Shift4 Payments: Assessing Seasonal Trends Across the Country
09 Oktober 2020 - 2:00PM
Business Wire
Merchant Transaction Volume Remained Steady in
September Despite Anticipated Seasonal Slowdown
Shift4 Payments (NYSE: FOUR), the leader in integrated payment
processing solutions, continues to see improvement in merchant
transaction volume across America as businesses adapt to overcome
the impacts associated with the coronavirus. In the latest update
since the COVID-19 pandemic began to spread throughout the US in
early 2020, Shift4’s analysis of transaction volume suggest that
merchants experienced a strong and steady recovery throughout the
summer and into the fall despite the significant challenges they
have had to address such as capacity restrictions and social
distancing regulations.
Shift4’s transaction data, posted daily on www.Shift4Cares.com,
highlight trends throughout the Hospitality and Food & Beverage
industries. Despite an anticipated seasonal slowdown, payment
volume was relatively consistent between August and September
throughout the majority of the country, suggesting continued
recovery. Surprisingly, some states even grew transaction volume
month-over-month in September, including Arizona, Nevada, Utah,
California, and Louisiana, with New Mexico increasing 16% over the
previous month. California’s volume growth is especially notable
when considering the devastating wildfires they experienced
throughout most of the month. Another interesting trend can be
found in suburban areas benefiting from stay-at-home workers. For
example, New York City transaction volume remains depressed, but
areas of New Jersey, Connecticut and Westchester County are
benefiting from residents who are now spending more locally. In
certain weeks, the transaction volume in these areas exceeds
pre-crisis levels. This increased local spending comes at the
expense of travel-centric tourism economies such as Hawaii, which
continue to be heavily impacted by the pandemic.
Shift4’s end-to-end payment volume continues to grow as well,
with Q3 volume up over 20% when compared with the prior year. This
end-to-end volume growth can be attributed primarily to onboarding
new merchants to the Shift4 platform, many of which are adopting
contactless payment solutions such as SkyTab and QR Pay.
“We have observed strong payment volume recovery throughout the
summer, but September is particularly interesting,” noted Jared
Isaacman, Shift4’s Founder and CEO. “The hospitality industry
typically experiences a seasonal volume decline in the fall. The
seasonality was less pronounced in our data, with several states
processing volume consistent with the prior month. These positive
trends are very encouraging and indicate that business owners, and
their patrons, are adapting to this challenging situation and
embracing safe ways to engage in commerce.”
About Shift4 Payments
Shift4 Payments (NYSE: FOUR) is a leading provider of integrated
payment processing and technology solutions, delivering a complete
omnichannel ecosystem that extends 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 more information, visit
shift4.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20201009005280/en/
James McCusker Managing Director Solebury Trout
jmccusker@soleburytrout.com
Nate Hirshberg Vice President, Marketing Shift4 Payments
nhirshberg@shift4.com
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