Friday, October 16, 2020
Noting that Deluxe has invested more than $12.6 million in the 172,000 square foot facility, McCarthy said he plans a grand opening with public tours of both centers in the spring of 2021. "Our centers will be true, collaborative, interactive spaces where we will bring together not only our experts, but customers, partners, entrepreneurs and university students to ideate and create breakthroughs for our customers in the digital economy," he stated.
McCarthy described metropolitan Atlanta as an ideal showcase for fintech, payments and cloud solutions due to the area's high concentration of companies specializing in electronic transaction processing and technology.
McCarthy pointed out that Deluxe has been innovating for more than 100 years, evolving from a paper check manufacturer to a technology solutions company that helps businesses pay and get paid, accelerate growth, and operate more efficiently.
While the company is well known as a legacy check printer, it is also a leader in business-to-business payments; most people have no idea that Deluxe has that type of scale, McCarthy noted. The company's technology suite includes payments, cloud and data solutions, as well as promotional services and checks. Deluxe currently processes $2.8 trillion annually, serving approximately 4.5 million small businesses and more than 4,000 financial institutions.
"Our business is growing," McCarthy said. "In the first quarter, our business grew in the high teens and in the second quarter, we grew in the middle teens, so our business growth has been very strong. We will accelerate our growth even more aggressively in payments and cloud delivered services."
In the beginning of 2020, McCarthy led a company-wide reorganization to accelerate growth, creating separate business units for payments, cloud-based services, promotional products and legacy check services. He also committed to building an innovation lab to support the company's talented engineers, developers and product managers.
"We've committed to Atlanta to be the epicenter where application developers, engineers, product managers and customer can come together to help us think about the future," McCarthy said. "It's a very collaborative approach across the enterprise, very much like you would see in a technology company, where we bring all these things together to grow our products."
In addition, the company will invest in new partnerships with young companies to help them scale and become part of the Deluxe ecosystem, McCarthy stated. "We think the value we can help create for those companies and for our own shareholders are access to capital, and perhaps even more importantly, access to customers, customer feedback, customer insight and our massive technology infrastructure," he said.
In the near term, McCarthy expects to focus on young companies that are commercially viable for Deluxe and its customer base, especially within three categories: payments services, accounts receivables- and accounts payables-as-a-service, and small business cash. "We have an established footprint in all three areas, with [solutions] that improve speed and efficiencies," he added. "And we think, over time, that these services will become even more digital."
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