Shift4 is a payment processing and commerce technology company focused on merchants in the "experience economy" — primarily restaurants, hotels, and sports and entertainment venues. Shift4's core product is an integrated bundle of payment processing, POS hardware, and software, sold under the SkyTab brand, that handles transactions alongside order management, customer engagement, and business intelligence. Shift4 claims the #1 U.S. market position in hospitality and sports and entertainment, and the #2 position in restaurants behind Toast. In July 2025, Shift4 acquired Global Blue, adding a second meaningful business: tax-free shopping (TFS), which facilitates VAT refunds for international travelers purchasing goods at luxury retailers across ~50-60 countries. Global Blue also offers dynamic currency conversion (DCC), allowing shoppers to pay in their home currency at point of sale. Shift4's primary revenue driver is payment volume — Shift4 earns a spread on total dollars processed — with TFS revenue earned as a commission on VAT refunds facilitated. Shift4 offers two tiers of payment service: end-to-end processing (the preferred, higher-margin model) and gateway-only, where merchants use Shift4's gateway but process with third-party acquirers. Converting gateway-only merchants to full end-to-end processing is a core growth lever. Shift4 also grows through international expansion and cross-selling Global Blue's capabilities to its combined merchant base. Shift4 acquires customer bases through M&A and then cross-sells full end-to-end processing, rather than building merchant relationships from scratch.