Shift4 Review (2024) – Pros, Cons, and Fee Breakdown

Shift4 offers a full suite of payment processing solutions for merchants across a wide range of industries. Here at MCC, our team has extensive experience working with Shift4, as many of our clients rely on this merchant services provider for credit card processing. 

Below you’ll find our insider take on Shift4, including some information that isn’t published anywhere else on the web. 

MCC Quick Take on Shift4

Shift4 is a major player in the payments space. Processing over $260 billion annually from over 200,000+ businesses, they shine above market alternatives for their robust technology and solutions for merchants in the food and beverage space. 

We typically find that most businesses using Shift4 are overpaying to process card transactions—usually by 0.20% to 0.30%. 

Shift4’s simple change pricing is confusing and deceptive. But if you can get on a true interchange-plus plan from Shift4 that charges around 5 basis points, it’s actually a pretty fair deal. 

Just be forewarned that Shift4 has a liquidated damages clause in its merchant account agreement. Try to get this removed from your contract if you haven’t signed yet. Otherwise, it’s going to be really expensive to cancel your contract down the road. 

What We Like About Shift4

• Credit card processing rates are negotiable (with the right approach)
• End-to-end processor and technology provider
• More than 500+ available integrations
• Ability to process over 100+ types of payment methods

Where Shift4 Falls Short

• Its “simple change” pricing is NOT a true interchange plan (which is somewhat deceptive)
• Shift4 requires some merchants to have a reserve account
• Liquidated damages apply for early account terminations
• They sneak in some fees that you shouldn’t have to pay (hoping you won’t know)
• Processing rates aren’t publicly available online

Here’s the latest Shift4 Merchant Processing Agreement that contains all the terms and conditions of using Shift4 to process payments. 

Breaking Down Shift4’s Pricing and Credit Card Processing Rates

Shift4’s pricing structure can be a bit confusing. They have a simple change pricing option that appears similar to interchange plus, but it’s actually a bundled interchange pricing plan. This means that it’s about 0.20% to 0.30% more expensive for merchants—and it’s not a true interchange plan. 

You can typically save about 25 basis points (0.25%) per transaction by switching over to a true interchange plus structure.

Let’s say you’re processing $500,000 per month via Shift4. This simple switch to interchange plus could save you about $15,000 annually.

We’ve spent a lot of time over the years negotiating with Shift4 on behalf of our clients. So know their “bottom line” numbers.

With that in mind, we believe your Shift4 discount rate should be close to 5 basis points (0.05%) or about 0.04% + $0.04 per transaction above interchange. If you’re currently paying that amount to process payments with Shift4, then you’re getting a fair deal. But if you’re paying significantly more, then there’s definitely room to negotiate and save money. 

Shift4 Fees to Look Out For

Beyond Shift4’s processing rates, you should also keep a close eye on your statements for additional fees that could potentially be removed. There are a few that we see fairly often when we’re auditing statements for our clients.

Keep an eye out for Amex fees if you have a direct agreement with American Express.

This applies to merchants processing over $1 million in Amex transactions per year. If you have a direct agreement with Amex, then Shift4 shouldn’t be charging you extra on top of that. You should see American Express listed as a third party batch amount on your statement. 

Sometimes Shift4 charges an Amex Support Fee on monthly statements. But this is a bogus charge that can definitely be removed—regardless if you’re on an OptBlue plan or direct agreement. If you ask Shift4 to remove this fee from your statement and they won’t do it, reach out to our team here at MCC for assistance. We can contact Shift4 on your behalf to request the removal (and potentially get you reimbursed for previous instances of this charge).

You should also monitor your Shift4 statements for various authorization fees. 

Authorization fees are 100% negotiable. So don’t take those numbers at face value. 

Latest Shift4 Rate Increases, Updates, and Noteworthy News

In May 2024, Shift4 announced its plans to acquire Revel POS for $250 million in cash. They’re hoping to close the deal by July 1, 2024. 

We actually heard this announcement in an email from Revel CEO (Greg Dukat) before the official Shift4 announcement. Since we have clients using both systems, it was refreshing to see Revel so transparent about what to expect and immediately notify its customers about what’s ahead. 

Here’s a copy of the initial announcement from Revel:

We’ll continue to monitor this story as it’s still developing. 

But since Revel specializes in POS systems for restaurants, we’re expecting these capabilities to be integrated into Shift4’s SkyTab POS system (also for restaurants). 

See a complete history of Shift4 updates and rate increases here. 

Should You Switch to Shift4?

Switching credit card processors is rarely a good idea, and this holds true for Shift4 as well.

Most businesses consider switching to Shift4 as a way to save on credit card processing fees, and it’s possible that Shift4 or a third-party agent even quoted you at a lower rate than you’re currently getting. But those short-term savings aren’t always guaranteed, and it’s much easier to negotiate directly with your current processor compared to switching providers altogether. 

However, there are some exceptions that I can get behind to make the switch. If you’re currently on a flat-rate plan through a PayFac or aggregated merchant account (Square, PayPal, etc.), then switching to Shift4 could definitely help save you money on credit card processing.

Shift4 also runs some tempting promotions to attract new customers. Last year, they offered a $5,000 signing bonus to restaurants switching to Shift4’s SkyTab POS. They also offered to pay those restaurants $1 for every order within the first three months using SkyTab. 

So if you’re currently paying around 4% per transaction from another processor (and can’t get your rates lowered), switching to Shift4 might make sense for you—especially if you’re able to get a signup bonus like the one mentioned above.

Disclaimer: Merchant Cost Consulting is NOT affiliated with Shift4 and we are NOT offered any type of compensation for referrals. We have NOT been compensated by Shift4 (or any other processor) for writing this review.

Should You Terminate Your Shift4 Merchant Agreement?

I don’t think it’s a good idea to terminate your merchant agreement with Shift4. Here’s why.

First and foremost, Shift4 has a liquidated damages clause in its merchant agreements. Here’s a closer look at Shift4’s contract terms from Section 8.5.4. Equipment Fee; Early Termination Fees:

In simple terms, Shift4 will charge you liquidated damages for every month remaining on your contract. This number is based on the average fees you’ve paid to Shift4 over the 12-month period prior to canceling your account (excluding interchange fees). 

So if you cancel with a year left on your agreement, you still have to pay Shift4 for what they would have made from your account (based on the average fees paid) over the next year—without them doing any of the actual work. 

This is a home run for them (and awful for you). 

Normally, a percentage of the fees you pay to Shift4 will go towards their operating costs and expenses they incur to process your transactions. But with liquidated damages, they don’t incur any added costs and they’re still getting the same amount of money from you. 

This is why we advise our clients to avoid liquidated damages clauses at all costs. But if you already have a clause like this in your Shift4 merchant agreement, then it’s likely too late to amend it, and it will probably be too expensive to cancel. 

Rather than terminating your agreement with Shift4, you can stay with them and take steps to negotiate your rates. If you need help with these negotiations, just reach out to our team for assistance, and we’ll handle everything on your behalf. 

Our Shift4 Review Methodology

We do things differently here at Merchant Cost Consulting—which is why our reviews of credit card processors and merchant services providers are the most trustworthy sources on the web. 

• We’ve analyzed and audited hundreds of Shift4 statements from different businesses.
• Our team has years of experience dealing with Shift4 directly and negotiating rates on behalf of our clients.
• Shift4 doesn’t compensate us for referrals, and we’re not being compensated by any other affiliate partners for writing this review. 
• We’ve successfully lowered rates for our clients and removed bogus fees from their Shift4 statements (so we know which ones are legit, and we can tell if you’re overpaying). 
• Since we analyze thousands of processing statements every year (from hundreds of merchant services providers), we know how Shift4 stacks up against the crowd. 
• We’re sharing insider tips, information, and real numbers that you won’t find anywhere else on the web (not even on Shift4’s website).

Sick of biased reviews that just push sign-ups and regurgitate what’s already written on the processor’s website? Us too. 

That’s why MCC is committed to delivering real value to our readers based on our unique positioning within the payments industry.  

Our Final Verdict on Shift4

Shift4 is solid for restaurants and retailers looking for processing, technology, and POS hardware under one roof. They also have a breadth of integrations that make it easier to accept different payment types and connect with other tools your business is using.

While Shift4 isn’t the most expensive processor on the market, they typically inflate charges about 0.30% higher than you should be paying. And while not overly egregious compared to competitors, we typically find at least a few extra fees on Shift4 statements that can be negotiated lower or removed altogether (like Amex support fees).

If you’re thinking of switching to Shift4 or terminating your agreement with Shift4—wait, don’t switch yet. Get a free audit and analysis from our team to see if you can save money without switching. 

Trust me, switching your service provider is complicated. It’s easier and cheaper to go this route.

Is your business using Shift4 to accept card payments? Drop a comment below to let us know about your experience and any questionable fees on your monthly statements.