A payment type defines how a particular payment method should be used and configured. Payment method, on the other hand, refers to how a customer settles their check (e.g., cash, voucher, credit card, etc.). When adding payment methods to the Lightspeed Restaurant Back Office, each new payment method requires a specific associated payment method type. For example, if adding “Visa” as a distinct payment method, you can select a credit card processing company as the payment method type. This way, whenever a check is settled using the “Visa” payment option, Lightspeed Restaurant knows to communicate with your chosen processor.
When selecting a payment type, the required information and input fields will change depending on the selection. Therefore, it is essential to choose the correct one and fill in any required information. If you’re using integrated payment processing for credit and debit card payments, make sure to have the account with the payment processor set up first and the integrated hardware connected before setting up the payment method.
Below is an overview of the supported payment method types, processors, and terminals with Lightspeed Restaurant.
Payment method type | Description |
|---|
| Credit card | This option is for using a non-integrated payment terminal. It allows the user to indicate that a check was paid by credit card using an external device that doesn’t communicate directly with Lightspeed Restaurant. When using this option, servers will manually enter the payment amount on the terminal, run the customer’s card, and record that the check was paid using this payment method on your POS. Visit integrated vs. non-integrated payment processing for specifics on how they differ. |
| Other payment method | Payment methods that don't fall into the other categories. |
Property Management System (Use this option when adding a secondary PMS integration) | This payment type is managed by a third-party provider. Available PMS Servers: - Base7
- ProTel
- HotSoft
- Opale
- Mews
- MrBooking
- 5stelle
- Oracle Opera
- Navision
- Apaleo
|
Charge to Room (Use this option for your primary PMS integration) |
Adyen | This payment type is managed by a third-party provider. |
Base7 | This payment type is managed by a third-party provider. |
Dynamo Swipe Reader | This payment type is managed by a third-party provider. Available Payment Gateways - Bridgepay
- USAePay
- USAePay EMV
- MX Merchant
|
Zettle | This payment is managed by a third-party provider.
Terminal manufacturer and model: |
SumUp | This payment type is managed by a third-party provider. |
OPI Terminal | This payment type is managed by a third-party provider. |
Payleven | This payment type is managed by a third-party provider. |
SnapScan | This payment type is managed by a third-party provider. |
SysPay | This payment type is managed by a third-party provider. |
Yoco | This payment type is managed by a third-party provider. |
Zapper | This payment type is managed by a third-party provider. |
Lydia | This payment type is managed by a third-party provider. |
Twint | This payment type is managed by a third-party provider. |
Polyright | This payment type is managed by a third-party provider. |
Payworks | This payment type is managed by a third-party provider. |
Payment Sense | This payment type is managed by a third-party provider. |
Cash Manager Terminal | This payment type is managed by a third-party provider. |
SwissPeak | This payment type is managed by a third-party provider. |
Wallet | This payment type is managed by a third-party provider. |
WiCode | This payment type is managed by a third-party provider. |
WiCode TSR | This payment type is managed by a third-party provider. |
Lightspeed Payments - Adyen | This payment type needs to be configured by Lightspeed Support. Supported terminal manufacturers and models: - Verifone e285p
- Verifone P400+
- Verifone V400m
- Verifone e280
- Smart Terminal with Printer
When selecting Preauth from the Mode drop-down, a tip line and signature line are printed on the transaction receipt. The customer can write down a tip and sign the receipt.
The tip is added to the final authorized charged amount. |
Lightspeed Payments - Adyen Manual Keyed Entry | This payment type needs to be configured by Lightspeed Support. This option allows you to charge a customer’s card by entering the card information manually. This feature is handy if your restaurant takes transactions over the phone or you would like to take deposits on table reservations. Note: It still requires a terminal connected to the system since you will enter the Credit / Debit card information into the terminal itself. |
Cayan - Swiper | This payment type is managed by a third-party provider. Supported manufacturer and model: - MagTek iDynamo Card Reader (swiper)
|
Cayan - Genius | This payment type is managed by a third-party provider. Supported manufacturer and model: |
Cayan - Keyed Entry | This payment type is managed by a third-party provider. This option allows you to charge a customer’s card by entering the card information manually on your POS device. |
To use newly created payment methods and understand where they will appear on the POS, visit Processing payments and tips.
FAQs
Top 8 Payment Methods and How to Accept Each Payment Mode
- Credit Cards. Credit cards offer a quick and convenient way to make financial transactions both large and small. ...
- Debit Cards. ...
- Automated Clearing House (ACH) ...
- Cash. ...
- Paper Checks. ...
- eChecks. ...
- Digital Payments. ...
- Money Orders.
4 essentials to consider when choosing a payment method
- Total cost of ownership.
- Customer preference.
- Involuntary churn & failed payment rates.
- Trust and safety.
- Conclusion.
A payment method refers to the various options available for customers to make payments when purchasing a product or service. Whether in a physical or online store, payment methods cover a range of choices. Commonly accepted payment methods include cash, credit cards, debit cards, gift cards, and mobile payments.
What are the five methods of payment explain? ›
A payment can be made in the form of cash, check, wire transfer, credit card, or debit card. More modern methods of payment types leverage the Internet and digital platforms.
What are 2 most common methods of payment? ›
Credit and debit cards
Credit and debit cards are one the most common payment methods, especially for online stores. Credit card companies, including Visa, Mastercard, American Express, and Discover, extend credit to purchasers.
What are the names of the 4 factors of payments? ›
The income earned from the factors of production are called factors of payment, which come in the form of rent for land, wages for labour, interest for capital, and profit for entrepreneurship.
What is the most effective payment method? ›
Cards are still the most-used payment method, with American Express, Mastercard, Visa as large global card schemes. Even though they're recognized globally, other payment methods like online banking, direct debit, digital wallets, or Buy Now Pay Later (BNPL) are more common elsewhere.
What is the most accepted method of payment? ›
Credit cards are the most popular payment method in the US.
What is the most reliable form of payment? ›
By and large, credit cards are easily the most secure and safe payment method to use when you shop online. Credit cards use online security features like encryption and fraud monitoring to keep your accounts and personal information safe.
How do you classify payment method? ›
Payment systems can be classified into the “cen- tral bank payment system” and “private payment system” on the basis of the operator of the system. In many countries, these two payment systems co-exist and share the roles. The “Central bank payment system” is a payment system which central bank owns and operates.
A payment type defines how a particular payment method should be used and configured. Payment method, on the other hand, refers to how a customer settles their check (e.g., cash, voucher, credit card, etc.).
What is the payment system in simple words? ›
The 'payments system' refers to arrangements which allow consumers, businesses and other organisations to transfer funds usually held in an account at a financial institution to one another.
What is the safest way to receive money from a buyer? ›
Personal checks are an excellent alternative to cash as a safe form of payment. However, they are not as good as cashier's checks because the potential for fraud is high. Unlike cashier's checks, there is no guarantee that the person's bank account has enough money to cover the check.
Which mode of payment is faster? ›
RTGS : Fastest Mode of Money Transfer - payment process.
What is the best payment method for a small business? ›
6 Best Payment Methods for Small Businesses
- Direct Debit.
- Card payments.
- Digital Wallets.
- Cash & Cheques.
- Online payment gateways.
- Email invoices.
The most common payment terms include net 15, net 30, PIA (payment in advance), CIA (cash in advance), COD (cash on delivery), and due upon receipt.
What are the best payment terms? ›
What Are The Most Common Invoice Payment Terms?
- 1MD: Monthly credit payment of an entire month's supply.
- 21 MFI: 21st of the month following invoice date.
- Accumulation discount: Discounts on large orders.
- CBS: Cash before shipment.
- CIA: Cash in advance.
- CND: Cash next delivery.
- COD: Cash on delivery.
The main categories of payment systems are salary, capitation, bundled payment, global budget and fee-for-service. Most countries have mixed systems of physician payment.
What are 2 forms of payments describe each? ›
Cash is one of the oldest and most straightforward payment methods, where consumers simply exchange physical currency for goods or services. Credit cards allow people to buy now and pay later, using a line of credit that can be paid off in installments.
