Central Payments, a division of Central Bank of Kansas City, is a leading national issuer of prepaid debit cards and delivers innovative financial products in collaboration with partner businesses. The bank, owned by the same family since opening in 1951, entered the payments space modestly in 2002 when it offered one of the industry’s first stored-value cards in its Kansas City branches. Central Payments was formed in 2014 with the hiring of a new President, South Dakotan Trent Sorbe, who was charged with leading the new division’s aggressive nationwide issuing goals.
Why Dell Rapids?
“It was important for us to be close to Sioux Falls, a hub for payment card issuing in the U.S., in order for us to recruit experienced payment card professionals,” said Trent Sorbe, President of Central Payments. “It was equally important for us to find a home in a welcoming community that shares our values and entrepreneurial spirit.”
Dell Rapids fit the criteria and Central Payments opened its doors in January 2015. “Most of our staff grew up in Midwestern communities like Dell Rapids and we think those small-town values have had a lot to do with our early success,” said Sorbe. “From the beginning, we felt welcomed by the local Chamber of Commerce, the Dell Rapids Economic Development Corporation, the office site developer, and the City of Dell Rapids.”
Fastest Growing Issuer in the U.S.
Central Payments is quickly setting itself apart in the marketplace.
“We are not a mass issuer catering to hundreds of partners,” said Sorbe. “We choose to work with a select number of highly reputable companies capable of significant growth verses the prevailing many-to-one issuing model embraced by our competitors.” Central Payments clients include market leaders like Bausch & Lomb and General Motors.
It’s an approach that is paying off. The Nilson Report, a national source for payments news and statistics, identified the company as the fastest growing prepaid issuer in the United States in 2016 with more than $106 million in purchase volume. Central Payments issued nearly 500,000 cards in 2017 and projects annual growth rates of more than 100 percent.
Expansion in Dell Rapids
That growth is fueling new job creation. The company expects to add 15 new professional-level positions in the next two years, bringing the total workforce to more than 40.
“It’s rare for a community the size of Dell Rapids to be home to a growing, nationwide financial services company,” said Doug Hainje, President of Dell Rapids Economic Development Corporation. “Central Payments’ workforce is predominantly made up of college-educated, salaried professionals who spur our local economy by shopping and living here.”
Central Payments’ growth has also required more space. Earlier this month the company extended its lease with Quartzite Investors another four years and is doubling its square footage by expanding into the west half of its current location. The project is expected to be complete in June and a grand opening will be held in early Summer.
“Our home here and the support of everyone in Dell Rapids is a big part of our success,” said Sorbe. “Choosing to expand locally was an easy decision.”