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  "documentTitle": "Lightspeed Commerce, Inc. (LSPD)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-09-29 00:00:00",
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  "notes": "Uses a Q&A format to highlight the discrepancy between official risk factors and market reality.",
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      "kind": "callout",
      "text": "Lightspeed competes with Clover in the POS market. Clover was acquired by First Data, a payment service provider. As such, and based on our former employee interviews, First Data can sacrifice margin to compete in the payments space and acquire customers. Lightspeed's risk factors do not discuss that First Data is actually a direct competitor.",
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      "text": "Lightspeed's risk factors do not discuss that First Data is actually a direct competitor.",
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      "text": "Q&A dialogue between Spruce Point and Former Employee regarding First Data/Clover competitive dynamics.",
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      "text": "The biggest challenge is they have contracts with existing payment providers and the contracts can be two, three, four years. They won't change until that contract expires because there are penalties they would have to pay. The other, is it a business Lightspeed can support? When I was there, there were businesses that we could not underwrite. CBD was a big one we could not onboard. Then there is the competition with the actual payment providers. Since they are responsible for defining the pricing strategy, they can undercut Lightspeed in a second if they really care about the customer. Lightspeed does not have that negotiation power. They are restricted by the deal they have with their payment processor. — Former LSPD Employee",
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      "kind": "table",
      "text": "LSPD Risk Factor: \"Finally, ShopKeep and Upserve are party to payment processing agreements with First Data Corporation...\"",
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      "kind": "title",
      "text": "Dual Threat Competitive Pressures From Clover As POS and Payments Processor",
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