Shift4 Payments, Inc. (NYSE: FOUR)

Shift4 Payments Inc is a leading independent provider of software and payment processing solutions in the United States with expanding international operations. The company powers billions of transactions annually for hundreds of thousands of businesses across various industries. Shift4 delivers integrated commerce solutions that combine hardware, software, and payment processing to simplify complex payment ecosystems for merchants ranging from small local businesses to multinational enterprises. Following the acquisition of Global Blue Group Holding AG in the third quarter of 2025, Shift4 also became a leader in tax-free shopping services.

Shift4 generates revenue primarily through processing fees charged as a percentage of transaction volume and/or per transaction fees. The company also earns subscription revenue from licensing its point-of-sale software, business intelligence tools, payment device management, and other technology solutions. Its merchant base is diversified with no single merchant accounting for more than 3% of total revenue. Revenue is predominantly recurring due to the nature of its business model which relies on ongoing transaction processing and technology licensing.

The company operates through the following segments: Payments Platform, Technology Solutions, and Sales and Distribution.

• The Payments Platform segment provides omni-channel card acceptance and processing solutions across multiple payment types including credit, debit, contactless card, Europay Mastercard and Visa (EMV), QR Pay, mobile wallets, and alternative payment methods such as Apple Pay, Google Pay, Alipay, and WeChat Pay. It includes a proprietary omni-channel gateway capable of multiple mobile, contactless, and QR code-based payment methods, end-to-end payment processing for a broad range of payment types, merchant acquiring services, full eCommerce capabilities including web-store design, hosting, shopping cart management and fulfillment integrations, integrated and mobile point-of-sale solutions, security and risk management solutions, and reporting and analytical tools.

• The Technology Solutions segment includes SkyTab POS, which provides purpose-built point-of-sale workstations pre-loaded with mission-critical software and integrated payment functionality; SkyTab Mobile, a mobile payments offering with pay-at-the-table, order-at-the-table, delivery, customer feedback, and email marketing features; SkyTab Venue, a mobile-first technology solution for stadiums, theme parks, and entertainment venues enabling mobile ordering, countertop point-of-sale, self-service kiosks, and digital wallet functionality; Lighthouse, a cloud-based suite of business intelligence tools for customer engagement, social media management, online reputation management, scheduling, product pricing, reporting, and analytics; The Giving Block, a cryptocurrency donation marketplace allowing donors to gift various cryptocurrencies to approximately 2,400 charities; Shift4Shop, a turnkey eCommerce platform providing web-store creation, design themes, product catalog management, order fulfillment, inventory management, search-engine-optimization, and secure hosting; Marketplace, which enables seamless integrations into complementary third-party applications to reduce vendor reliance; and TFS Services, a cloud-based solution facilitating the value-added tax refund process for merchants and travelers to enhance cross-border commerce.

• The Sales and Distribution segment delivers the company's payments platform and technology solutions to merchants through a network of internal sales teams, independent software vendors (ISVs), and value-added resellers (VARs). ISVs integrate Shift4's payments platform into their software suites to offer comprehensive solutions to merchants. The internal sales and support network provides responsiveness and oversight of the customer experience. VARs partner with Shift4 to sell its solutions to merchants, acting as trusted and localized service providers by bundling the full payments and technology product suite with other value-added services. This segment also manages enterprise relationships with stadiums, arenas, resorts, and airlines.

Shift4 competes in a highly competitive industry with both non-integrated payment processors such as Chase Paymentech, Elavon, Worldpay, Fiserv, and Global Payments, and integrated payment providers such as Adyen, Lightspeed, Shopify, Square, and Toast. For its hospitality gateway offering, it competes with Elavon and FreedomPay. For its tax-free shopping offering, it competes with other tax-free shopping providers. The company believes it competes favorably based on reputation, domain expertise, scale of distribution channels, breadth of offerings, simplicity and ease-of-use of solutions, pace of innovation, price, data security, and customer service.

The company serves hundreds of thousands of businesses across virtually every industry, ranging from small owner-operated local businesses to multinational enterprises conducting commerce globally. Its merchant base includes businesses in restaurants, hospitality, venues, specialty retail, and e-commerce. Shift4 also supports large enterprise relationships across thousands of locations including stadiums, arenas, resorts, and airlines. No specific customer names are disclosed in the filing.