Shift4

Last updated
Shift4, Inc.
Company type Public company
Industry Payment processing
Founded1999;25 years ago (1999) (as United Bank Card)
Founders Jared Isaacman
Headquarters
Allentown, Pennsylvania, U.S.
Area served
  • Canada
  • United States
  • Europe
  • United Kingdom
Key people
Jared Isaacman
RevenueIncrease2.svg US$731.4 million (2019)
Increase2.svg US$37.6 million (2019)
Increase2.svg US$58.1 million (2019)
Total assets Increase2.svg US$788 million (2019)
Total equity Increase2.svg US$14.1 million (2019)
Number of employees
1,753 [1]
Website shift4.com

Shift4 is an American payment processing company publicly listed on the New York Stock Exchange and based in Allentown, Pennsylvania. [2] [3] The company, founded in 1999 by the then 16-year-old Jared Isaacman, processes payments for over 200,000 businesses in the retail, hospitality, leisure and restaurant industries. [2] [4] Shift4 specializes in commerce solutions such as mobile payment software and hardware. [5] [6] When the company went public in 2020, Isaacman was still the CEO. [7]

Contents

History

While working as an employee of a payment processing company, the 16-year-old Isaacman (who had already earned his GED and gone to work full-time) identified what he saw as inefficiencies in the industry. In response, he launched United Bank Card in his parents' basement in Far Hills, New Jersey. [5] [8] At the time, it generally took merchants about one month to set up a payment system and merchants had to pay for their credit card readers and sign a lengthy application. As an alternative, Isaacman's new company cut the set-up time to one day, gave merchants free credit card readers and only required merchants sign a two-page application. [5]

In 2012, United Bank Card rebranded as Harbortouch to better reflect its point-of-sale and payment technology. [5]

Between 2014 and 2017, the company expanded by acquiring multiple payment processing and point-of-sale companies, including Merchant Services Inc. (the same company Isaacman worked for as a teen). [5]

The company rebranded once again in 2017 as Lighthouse Network, with Harbortouch becoming a subsidiary. [9] [10]

In 2017, the company - then operating as the Lighthouse Network - acquired payment gateway provider Shift4 Corporation and rebranded itself as Shift4 Payments. [10]

Shift4 went public on the NYSE in June 2020, raising $345 million through its IPO. [4] [3] The company is one of the few companies to go public in the months after the start of the COVID-19 pandemic. The company completed its "roadshow" for investors entirely online. [7] The company was the first to ring the bell at the New York Stock Exchange after the trading floor was reopened following its shutdown because of the pandemic. [4]

In November 2020, Shift4 announced the acquisition of 3dcart, [11] an E-commerce platform. In January 2021, Shift4 rebranded this solution as Shift4Shop. [12]

In March 2021, the company announced the acquisition of VenueNext, a provider of point-of-sale and payment solutions for stadiums, arena, and other entertainment venues. [13] A year later, the company announced it acquired Finaro. [14]

Services

The company's business model involves integrating payment processing services into various hardware and software products as well as the gathering of business intelligence. [15] [16]

It works primarily in the restaurant, hospitality, retail and e-commerce industries. [7] [17] Shift4 also offers cloud-based reporting and analytic software. [6] In 2019, the company processed approximately 3.5 billion transactions. [18]

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References

  1. ↑ "Shift4's Competitors, Revenue, Number of Employees, Funding, Acquisitions & News - Owler Company Profile".
  2. 1 2 Beltran, Luisa (5 June 2020). "Shift4 Payments Is the Latest IPO to Soar Despite Pandemic". Barron's. Retrieved 3 July 2020.
  3. 1 2 Tse, Crystal; Fioretti, Julia (4 June 2020). "Triple U.S. Trading Debut Caps 2020's Best Week for Listings". Bloomberg. Retrieved 3 July 2020.
  4. 1 2 3 Bary, Emily (5 June 2020). "Shift4 Payments stock surges after IPO in vote of confidence for economic recovery". MarketWatch. Retrieved 3 July 2020.
  5. 1 2 3 4 5 Segran, Elizabeth (13 April 2015). "Meet The Fighter-Jet-Flying 32-Year-Old On Top Of The Payments Industry". Fast Company. Retrieved 3 July 2020.
  6. 1 2 "Shift4Payments, Inc". Yahoo! Finance. Retrieved 3 July 2020.
  7. 1 2 3 Balogh, Shannon (6 June 2020). "Shift4 Payments just surged 46% in its public-market debut. Its CEO walked us through the 300-meeting virtual road show it took to launch the IPO". Business Insider. Retrieved 9 July 2020.
  8. ↑ Nivedita, C; Manikandan, Abhishek; Hussain, Noor Zainab; Franklin, Joshua (5 June 2020). "Shift4, Legend Biotech surge in banner week for U.S. IPOs". Reuters. Retrieved 3 July 2020.
  9. ↑ Salamone, Anthony (22 March 2018). "Lehigh Valley credit card processing company won't relocate headquarters". The Morning Call. Retrieved 17 July 2020.
  10. 1 2 Nariyanuri, Sampath Sharma (17 January 2018). "Lighthouse Network buys payment processing company Shift4". S&P Global Market Intelligence. Retrieved 6 July 2020.
  11. ↑ "Shift4 Payments Acquires 3dcart Ecommerce Platform". 2020-11-05.
  12. ↑ "Shift4 Payments Rebrands 3dcart, Launches eCommerce Platform Shift4Shop". 2021-01-27.
  13. ↑ "Shift4's acquisition of VenueNext paves way for payments in sports, entertainment". 2021-03-10.
  14. ↑ Spiro, James (29 March 2022). "Finaro outlines its future plans following acquisition by US-based Shift4". CTECH. Retrieved 10 April 2022.
  15. ↑ "Shift4 Payments Announces Pricing of Public Offering of Class A Common Stock". Yahoo Finance. 10 September 2020. Retrieved 5 October 2020.
  16. ↑ "Payment Methods Shift4 Introduces Contactless QR Pay Tech". PYMNTS.com. 24 June 2020. Retrieved 22 July 2020.
  17. ↑ Kudo, Hikaru (29 July 2020). "Raiders Thinking Ahead with Shift4 Payments Partnership". Sports Illustrated. Retrieved 5 October 2020.
  18. ↑ Salamone, Anthony (2020-06-05). "Lehigh Valley's Shift4 Payments files to go public with initial price offering". The Morning Call. Retrieved 3 July 2020.
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