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Shift4 Payments Inc. has reached an agreement to become the processor for timeshare rental and resale marketplace RedWeek.com. Under the terms of the deal, Shift4 will process RedWeek.com’s timeshare rental and membership transactions, handle direct customer billing and recurring payments, and manage chargebacks, fraud, and reporting capabilities.
A competitor to Airbnb Inc., Redweek has more than 3 million users and connects travelers with timeshare owners looking to rent or sell their weeks. The marketplace lists properties at more than 950 locations. Listings typically include kitchens, multiple bedrooms, and bathrooms. One point of differentiation from its competitors that Redweek touts is that renters get hotel-like amenities such as onsite pools, restaurants, front desk, housekeeping, maintenance, and security. Redweek.com also has a marketplace for timeshare owners looking to sell their property.
“RedWeek’s innovative approach to vacation rentals makes travel planning easy and affordable,” Anthony Perez, senior vice president of new verticals for Shift4 says in a statement. “Our integrated payment solution will further streamline this process to make the experience even easier and more frictionless for their customers.”
During the second quarter ended June 30, Allentown, Pa.-based Shift4 posted end-to-end payment volume of $26.8 billion, up 59% from the same period a year earlier. Net income for the quarter was $36.8 million.
In the company’s quarterly letter to shareholders, Shift4 chief executive Jared Isaacman said the majority of Shift4”s growth comes from processing for restaurants, hotels and strategic enterprise relationships, while processing for sports and entertainment venues and non-profit organizations remains a growing portion of its business.
