Tuesday, June 12, 2012
LightSpeed raise $30M on their way to make purpose-built POS HW obsolete.
VentureBeat reports today that LightSpeed, the App-based point-of-sale (POS) startup has raised $30M in funding.
This is part of an ongoing trend where purpose-built POS hardware solutions will be replaced by software and standard iOS devices like iPhones, iPads etc. This will reduce costs significantly and at the same time improve flexibility.
I think this will start in small stores like our local gelato sore, Pitango (see the attached photo), but soon larger retailers will follow.
The benefits of using iPads compared to legacy hardware are obvious. They are easy and inexpensive to replace but can also facilitate new and cheaper payment options for retailers, potentially bypassing credit card companies, banks and clearing houses, bringing down the cost to the retail organization.
What it would do for the consumer is easy to predict. Just go to an Apple Store!