TSG Report: Massive Card Volume Declines for Many Businesses
5-27-2020
Payments consulting group and ETA member The Strawhecker Group (TSG) has released a new report today showing massive declines in credit and debit volume for American businesses.
According to TSG’s analysis of their Acquiring Industry Metrics (AIM) platform, 25 percent of all merchants nationally have experienced card volume declines of over 56 percent since February.
The median card volume decrease was 19 percent nationally, but the reductions varied by geography. New York, for example, saw a median decrease of 64 percent, where Florida, Texas and Ohio saw decreases of 49 percent and 41 percent respectively.
“When viewed in totality, the drop of card volume is staggering”, said Mike Strawhecker, President of TSG in a press release. “But it gets even more informative as you dissect the data by industry and geography. For example, half of the retail merchants in California lost at least 51% of their card volume when comparing April to February. For comparison, half of the retailers in New York lost at least 69% of their card volume. Personal Services and Dine-in Restaurants fared even worse in both states.”
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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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