by Matt Rej
Fiserv is one of the largest payment processors in the world. They manage over 6M+ merchant accounts through a mix of direct agreements and ISOs reselling their services.
If you got a Clover POS from your local bank or you’re using a CardPointe/CardConnect gateway solution for an integration, then Fiserv is your backend processor.
So when a company of this size starts to reshuffle its executive leadership at the scale and pace we’ve seen over the past few months, it’s worth paying attention. These types of decisions tend to have a trickle-down effect on merchants in very meaningful ways, and it can directly impact your costs.
Three New Revenue-Focused Executives Announced
In February 2026, Fiserv announced three external hires in newly elevated roles:
- Lia Cao — named Chief Revenue Officer for enterprise and platforms, coming from JPMorgan Chase, where she served as a managing director.
- Robert Clarkson — named Chief Revenue Officer for Small Business and Clover, formerly CRO of Americas at Stripe.
- Adit Gadgil — named Global Head of Business Development, also a former managing director at JPMorgan.
I think the fact that Fiserv sourced these hires externally is important to recognize.
In a statement from Fiserv, this decision was focused on “winning new clients, growing relationships, outstanding service, and improving technology.” That’s all fairly standard corporate language that doesn’t necessarily translate to anything tangible.
What’s not standard is bringing in two new CROs at the same time. That doesn’t happen when a company is satisfied with where they currently stand and where things are headed. To me, it’s a clear sign that leadership has decided that their revenue strategy needs fundamental changes.
This Comes After Other Recent Shake-Ups
In isolation, the February hires above may not seem super noteworthy. But when you zoom out and look at what happened just a few months ago, it’s enough to raise some eyebrows.
Between October 2025 and January 2026:
- CFO Bob Hau was replaced
- Two co-presidents were brought in
- Three new board members were added, with a new independent board chair
During October’s earnings call, CEO Mike Lyons said this was a “critical and necessary reset” for the company. He went on to publicly acknowledge that the company had unrealistic assumptions in its financial guidance.
This level of direct candor is unusual for a CEO. And in this case, it caused a roughly 40% drop in the stock price in a single day (the largest single-day decline in the company’s history).
The CFO Hire Merchants Should Know About: Paul Todd and the Global Payments Connection
Of all the changes in the last four months, the one that stands out to me the most is the CFO hire from October: Paul Todd, former CFO at Global Payments.
Todd left Global back in 2022 after 27 years (including predecessor companies), after successfully overseeing the TSYS merger through completion. He then spent 3 years as a partner at TTV Capital (a fintech venture capital firm) before accepting his new position at Fiserv.
Why is this so important?
Global Payments has a well-documented track record of aggressive pricing strategies on merchant accounts.
- Frequent rate increases
- Higher-than-normal markups
- Hidden fees and excessive “extra” charges
We see this all the time when we’re auditing statements from Global and its subsidiaries.
I’m not saying that this stuff automatically transfers to Fiserv simply because Todd now holds the CFO title there. But it’s definitely worth mentioning.
Global’s pricing strategy clearly was implemented from the top down. How much involvement Todd had in that is unclear. Regardless, if he saw something work successfully at Global, it’s not far-fetched to at least consider he’d bring some of that philosophy with him when trying to repair financials at Fiserv.
Why All of This is Happening
The major executive moves at Fiserv are all tied to poor earnings. 3Q25 and 4Q25 were back-to-back quarters of disappointments for shareholders.
- No organic revenue growth
- Slowed merchant solutions growth
- Declining revenue from financial and banking solutions
- Major drop in adjusted operating margins YoY
On the most recent earnings call, CEO Lyons outlined his “One Fiserv Action Plan” to address these shortcomings, in which “increasing average revenue per customer” is a top priority.
This five-word phrase may be the most significant piece of this for merchants using Fiserv. In simple terms, it means that Fiserv wants to make more money from your account.
How do processors typically accomplish this?
- Rate increases
- New fees
- VAS pushes
- Add-ons
- Pricing resets
- Or a combination of all of these
There’s really no other way to slice it. This is how it’s been done historically with other providers, and I can’t imagine a way for Fiserv to do this using an approach that doesn’t translate to higher fees for merchants. Earnings results can often predict merchant fees.
What to Watch For: Rate Increases and Timing
Fiserv hasn’t announced any rate increases for 2026 yet. But looking at last year’s pattern, increases were applied in March and again in the September-November window.
So a similar cadence this year is plausible considering the financial pressure the company is under right now. An increase this spring would align with that timing.
Merchants using Clover should be paying even more attention.
With two new CROs focused on Clover and small business revenue, paired with the fact that Clover has been Fiserv’s most important growth vehicle, I’d be surprised if Fiserv didn’t at least attempt to accelerate growth on that side of the business at some point in 2026.
What Merchants Should Do Right Now
I want to be clear that I’m not trying to sound any alarms or start a conspiracy about Fiserv.
None of what I’m saying requires immediate action on your end. But it’s important to stay informed because these factors can very likely have an impact on your business.
There are a few things you can do sooner than later to help limit the effects of potential rate hikes around the corner:
- Calculate Your Current Effective Rate: Not just the price you were quoted when you signed up, but how much you’re actually paying when you account for all fees. If you haven’t done this recently, now is a good time before changes go into effect.
- Watch Your Statements Closely: Rate increase notices are often buried within statement messages in large blocks of dense paragraphs that most businesses overlook.
- Know You Can Negotiate: If Fiserv does implement rate increases, you aren’t obligated to just absorb those costs without a fight. Processors negotiate, but they assume most merchants won’t.
It’s also in your best interest to proactively negotiate better terms.
If you can get Fiserv to lower your rates now, then it’s less likely they’ll increase your rates again in a few months. And if they do, the reduction you get now could just mean that any increase just puts you back where you originally started.
The Bottom Line
One of the world’s most popular payment processors is in a bit of a crisis. Fiserv’s top priority is profit for shareholders, and all of the new executives they’ve brought on will be working toward the same goal.
When the CEO openly says that they need more revenue per customer, it’s about as blunt as it gets for signaling changes that can increase costs for merchants.
We’ll continue to monitor announcements and any rate increase notices being sent to our clients using Fiserv. Staying informed will put you in a better position to respond when this inevitably happens.
Check back for updates, or can sign up for our newsletter if you’d like rate increase notices delivered straight to your inbox. And if you’re processing with Fiserv and want an expert opinion on your current rates, we’ll give you a free audit.