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 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.
