A History in Card Services
Established in 2011, Capital Prepaid Services is a privately held company based in Sioux Falls, South Dakota. It is a sister company to Capital Services, an innovative card asset portfolio management and servicing company. Capital Prepaid Services has partnered with First American State Bank in South Dakota to provide sponsorship for a multitude of unique prepaid card programs, from reloadable, general purpose reloadable (GPR), government, and insurance cards to corporate cards, including incentive, reward, and payroll. But no matter the type of program, the firm follows the same unique, innovative consultative approach to providing low-cost, high-value BIN sponsorships to prepaid program managers. Utilizing a collaborative issuance, conversion, and onboarding process reduces time to market—even for the most complex of programs.
Charles Hendrickson, Chairman
Michelle Mueller, Chief Operating Officer and Chief Financial Officer
Michael Olafson, President
Charles Hendrickson has been with Capital Services, sister company of Capital Prepaid Services, for over 18 years, joining the company in 2000 as Chief Financial Officer. He moved into the Executive Vice President role prior to becoming President and CEO. He serves as the Chairman for Capital Prepaid Services. Through his tenure in bank controller and CFO positions, he has gained extensive experience in asset liability management, bank financial planning, and acquisitions. It was his initiative to understand and better report credit card profitability that resulted in Capital’s industry-leading ViPRSM system. He also championed the in-house development of Capital’s unique scorecard and statistical analysis competencies. Hendrickson began his career in public accounting with McGladrey and Pullen and later held a bankcard finance role at Citibank before his tenure in commercial banking. He has a degree in business economics from St. John’s University in Minnesota and is also a Certified Public Accountant.
Michelle Mueller joined Capital Services in April 2001, was appointed CFO in 2010 and COO in 2018. She is responsible for overseeing all servicing operations including financial reporting and controls, budgeting and forecasting, managed services, and financial and contractual analysis. She has close to 20 years of experience in a senior accounting role and close to 30 years of accounting experience. Michelle is a Certified Public Accountant and graduated from the University of South Dakota with a Bachelor of Science in Business Administration with an emphasis in Accounting. She is a member of the Capital Board of Directors.
Mike Olafson has been with CAPITAL Prepaid Services since 2014 and appointed President in 2018. Mike leads the product development, growth and expansion of the Prepaid BIN Sponsorship Initiative. Prior to joining CAPITAL in 2014, Mike held numerous leadership roles in Community Banking and Business Banking at Wells Fargo in the Dakotas. He has over 19 years of experience in the Financial Services Industry. He received his MBA from National American University and his BA from Northern State University.