Marketing EfficiencyGreater reliance on paid performance channels has increased marketing costs and pressured contribution margins as marketing spending is planned to grow faster than revenue, squeezing profitability.
Merchant AcquisitionA shortage of new enterprise merchant wins and losses in that segment, combined with insufficient sales representative support for smaller local merchants, could constrain customer acquisition and future growth.
Sales Channel PerformanceExecution problems in a go-to-market partnership and a slowdown in the enterprise channel drove operating results below guidance, and management expects these headwinds to persist, weighing on revenue recovery.