Plastiq gathered data around small and medium-sized businesses (SMBs) to show how COVID-19 affected their spending and activation rates in Q2 2020 compared to Q4 2019 pre-COVID-19. SMBs were evaluated based on their industry category and geographical location. Businesses within each category were broken down into total user growth and new user growth.
In the United States:
• Average SMB spending was reduced by 21% in Q2 2020.
• Most payment categories have seen a significant reduction in payment volume.
• Some business activities increased during the pandemic, specifically in the food and beverage industry.
In Canada:
• Average SMB spending was reduced by 28% in Q2 2020
• Several payment categories have seen a significant reduction in payment volume caused by the pandemic.
