Square's gross payment volume tumbled by 15% year-over-year due to COVID-19’s impact, but revenue jumped as online selling rose, Cash App doubled in users and Square enabled almost $900 million in PPP loans.
Alfie’s Beer Bus found a niche as an offbeat character at events in the U.K. — like an ice cream truck, only with alcohol. Then the coronavirus came.
When the coronavirus pandemic began, Square pushed hard to get a bigger share of merchants' online sales and consumers' stimulus spending — and even received its long-desired bank license — but found that this wasn't enough to offset the effects of the crisis.
Merchant acquiring is a very face-to-face, sales-oriented business. And that culture has to change before any acquirers can convince their clients that they know how to adapt to the coronavirus pandemic.