CardFlight Data: SMB Card Data Indicates Steady Incremental Growth
7-16-2020
The latest Small Business Impact Report from ETA member CardFlight, a payments technology and mobile point-of-sale firm, has found that sales for small businesses have remained steady in incremental growth in July as the COVID-19 pandemic continues.
According to an analysis of their card volume, small business sales were up 1.2 percent in early to mid-July, steadily up over the proceeding weeks. Overall sales have been consistent since early June, CardFlight reports. They remain above the March 3rd to Match 8th “pre-COVID baseline” by over 20%. Transaction counts, after experiencing a holiday boost during the Fourth of July, have returned to a 13.7 percent increase over the pre-COVID baseline.
Notably, CardFlight reports that the number of active small businesses is just 1 percent below the pre-COVID baseline. By comparison, last week the number of active small businesses was 2.2 percent below the baseline; in mid-May, it was 14.4 percent below the baseline.
Contactless payments continues significant growth over pre-COVID baselines at small businesses. This week, the number of contactless transactions was 94 percent higher than pre-COVID levels. Late June and early July saw a high since the beginning of the pandemic – contactless payment transactions were 104 percent higher.
Click here to read the full report.
About ETA
The Electronic Transactions Association (ETA) is the global trade association representing more than 500 payments and technology companies. ETA members make commerce possible by processing more than $6 trillion in purchases in the US and deploying payments innovations to merchants and consumers. Learn more: www.electran.org.
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