Deluxe Sees Double Digit Increase in Business Incorporation in 2020

Rhea-AI Summary

Deluxe (NYSE: DLX) reported a 10% increase in demand for its small business incorporation services in 2020 compared to 2019. This growth is attributed to a rise in entrepreneurs in sectors like construction, trucking, and online sales during the COVID-19 pandemic. The company supports around 4.5 million small businesses and believes this trend indicates optimism in the small business market. A recent Deluxe/Harris Poll revealed that 86% of Americans are concerned about the pandemic's effects on small businesses, highlighting the ongoing community support for entrepreneurs.

Positive

• 10% increase in demand for small business incorporation services in 2020.
• Support for approximately 4.5 million small businesses and over 4,000 financial institutions.
• Indication of optimism in the small business market following entrepreneurship trends.

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• None.

SHOREVIEW, Minn.--(BUSINESS WIRE)--Today, Deluxe (NYSE: DLX), a Trusted Business Technology™ company, announced that demand for its small business incorporation services increased 10 percent in 2020 over 2019. The increase was driven by incorporations of construction, trucking, cleaning services, online sales, consulting, food trucks, landscaping and real estate companies. The acceleration of entrepreneurship coincides with an increase in COVID-19 related unemployment and desire by more people to control their financial future by starting businesses.

“Small business owners are starting new ventures and careers in the middle of a pandemic,” said Barry McCarthy, President and CEO of Deluxe. “We think the increased use of Deluxe incorporation services is a leading indicator of small business futures and shows optimism in the small business market going into 2021. These entrepreneurs are risking it all, even at such an uncertain time. Deluxe has proudly supported the incredible pioneering spirit of small business owners for 105 years.”

Deluxe is a recognized leader in business services and products supporting 4.5 million small businesses, and more than 4,000 financial institutions. “Championing Business so Communities Thrive” is more than just a tagline. Deluxe technology and innovations support businesses throughout their lifecycle, from incorporation to maturity.

“Our analysis suggests many Americans are pivoting to entrepreneurship despite the headwinds of pandemic uncertainty,” said Garry Capers, president of Cloud Solutions for Deluxe. “Whether they were laid off from a corporate job or transitioned from one small business venture to another, the increase in small business formation signals continued confidence in the American dream of owning your own business. This acceleration follows a similar pattern following the economic downturn of 2007-08.”

This holiday season, Deluxe is bringing awareness to the need to support small businesses, especially when consumers may be relying on online options. A new Deluxe/Harris Poll of more than 2,000 Americans found that 86 percent are concerned about the pandemic-induced effects on small businesses within their communities. Yet people want to support small business owners, and entrepreneurs continue to start new businesses while finding new ways to keep their customers safe in communities large and small across the country.

“Small businesses are always going to be the lifeblood of the economy. If we can bring awareness, especially now, during the busiest retail time of the year, we can help new and established business owners thrive,” McCarthy said. “We have a storied history of supporting and cheering-on small businesses. Our support is more important than ever this year.”

From online purchases, to delivery, to socially distanced in-person experiences, small businesses have fully adapted to the new reality. Deluxe business experts know this first-hand, not only through their daily interactions with small business owners, and through the Deluxe Small Business Revolution television series, now in its fifth season. Annually, the public chooses one small town in the US to receive a $500,000 small business makeover from Deluxe. This year, when filming began in Fredonia, NY, Deluxe business professionals walked side-by-side with seven business owners to help them with products, services and business advice to survive COVID-19. The series can be viewed on Hulu, Amazon Prime and at www.smallbusinessrevolution.org.

For more information about Deluxe’s business incorporation services, visit www.deluxe.com/smallbusiness.

About Deluxe

Deluxe is a Trusted Business Technology™ company that champions business so communities thrive. Our solutions help businesses pay and get paid, accelerate growth, and operate more efficiently. For more than 100 years, we’ve been helping businesses succeed at all stages of their lifecycle, from start-up to maturity. Our powerful global scale supporting approximately 4.5 million small businesses, over 4,000 financial institutions, hundreds of the world’s largest consumer brands and processing more than $2.8 trillion in annual payment volume, positions Deluxe to be our customers’ most trusted business partner. To learn how we can help your business, visit us at www.deluxe.com, www.facebook.com/deluxecorp, www.linkedin.com/company/deluxe, or www.twitter.com/deluxecorp.