Shift4
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| Shift4, Inc. | |
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| Type of Company | Private |
|---|---|
| Founded | 1994 |
| Headquarters | Las Vegas, NV, USA |
| Key people | CEO: J. David Oder |
| Industry | Payment Processing |
| Products | $$$ ON THE NET |
| Revenue | N/A |
| Operating income | N/A |
| Net income | N/A |
| Employees | 80 (2006) |
| Slogan | N/A |
| Website | Shift4 |
Shift4, Inc. is a provider of Payment Processing services based in Las Vegas, Nevada. The company's core product is payment gateway services.
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[edit] History
Shift4 Corporation started out in Irvine, CA in the early 1990's. They were a spin off from an accounting firm. J. Dave Oder, Kevin Cronic and Steven Sommers used to work for. They took a design concept of auditing credit card transaction, before submitting to bank, and developed the Microsoft DOS application $$$ In the Bank (dollars in the bank). Many hotels including Hilton hotel chains took notice quick and bought hundreds of site licenses for use. What made this software unique and a great buy was its ability to pre-authorized then void transactions if necessary and to send full data to banks during authorization of credit cards. This allowed the discount rate of business transactions to drop significantly for "high ticket average" businesses, such as hotels and casinos. By paying penny's per transaction to Shift4, companies started to see transaction fee savings in the thousands.
In a bid to expand their business, Shift4 released $$$ In the Bank Windows edition in 1998. This allowed companies to have more then one application running on an IBM compatible PC. Now companies could have their Point of Sale software fully integrated with their credit card authorization software.
In 1999 Shift4 introduced $$$ On the Net which was delivered in the ASP Model. Companies with an Internet connection could connect to Shift4 via VPN technology and get fast authorizations without expensive development cost and major upgrades. This has since turned into their flagship core product and both versions of $$$ In the Bank are no longer sold. As of September 2003 $$$ In the Bank for DOS was fully phased out of support.
[edit] Origin of Company Name
From their webpage, "To solve the Shift4 riddle, hold down your "Shift" key while pressing the "4" key. What do you see? A dollar sign. And that's our core function: turning customers' credit and debit transactions into dollars in the bank, quickly, accurately and securely."[1]
[edit] Products and Technology
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[edit] Accounting
$$$ ON THE NET is a comprehensive credit card accounting application. This application allows merchants to audit sales data prior to settlement. The service is the companies bread and butter, as it provides ability for their clients to reduce cost of transactions to banks.
[edit] Fraud prevention
$$$ ON THE NET offers FRAUD SENTURY® a system witch allow their clients to monitor and prevent employee fraud.
Shift4's Tokenization technology removes all the credit card data from systems.
[edit] Transaction Processing Technology
Speed: Becuase their core product, $$$ On the Net, is an ASP application, they are able to authorize transactions under 3 seconds.
Reliability: Company has setup redundant data centers and redundant servers to provide high uptime averages (99%).
Security: Shift4’s expertise in credit card security spans over twelve years, including certified compliant with the Payment Card Industry Data Security Standards (PCI DSS). [1]
