Restaurant Industry Sees a 45% Increase in Payment Transactions in the Last Seven Days vs. Low Point of March 22nd
ALLENTOWN, Pa. and LAS VEGAS — May 11, 2020 — (BusinessWire) — Shift4 Payments, the leader in integrated payment processing solutions, has detected a steady increase in merchant transaction volumes nationally as compared to the lows observed in March.
Shift4’s data reveals that the restaurant industry experienced a 45% increase in payment transactions in the last seven days versus the week of March 22nd, when volumes plunged to their lows. With travel still severely limited, transaction volume for hotels continues to remain muted with only a 3.9% increase nationally, yet these levels have stabilized and are not decreasing further. Shift4’s index for all industries outside of hospitality shows an impressive 62% increase during April and into May, suggesting many businesses are beginning to conduct commerce again.
States leading the increase in payment transactions since March lows include Oklahoma (up 189%), Texas (up 87%) and Florida (up 54%). Shift4 Payments anticipates this data will continue to evolve as states take further steps to reopen their economies.
“We’re very encouraged and pleased to see the transaction activity of our merchants pick up during April and into May” said Jared Isaacman, CEO of Shift4 Payments. “With restrictions beginning to ease nationwide, we see meaningful signs of hope that the worst of the pandemic is behind us and we can steadily turn our attention to helping these businesses, especially in the hospitality industry, get back on their feet.”
As the leader in integrated payment procession solutions, Shift4 Payments has unique insight into how industries are performing during this unprecedented time and this data has been made available on Shift4Cares.com, a round-the-clock online resource offering a wealth of valuable information on the economic impact of COVID-19. Shift4 securely processes over 3.5 billion transactions annually for more than 200,000 businesses nationwide, including over 21,000 hotels and over 125,000 restaurants, representing over $200 billion in payments each year.
About Shift4 Payments
Shift4 Payments is the leader in integrated payment processing, delivering a complete ecosystem of solutions that extend beyond payments to include a wide range of value-added services. The company’s groundbreaking technologies help power over 350 software providers in numerous industries, including hospitality, retail, F&B, e-commerce, lodging, gaming, and many more. With an expansive global footprint that includes 14 offices across North America and Europe and over 7,000 sales partners, the company securely processes more than 3.5 billion transactions annually for over 200,000 businesses, representing over $200 billion in payments each year. For additional information, visit shift4.com.
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