Every time a shopper swipes their debit
card, a Michigander gets a job. That's at least what it seems like now that North American Bancard is expanding its Troy offices and plans to create 1,500 new jobs.
The firm, founded in 1992, is a leader in
the electronic payments industry. It creates credit card e-commerce technology,
both hardware and software. If you swipe your debit or credit card, then there
is a good chance you're using North American Bancard products.
The company processes more than $5 billion annually
from 90,000 active customers. It's business has doubled each of the past three
years and expects its work force to double in the year. To accommodate this, North
American Bancard is investing $25 million to purchase and renovate a new
facility in Troy, choosing it over a site in Florida.
"North American Bancard is the kind of
dynamic company that is helping us transform and diversify our state's
economy," says Gov. Jennifer Granholm. "This expansion, and the
nearly 2,000 new jobs it will create, is further evidence that we are a great
state for companies to grow and do business."
However, this type of investment doesn't
happen without some sort of incentive. The Michigan Economic Development Corporation
sweetened the pot with a $21.5 million tax credit over 12 years. More than $691.6
million in personal income is expected to be generated by Michigan workers employed by North American
Bancard during the life of that tax credit.
Source: Michigan Economic Development Corporation
Writer: Jon Zemke