What is Lyft?
Lyft is a Transportation Network Company (TNC). Founded in 2012, the San Fransico-based taxi-replacement service spreads across 640 cities in the US and nine Canadian cities. Like Uber, Lyft ridesharing App providers riders electronically booked taxis with independent contractors. Although a lot more sophisticated, Lyft’s services are slightly similar to the conventional taxis. Also, Lyft drivers are independent contractors – they do not employ drivers directly.
How to sign up as a rider?
It is pretty easy to sign up. Download the Lyft ridesharing app, enter your name, credit card, and phone number. Lyft automatically saves this in their database.
How to pay for a Lyft ride
Lyft offers users an opportunity to rate their trip experience. However, the payment system would automatically charge the ride cost to your default payment option if rating and payment are delayed for up to 16 to 24 hours after your ride. A receipt notification will be sent to your email as soon as payment is confirmed.
Using the Payment Screen
As soon as you end your Lyft trip, a rating and payment screen comes up.
- You will first be allowed to rate your driver on a 1 to 5 scale. This is an opportunity to express your trip experience.
- You’d see a comment box where you can drop feedback. Your drivers will see this feedback, albeit, anonymously.
- Your default card will be charged for payment. You may, however, change your default payment option by tapping the credit card icon on the app.
- After your ride, click on the payment options and select the most convenient method.
- You could add a tip to review your ride’s total payment amount.
- Now, Submit. As soon as you tap the submit option, Lyft receives your rating and payment in their system. They will send you an email notification of your payment details.
Does Lyft Accept Cash Payment?
This is a common question among first-time users of the ride-sharing services. Even with the increasing popularity of the taxi-replacement service, a lot of people are still ignorant of the payment methods. Let’s briefly see how Lyft payment works
Paying Lyft Driver With Cash?
- Cash is not a payment option with Lyft. Instead, there is a range of payment options riders can choose from. Lyft accepts most major credit cards – MasterCard, American Express, Discover and Visa Cards – they also work with debit cards connected to checking accounts, as well as prepaid cards. Google Pay and Apple Pay are also allowed. iOS and Android users can as well pay with PayPal. These methods offer easier, more convenient, and more secure payment options than cash. To add Google Pay, Apple ay, and PayPal to your payment options, riders must have a valid credit or debit card on record.
Lyfts payments are powered by Stripe. See Stripe’s FAQ for questions on payment info security.
After your trip, payment is made with your preselected option — this way; there’s no such thing as a cash payment.
Read also: Can You Pay Cash for Uber Eats?
Why Is Cash not Accepted For Lyft Payment?
Lyft does not allow cash payment because of the following reasons:
Risk of Theft
No doubt –cash attracts theft crime. Going cashless saves not just the drivers from being robbed, but the passengers also. So, it’s a win-win for both drivers and their passengers. All that is a requirement for payment is the Luft application on their mobile phone.
Lyft’s Profit Calculation
Cashless payment methods give the company collect and calculate their profit on every trip. Cash payment would make it difficult for the company to cash out from each driver on their list.
Cashless is a more convenient option. Passengers may not make an immediate payment after a trip. The passenger may visit the app later to make payment and rate their experience on the trip.
After rating, the specific amount is charged to your preferred payment option
In our everyday taxi experiences, we see passengers forget to bring cash along or simply not having any cash on. With cashless payment, passengers can board the taxi at any time. Even when they run out of physical cash, they can ride on and pay later.
Inarguably, these cashless options sound a lot better than the dated pay-with-cash option.
Now, the answer to “Does Lyft take cash?” is “No” You never need cash to make payment after a ride. All that is required is a registered credit card eligible for Lyft payment.
How to Estimate a Lyft Ride’s Cost
Lyft offers a fare estimator to estimate your ride’s cost. Simply type in pickup location and drop-off locations.
Lyft offers riders top services at affordable rates whenever and wherever it is needed. Rates vary based on time of the day, route, the number of drivers available, ride type, demand for rides, surcharges, and any local fees.
When you type in a destination. You will be shown the price before submitting your request. Upfront pricing helps riders know the cost of their ride beforehand.
If a stop is added or your destination changes, the initial upfront you were shown would be invalid because of the adjustment – the upfront rate is tailored for a particular route.
Simple economics say demand determines cost – same applies here. When more passengers demand rides, the prices go up. If you see a higher-than-expected upfront cost, then it is most likely busier than usual. If you modify or change your destination at the middle of your ride, you may see a charge for “Prime Time” in your payment details. The cost added to the upfront price is calculated based on the demand for ride and location.
Normally, payable fees are calculated before a ride. If you change in destination, multiple stops or any attempt at abusing the LyFt platform may attract a fare quite cancellation. Lyft will rather charge you with their rate card.
How to Add or Update Payment Info
Lyft riders have a particular payment channel – the Lyft App. However, passengers may choose to tip drivers with cash or the app.
Add or Update Payment Info
Step #1: open your Lyft app
Step #2: Click on your image at the top left
Step #3: Click ‘Payment” to update your existing info or add a new one. This option also allows you to choose between options, which to use on your next trip
Lyft also allows you to modify your preferred payment option before you request a ride – tap on the payment method on the request screen.
Having confirmed pickup and drop-off points, before you click on “Request Lyft” you can find the default payment option beneath the ride type. If you choose the default payment option, you can add a payment option or replace the existing one.
If a ride’s charge fails, you may have to re-enter your payment details manually on your next visit to the app. After re-entering the info, the ride fee will be charged to this new payment option. An email notification will be sent to this effect.
Lyft will send you a notification to update your card if its expiration is close.
Splitting Ride Cost
Lyft makes it possible for passengers to split the cost of the ride between each other. Here’s how – open your lyft app and scroll to the card that has on your ride info. Click “Slipt.” Choose a particular contact you want to split the cost with on your contact list. Besides the cost of the ride, you may also decide to split tips you agree to give.
Advantages of Lyft
High Driver’s Standard
Like most top traditional taxi companies, Lyft maintains a high standard for determining the qualification of their drivers. The company expects high standards of professionalism and courtesy. Lyft keeps track of each driver’s ratings and may terminate the contract with anyone who falls below 4.6 ratings.
Drivers Get More of Total Earnings
Lyft drivers get 80% of total fares paid. Besides this high pay, riders are allowed to tip drivers. These relative high earnings increase your chances of receiving excellent services.
Driver Keeps Prime Time Surcharge
Lyft’s Prime Time Surcharge model is a pricing model that increases fares at peak periods. Interestingly, besides the high pay, drivers get 100% of Prime Time Surcharge. Currently, Lyft boasts of being the only company ridesharing company that does not take any percentage off surcharges.
Superior Lost and Found feature
This feature is rider-friendly. You may reach the driver directly if you have either number or contact the company’s office.
Although prices may vary based on market indices, it’s rates are typically less expensive than conventional taxis. The gap between taxi and rideshare keeps growing over the years.
Read also: Lyft Background Checks
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