American payment processing company
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]
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]
US$731.4 million (2019)
