Analyzing small-biz spending during the pandemic
Derek Webster, founder and CEO of the mobile point of sale provider CardFlight, talks with Daniel Wolfe, editor-in-chief of PaymentsSource, about the data CardFlight collects on small-business spending, which it updates every week during the coronavirus pandemic.
CardFlight's interactions with merchants and their acquirers give it insight into how small businesses are performing during the crisis. The company tracks trends such as contactless adoption, overall sales volumes and other factors that can change drastically from week to week.
There are some surprises here, according to Derek Webster, CardFlight's CEO. Are contactless payments really taking off? What are the factors that determine if a business was able to remain active during the lockdown? Does it vary by vertical, or is it more about the technology in use at each company?
And — most critically — which new payment habits are most likely to outlast the pandemic?