Getting paid with Lightspeed Payments
After you set up Lightspeed Payments in your Ecwid store, you can start accepting payments from your customers. After the payment is processed, money will be transferred to your account.
When a customer pays with Lightspeed Payments, you will see the transaction information on the Finance page in your Ecwid admin. All payments will be automatically deposited into your bank account within 2 business days. When you get your first payout, it may take up to four business days.
The payout is the transaction amount, less associated fees. Lightspeed Payments has the 2.9% + $0.30 fee per online transaction.
Payout statuses for Lightspeed Payments
To get a better understanding on what’s going on with your finances, you can check the current payout status on the Finance page in your Ecwid admin. Each payout will show one of the following statuses:
- In progress: this payout is still being processed.
- Funded: this payout has been sent to your bank.
- Error: there was an error processing this payout.
Please note that some banks may delay processing times depending on their capacity during periods of high activity. If you see a Funded status in your report with no corresponding deposit in your account, you will need to contact your bank directly to troubleshoot the delay.
Payouts schedule for Lightspeed Payments
To estimate the date you will receive the funds for a specific transaction, add two business days after the cutoff time. The cutoff time for all transactions is 11:59 PM EST. Transactions made on weekends and holidays are sent at the cutoff time of the following business day (i.e. Monday for weekends):
|Transaction date||Deposit date|
|Saturday and Sunday||→||Wednesday|
Why are my Lightspeed Payments payouts pending?
You might face pending payouts that still haven’t been transferred to your bank account. There might be several reasons for that:
- It’s your first payout. The first payout usually takes longer to process. It may take up to 4 business days to transfer money to your bank account.
- Not enough money to withdraw. You should make at least $30 profit with legitimate transactions (not test, but real one) to get automated payouts.
- Pending verification is required. Sometimes additional information is required before your first payout can be deposited. If that's the case, you will see the alert on the Finances page and get an email to provide specific documents. Email will be sent to the address you specified in your Lightspeed Payments application.
If none of the above is related to your case, please сontact support. The support team will provide you with more details and guide you on what to do.
Changing your bank account details for Lightspeed Payments payouts
You can change your bank account where your funds are deposited with Lightspeed Payments. For example, if you applied for Lightspeed Payments with your personal bank account, and now want to switch payouts to the business account.
Once you change your bank account all transactions from Lightspeed Payments will be transferred to a new bank account.
To change your bank account details, you need to send the following information to firstname.lastname@example.org:
- A bank account details where your processed funds will be deposited. That bank account needs to be associated with the Sole Proprietorship/LLC/Corporation name provided in the application for enabling Lightspeed Payments.
- An image with the following data visible: Business legal entity name or DBA name, routing number, account number. It can be a voided cheque, bank letter, bank statement, or online banking environment.
Once you send the information, your bank account details will be updated in 48 hours. You will receive an email when it's done.