ALLENTOWN, Pa. & LAS VEGAS – (BUSINESS WIRE) – Shift4 Payments (NYSE: FOUR), a leader in integrated payment processing solutions, recently celebrated the one-year anniversary of the launch of Shift4Cares.com, a website the company created to raise funds and raise awareness among U.S. traders facing the economic impact of the COVID-19 pandemic. Since its launch, the site has served as a resource for news agencies, businesses and government agencies, providing valuable data on the volume of transactions to assess the continuing economic impact of the COVID-19 pandemic.
As data from Shift4Cares.com revealed, hospitality traders experienced a severe decline a year ago at the beginning of the pandemic, with restaurant and hotel transactions plummeting nearly 75% during March 2020. The data showed that the volume of Transactions recovered steadily from May to October 2020, but experienced declines over 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 an increase of 215% in relation to the level of pandemic “depression” in April 2020.
This recent increase in transactions, along with many new merchants joining the platform, generated a record month and quarter for Shift4 in terms of end-to-end payment volume. March end-to-end volume was $ 3.3 billion in 2021, an increase of 40% over February 2021 and 82% over the previous year. This is especially noteworthy when considering that many states still operate with significant capacity constraints for business.
When examining regional details, it is clear that spring break travel is playing a significant role in the recovery of the transaction. Five of the top ten cities in volume of transactions in March were in Florida, and Las Vegas entered the top ten for the first time since the pandemic began. Hotel transaction volume was the fastest growing category in the industry, although hotel transaction volume remains about 20% below pre-pandemic levels.
“We are delighted to see the first signs of recovery in the merchants we serve,” said Jared Isaacman, CEO of Shift4 Payments. “While there is still a lot of progress to be made, there are also genuine reasons for optimism. As the hospitality sector continues to improve and vaccines become even more available, we look forward to the spring and summer months, when Shift4’s contactless order and payment solutions can also help drive our return to stadiums and training rooms. concerts. Whether it’s the kitchen of a restaurant that is bursting with life again or a concession stand that is preparing for the return of fans, these demanding trade environments can continue to benefit from Shift4 technologies. ”
About Shift4 payments
Shift4 Payments (NYSE: FOUR) is a leading provider of integrated payment processing and technology solutions, offering a complete omnichannel ecosystem that goes beyond payments and includes a wide range of services that enable commerce. The company’s technologies help power more than 350 software vendors in a variety of sectors, including hospitality, retail, F&B, e-commerce, hosting, games and many more. With more than 7,000 sales partners, the company securely processed over $ 200 billion in payment volume for more than 200,000 companies in 2019. For more information, visit shift4.com.