Seasonal expectations of a September slowdown in payment volume failed to fully materialize, suggests new data from Shift4 Payments Inc.
Its data shows that payment volume was relatively consistent through August and September in most of the country. Though the hospitality segment continues to experience lower transaction volumes compared to the pre-pandemic period, overall transaction volume compared to the week of March 22 is up 194% in California, for example, up 170% in Mississippi, and up 272% in New Jersey.
“We have observed strong payment-volume recovery throughout the summer, but September is particularly interesting,” Jared Isaacman, Shift4 founder and chief executive, said in a statement. “The hospitality industry typically experiences a seasonal volume decline in the fall. The seasonality was less pronounced in our data, with several states processing volume consistent with the prior month. These positive trends are very encouraging and indicate that business owners, and their patrons, are adapting to this challenging situation and embracing safe ways to engage in commerce.”
Allentown, Pa-based Shift4’s weekly data shows that volume at restaurants was up 204.7% for the previous seven days compared with the week of March 22.
In related news, PSCU, a St. Petersburg, Fla.-based credit union service organization, said earlier this week card-not-present purchases made with a debit card at restaurants increased 112% for the week ending Sept. 27 compared with the week ending Sept. 29, 2019. Credit card CNP purchases increased 91.4%.
“In this week’s deeper dive into the restaurant sector, we saw that card-not-present activity continues to grow exponentially year over year. Both of these trends are good indicators of the continued behavioral changes and adaptation of both consumers and businesses in a post-pandemic environment,” Glynn Frechette, senior vice president of Advisors Plus Consulting at PSCU, said in a statement.