Shift4 Payments: One Year Later, Data Shows Accelerating Recovery as Transaction Volume Grows
08 April 2021 - 2:00PM
Business Wire
March exhibited record-high end-to-end payment volume as
vaccinations roll out and states begin to ease capacity
restrictions.
Shift4 Payments (NYSE: FOUR), the leader in integrated payment
processing solutions, recently marked the one-year anniversary of
its launch of Shift4Cares.com, a website that the company created
to raise funds and increase awareness for U.S. merchants facing the
economic brunt of the COVID-19 pandemic. Since its launch, the site
has served as a resource for news outlets, businesses, and
government agencies, providing valuable transaction volume data to
assess the ongoing economic impact of the COVID-19 pandemic.
As the data on Shift4Cares.com has revealed, merchants in the
hospitality sector experienced a severe decline one year ago at the
pandemic’s start, with restaurant and hotel transactions plummeting
nearly 75% during March of 2020. The data has shown transaction
volume recovered somewhat steadily from May through October of 2020
but experienced declines throughout the holiday months of November
and December 2020 as cases spread and increased restrictions were
put in place. Since January 2021 there has been an accelerated
recovery in transaction volumes with March 2021 representing a 215%
increase from the pandemic “trough” level in April 2020.
This recent surge in transactions, along with many new merchants
joining the platform, drove a record-breaking month and quarter for
Shift4 in terms of end-to-end payment volume. March end-to-end
volume was $3.3B in 2021, up 40% from February 2021 and 82% from
the prior year. This is especially notable when considering that
many states are still operating with significant capacity
restrictions in place for businesses.
In looking at regional details, it is clear that spring break
travel is playing a significant role in transaction recovery. Five
of the top ten cities for transaction volumes in March were in
Florida, and Las Vegas entered the top ten for the first time since
the pandemic started. Hotel transaction volume was the fastest
growing industry category, although hotel transaction volume
remains ~20% below pre-pandemic levels.
“We are very pleased to see the early signs of a recovery within
the merchants we serve,” said Jared Isaacman, CEO of Shift4
Payments. “While there remains much progress to be made, there is
also genuine reason for optimism. As the hospitality sector
continues to improve and as vaccinations become even more readily
available, we look forward to the spring and summer months when
Shift4’s contactless ordering and payment solutions can also help
drive our return to stadiums and concert venues. Whether it’s a
restaurant kitchen that is bustling with life again or a concession
stand that is gearing up for the return of fans, these demanding
commerce environments can continue to benefit from Shift4’s
technologies.”
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 commerce-enabling services. The company’s
technologies help power over 350 software providers in numerous
industries, including hospitality, retail, F&B, eCommerce,
lodging, gaming, and many more. With over 7,000 sales partners, the
company securely processed more than $200 billion in payments
volume 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/20210408005487/en/
Media Contacts Nate Hirshberg Vice President, Marketing
Shift4 Payments nhirshberg@shift4.com
James McCusker Managing Director Solebury Trout
jmccusker@soleburytrout.com
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