Shift4 Payments: Merchant Transaction Volume Continues to Grow
06 Juli 2020 - 3:23PM
Business Wire
Early Coronavirus-Hit States Among Those
Experiencing Biggest Transaction Volume Increases since May
Shift4 Payments (NYSE: FOUR), the leader in integrated payment
processing solutions, has revealed that merchant transaction volume
continues to increase across the country despite surging cases of
the novel coronavirus. In the third of a series of updates since
the pandemic began to impact the United States, the data suggests
that businesses are finding ways to drive sales even in the face of
difficult economic and social conditions.
Shift4’s transaction data, posted daily on www.Shift4Cares.com,
indicate that 43 states are 10% or more above their transaction
volumes from the last week in May, which were already significantly
higher than the low point in late March. Among the states
experiencing the most rapid growth during this period are those
where the coronavirus impact was felt early on; New Jersey has
increased 62% since May, Pennsylvania is up 70%, New York is up
67%, and California is up 38%. Texas and Oklahoma are the only two
states experiencing transaction declines from the week beginning
May 31 when compared with the week beginning June 28.
When compared to the low point in March, the rebound is even
more dramatic, with all 50 states seeing an increase in transaction
volume. Even states that have seen a recent uptick in cases are
still well above their “trough” levels in March, with transaction
volumes in Texas up 168% since March, Florida up 155%, and Arizona
up 128%.
“We know there is still a long way to go, but it’s really
encouraging to see such significant payment volume recover across
the country,” said Jared Isaacman, CEO of Shift4 Payments. “I think
it speaks to the resiliency of our economy and I give a lot of
credit to small business owners who have clearly adapted to models
like take-out, delivery, curbside pickup and contactless payment
solutions like our SkyTab and QR Pay products.”
As of the week beginning June 21, Shift4 processed over 19.7
million payment transactions, up 164% from the March lows. Shift4’s
end-to-end payment volume for June was also higher than the same
period in 2019. This data suggests that despite the uncertainties
associated with the macro environment, merchants have become more
creative in how they conduct commerce in order to continue driving
revenue during these challenging times.
About Shift4 Payments
Shift4 Payments (NYSE: FOUR) is a leading provider of integrated
payment processing and technology solutions, delivering a complete
ecosystem of solutions that extend beyond payments to include a
wide range of value-added services. The company’s technologies help
power over 350 software providers in numerous industries, including
hospitality, retail, F&B, e-commerce, lodging, gaming, and many
more. With over 7,000 sales partners, the company securely
processed more than 3.5 billion transactions annually for over
200,000 businesses in 2019. For additional information, visit
shift4.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20200706005328/en/
James McCusker Managing Director Solebury Trout
jmccusker@soleburytrout.com
Nate Hirshberg Vice President, Marketing Shift4 Payments
nhirshberg@shift4.com
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