DELUXE CORP — Director's Dealing 2004

May 6, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DELUXE CORP (DLX)
CIK: 0000027996
Period of Report: 2004-05-04

Reporting Person: TREFF DOUGLAS J (Sr. Vice President and CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-05-04	Common Stock	A	1125	—	Acquired	21871	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-05-04	Common Stock Option	$42.35	A	5400	Acquired	2011-05-04	Common Stock (5400)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Restricted Stock Units	904	Direct

Footnotes

F1: Restricted stock units were awarded on 1/26/04 (904 units) under the Company's Stock Incentive Plan. The units will vest and be converted into common stock on the anniversary of the date of grant if, subject to certain exceptions, the holder remains in the employ of the Company through such date. Award results from an election to receive a portion of the holder's 2003 incentive compensation in restricted stock units in lieu of cash.

F2: Options were granted under the Company's Stock Incentive Plan on 10/26/00 (60,485 shares at $16.42 per share), 3/14/02 (36,000 shares at $47.67 per share), 3/10/03 (36,000 shares at $38.54 per share) and 5/4/04 (5,400 shares at $42.35 per share). Option granted prior to 1/1/01 have a term of ten years from the date of grant and options granted after 1/1/01 have seven year terms. One-third of the options vest and become exercisable in equal installments on each of the three succeeding anniversaries of the date of grant if, subject to certain exceptions, the holder remains in the employ of the Company through the applicable vesting date.