Shift4 Payments (NYSE: FOUR), the leader in integrated payment processing solutions, has revealed that merchant transaction volume in the United States climbed throughout July and August as states endeavored to slow the spread of the novel coronavirus. In the fourth of a series of updates since the COVID-19 pandemic began to impact the United States, Shift4’s transaction data suggests that businesses continued to find momentum in the summer months even as they grappled with the new reality of capacity restrictions and social distancing guidelines.
Shift4’s transaction data, posted daily on www.shift4cares.com, indicate that 47 states have seen a lift in August transaction volumes when compared with totals from two months prior, with more than half of all states showing an increase of greater than 20%. In particular, states such as New Hampshire and Massachusetts more than doubled their transaction volumes with increases of 114% and 112%, respectively. Among other states which evidenced growth over the summer: New York increased 67% in August from its June totals; New Jersey is up 47%, Pennsylvania is up 32%, and California increased 28%. Kansas, Arizona, and Oklahoma are the only three states which saw a drop in monthly total transaction counts over this period.
Shift4’s end-to-end payment volume also continued to grow off of a strong July. End-to-end payment volume in August was up 25% year-over-year and nearly 10% month-over-month.
“We are always impressed with the resiliency of our customers in the restaurant and hospitality markets. They are doing a great job implementing social distancing practices, contactless payments, online ordering, QR Pay and other measures to safely engage in commerce with their patrons. The results of these efforts were very apparent in August, which was the highest end-to-end volume month in our company’s 21-year history,” said Jared Isaacman, Founder and CEO of Shift4 Payments. “Despite being faced with near constant challenges including shifting regulations, COVID-related uncertainty and severe weather throughout the summer, our merchants continued to persevere.”
