DOLLARS ON THE NET Processes Record Number of Transaction Dollars In Third Quarter
LAS VEGAS, Nevada, October 6, 2003 – DOLLARS ON THE NET, Shift4’s web-based e-payment solution with real-time electronic payment authorization, settlement, reporting and fraud control capabilities, settled over 9 million transactions, representing the movement of over $1.6 billion, in the third quarter of 2003. This surpasses the total amount of settled transactions processed in all of 2002.
“DOLLARS ON THE NET has gained a significant foothold within the retail, hospitality and e-payment industries in a relatively short period of time,” said Steve Sommers, Vice President of Applications Development, Shift4. “I think this can be contributed to the strength of the Application Service Provider model and the ease of use of our new system. While the third quarter of this year had four times the number of transactions as the same period last year, we actually had 20% less support calls to our Support Center.”
A significant number of new accounts were signed in the third quarter, including Hoover Foods (operators of 40 Wendy’s locations), La Costa Resort and Spa and Kohler’s American Club. These clients were drawn to the speed, reliability and security of the hosted DOLLARS ON THE NET solution, as well as Shift4’s continuing commitment to offering additional functionality. The third quarter alone saw the introduction of Canadian PIN-pad debit capabilities and the significant expansion of Shift4’s premium gift card solution, IT’S YOUR CARD(R). Also contributing to the record third quarter was the highest average transaction amount in the industry.
“I’m thrilled by our performance in the third quarter. To be able to continually grow, and grow so significantly, in the face of so much regulatory change and industry upheaval is truly a testament to the strength of our products and our people, as well as the trust inspired in our customers by our stability, financial independence and decade plus experience in the industry,” stated J. David Oder, President & CEO, Shift4.
About Shift4 Corporation
Shift4, a leading developer and provider of financial transaction processing software and services, provides enterprise e-payment solutions for leaders in the hospitality, retail, foodservices, and e-commerce markets. Shift4’s DOLLARS ON THE NET(R) application is the most comprehensive credit, debit and private label card solution available. Through connectivity to most of the major processors, including Vital Processing Services, Global Payment Services, Fifth Third Bank, NDC Canada, First Data Corporation, American Express, Paymentech, Nova Information Systems, Chase Merchant Services, Bank of America, First Horizon Merchant Services and Planet Payment, DOLLARS ON THE NET provides both high speed and low cost authorizations and settlements. DOLLARS ON THE NET also includes a comprehensive accounting application that provides the ability to report, review and correct transactions before settlement, as well as archive and retrieve them to assist with charge back requests. Shift4’s solutions are designed to integrate with virtually any POS/PMS systems and interface partners include Micros, RunIT, Aloha, Retail Pro, Smyth Systems, Digital Dining, Spa Soft and InnQuest. For more information, contact Shift4 at (702) 597-2480 or visit them online at www.shift4.com.