Payment Processing Data Shows Severe Impact on Hotels and Restaurants; California, New York, Pennsylvania, Texas Lead Dramatic Declines.
Shift4 Transaction Data Highlights Economic Impact of COVID-19 (Photo: Business Wire)
ALLENTOWN, Pa. & LAS VEGAS - Shift4 Payments, the leader in integrated payment processing solutions, has announced the launch of Shift4Cares.com, a round-the-clock online resource for government agencies, news outlets and businesses affected by COVID-19. The website offers a wealth of valuable information on the economic impact of this pandemic and is part of Shift4’s initiative to raise over $200 million for restaurants and other small businesses — including up to $10 million contributed directly from the company.
Shift4 Transaction Data Highlights Economic Impact of COVID-19
As the leading payment processor for the hospitality industry, Shift4 Payments is in a unique position to assess the economic impact COVID-19 is currently having on restaurants, bars, hotels and various other business types. Shift4 securely processes over 3.5 billion transactions annually for more than 200,000 businesses nationwide, representing over $200 billion in payments each year. This amount of transaction data is a powerful tool in assessing the impact of COVID-19 on business communities across the country.
Data on the site for the last seven days shows that hospitality industry transactions are down significantly when compared to the week of February 2, with restaurant transactions down 74%, hotels down 86% and all other industries down 64%. While the impact has been felt across the country, the states leading the declines are California (91%), Pennsylvania (89%), Texas (89%) and New York (88%). Nationally, restaurant transactions declined from 42 million to 11 million during this time period, while hotel transactions declined from 144 million to 20 million. Nationwide and state-by-state data is available at Shift4Cares.com.
“Given the tremendous scale of our payment platform, the transaction data we have made available offers valuable insight into the effects that this pandemic is having on U.S. businesses,” said Jared Isaacman, CEO of Shift4 Payments. “The data is truly staggering, and our hope is that making it widely available will encourage the U.S. government to act on behalf of the country’s hospitality business community and provide the relief that these industries desperately need as a result of COVID-19.”
Shift4 to Raise Over $200 Million for Small Businesses
In addition to this transaction data, Shift4Cares.com includes the ability for consumers to support local hospitality businesses greatly affected by the Coronavirus crisis by purchasing gift cards, with Shift4 contributing an additional 5% of the amount spent to each merchant. Shift4 is working to raise over $200 million for the small business community through this gift card initiative — with Shift4 donating up to $10 million of the company’s own money.
Consumers can go to Shift4Cares.com to purchase gift cards for their favorite local restaurants and other businesses to provide their favorite establishments with much needed revenue during this difficult time. For every gift card purchased through the site, Shift4 Payments will contribute an additional 5% to the business — up to $10 million. For example, a $100 gift card purchase on the site would result in $105 for the merchant.
“While COVID-19 is impacting every aspect of the economy, restaurants and other hospitality businesses have been hit especially hard. As a company that serves the small business community, Shift4 wants to do everything in our power to help support these merchants. This is why we are kicking off this campaign to put over $200 million back into these businesses during this critical time,” said Isaacman.
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.