers (especially when you can get 3 days lumped into one big amount over the weekends, good luck figuring all that out). I'm still struggling to reconcile my bank account after more than 8 months and with my old processor it would simply take me 30, 40 mins TOPS for the month. We are now taking upwards of 3 or 4 hours with LS, which is time we do not have to spare. Very disappointed they offer no alternatives in Canada

  • AnitaAnita Member Posts: 3

    We were heading towards changing from Cayan to LS but after reviewing this and struggling getting details from LS, Service Merchant contract and details (now I know why) I think we will not do so.

    Thank you all for your input, you saved me from the stress of discovery!!

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