‘Transaction Alley’ reputation pays dividends for Atlanta, Deluxe CEO says
On a report card, 70% is often the lowest passing grade you can get — hardly something to brag about.
But metro Atlanta has a 70% figure it should flaunt, says Deluxe Corp. CEO Barry McCarthy.
Roughly seven out of 10 debit, credit and digital payments are processed in the Atlanta area, earning the region the nickname “Transaction Alley.” That reputation as the world’s payment processor has cultivated a thriving financial technology or fintech sector, which includes a large office by Deluxe in Sandy Springs.
“We wanted to be plugged into that ecosystem,” McCarthy said of his company’s decision to open a 170,000-square-foot technology center at 5565 Glenridge Connector in 2021. “The fintech industry is probably the one industry... that every consumer uses every day.”
Founded in 1915 in Minnesota, Deluxe became a powerhouse in the check printing industry. As time progressed and payment systems evolved, so did the company.
With more than 200 employees in Sandy Springs, McCarthy said Deluxe reached a pivot point when it joined Transaction Alley. He described the experience as “running into the fire,” being forced to adapt in the epicenter of the fast-moving fintech sector.
“The check business doesn’t change that often or that fast,” he said. “But electronic payments and data are very high-speed, high-changing and ever-evolving businesses.”
Since moving to Sandy Springs, Deluxe’s payments and data divisions eclipsed its check business as the largest parts of the company. McCarthy said it’s the first time an internal division has outgrown the legacy check business in the company’s 110-year history. He credited the brain trust of metro Atlanta’s talent pool with making the transition possible.
Six of the 10 largest U.S. payment processing firms are headquartered in Georgia, where the industry employs more than 30,000 people, according to the Georgia Department of Economic Development. McCarthy said the region’s payments prowess is a badge of honor that will keep Deluxe firmly planted in the Peach State.
“I think our transformation journey has been quite remarkable, and Atlanta has been a huge part of that,” he said
THE WATER COOLER
This column has been adapted from the August edition of The Water Cooler, The Atlanta Journal-Constitution’s LinkedIn newsletter about the office market and the workplace. Keep up with the latest insider commercial real estate news by subscribing on the AJC’s LinkedIn page.
About the Author
Zachary Hansen, a Georgia native, covers economic development and commercial real estate for the AJC. He's been with the newspaper since 2018 and enjoys diving into complex stories that affect people's lives.
