Shift4 Acquires VenueNext For New Presence In Stadiums, Theme Parks

Shift4, which provides integrated payments processing, has acquired VenueNext, which works in mobile commerce, point-of-sale and loyalty solutions, a press release says.

With the buyout, Shift4 will get a boost on its presence and capabilities in several verticals like stadiums and arenas, allowing the company to expand into things like universities, entertainment, theme parks, airports and more. VenueNext is utilized by teams in every major professional sports league, and colleges and other businesses utilize it, too, the release says.

The Shift4 connection now means those businesses will have access to Shift4’s services, which include mobile ordering, full-venue point-of-sale software, branded mobile applications, and a mobile wallet and loyalty engine.

The release goes on to note that Shift4 now has a one-stop-shop approach for the needs of in-venue commerce, including software, transaction gateway and payment processing.

Jared Isaacman, Shift4 Payments CEO, said the partnership would be a fruitful one.

“We couldn’t be more excited to welcome VenueNext to the Shift4 organization,” he said, according to the release. “We love their focus on the ‘fan & patron experience’ and making commerce simple and more enjoyable. In addition to jointly pursuing new opportunities, we intend to immediately offer Shift4’s end-to-end payments solution to VenueNext’s sizeable existing customer portfolio which spans across virtually every category of large venue across the country and internationally.”

Shift4 also recently introduced contactless payment methods through QR codes. The tech is called QR Pay, and the company says it will come at no cost to customers. The contactless pay market is a burgeoning one, expecting to hit a value of $4.68 trillion by 2027, a report by Grand View Research says.

The report notes the COVID-19 pandemic as a chief driver for the change as health officials told people to stop handling cash to avoid transmitting the coronavirus. Instead, contactless payments were recommended.