Driven by convenience and by government policies that discourage the use of cash, digital payments have quickly become the norm.
Today, retail and hospitality businesses are expected to offer a growing number of digital payment options. Credit cards, debit cards, mobile wallets, online “card-not-present” payments, contactless… The list just keeps on growing. For a business, offering all these options could be very complex. This is where payment service providers (PSPs) enter the picture.
What is a PSP, and why it matters to your retail or hospitality business
PSPs act as an intermediary between businesses (for example, a retail store, restaurant, or hotel) and banks, enabling you to offer safe and compliant electronic payments to your customers. PSPs ensure that all transactions are completed safely and securely from the moment the customer initiates the payment, up to the moment the funds reach your company’s account.
While they all facilitate payments, PSPs can differ widely in the cost structure, services and functionality they offer. For example, a PSP may also enable you to accept payments in multiple currencies, while another one may offer more extensive fraud detection capabilities.
LS Pay, the payment solution that removes the risk of PSP lock-in
In the past, retail and hospitality businesses had to bear the burden of integrating to a PSP. In many cases, their implementation partner supported only one PSP – which they would be forced to select. As a result, many companies ended up effectively locked to a specific PSP. If they wanted to switch PSP, they might have to change their IT partner altogether.
With payment technology moving at the speed of light, businesses should have the freedom to choose the PSP that best fits their requirements and roadmap. That’s where our payment processing solution , LS Pay, comes into play. LS Pay empowers LS Retail customers to use the PSP of their choice without having to embark on a costly and time-consuming integration project. We have integrations with multiple PSPs in over 50 countries worldwide, so you can pick the one you prefer with support out of the box.
Why you need LS Pay
Here are six reasons why it makes sense for an LS Retail customer to choose LS Pay over a custom-made integration:
1. Choose your preferred PSP
Instead of having to select your tech partner’s preferred PSP, with LS Pay you can shop around. Look at the multiple PSPs we support and pick the merchant that best fits your requirements in terms of additional services – say contactless payments, or mobile wallet – or which offers you the most favorable conditions.
2. Switch PSP as and when you want
Are you unhappy with your current PSP? Have they raised their fees? Are they unable to offer some great functionality you desperately need? No worries: you can switch to another supported PSP without having to do an integration project.
3. Always use the latest functionality
With LS Pay, it’s easier to take advantage of the latest functionality in LS Central. As soon as we add a feature to one of our software platforms – for example if we add preauthorization or tokens – then LS Pay supports it, automatically. If you are using an integration, you might have to wait some time until the partner adds new functionality.
4. Have a uniform payment structure for all your locations
Say you run an international chain with store locations in very different geographies - Sweden, the UK, the US, and Malaysia. Without LS Pay, you’d need to find a PSP in each of these countries and create four separate integrations. Today, you can use LS Pay in all of the countries where you operate and take advantage of a uniform payment structure. Leave it to LS Pay to abstract connectivity to the different PSPs in each country. This is the reason why international brands like adidas and IKEA have selected LS Pay for their extensive retail chains.
5. Sell from any device
Not only is LS Pay hardware agnostic – meaning you can use it with whatever type of hardware is most suitable for your business – but it also offers support for software point of sale devices (soft POS). This technology makes it possible for merchants to accept credit cards and contactless payments through any NFC-enabled Android or iOS device without additional hardware. Having this mobility makes it much easier to serve customers in any location or environment – whether on the shop floor, in pop up stores, market stalls, at restaurant tables, and much more.
6. Keep your customers' payments secure
LS Pay guarantees complete EMV and PCI compliance. The LS Retail and LS Pay databases never see nor store any sensitive card data and are therefore outside the scope of PCI regulation. In case of a breach, there would be no sensitive data for anyone to access. Since all sensitive data is managed by the PSP, we only associate with PSPs that are PCI certified.
LS Pay works with all LS Central platforms and directly with Business Central
LS Pay is fully compatible with all LS Central platforms, supporting every industry we serve – from retail stores and restaurants to hotels, pharmacies, convenience stores, and forecourts. Whether you’re managing one location or many, LS Pay gives you the flexibility to handle payments exactly where and how you need to.
Thanks to its direct connection with Microsoft Dynamics 365 Business Central, LS Pay also lets you process payments even without a POS terminal. This is ideal for businesses that prefer to sell through the back office using standard sales documents in Business Central, such as mobile sales teams, pop-up events, car service garages, or locations where a fixed register isn’t available.
No matter what your setup, LS Pay helps you deliver a faster, more dependable payment experience, so you can focus on the customer, not the checkout.
Would you like to know more about LS Pay? Contact our LS Pay experts and discover how LS Pay can help your business grow.
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