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: MOSNER LAWRENCE J (Chairman and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-05-04	Common Stock	A	5200	—	Acquired	137474	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-05-04	Common Stock Options	$42.35	A	25000	Acquired	2011-05-04	Common Stock (25000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Restricted Stock Units	9973	Direct

Footnotes

F1: Restricted stock units were awarded on 1/26/04 (9,973 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 compenstion in restricted stock units in lieu of cash.

F2: Includes 572 shares acquired under the Company's Employee Stock Purchase Plan on February 2, 2004.

F3: Options were granted under the Company's Stock Incentive Plan on 1/4/99 (80,000 shares at $27.44 per share), 1/14/00 (80,000 shares at $20.38 per share), 1/14/00 (42,500 shares at $20.38 per share), 5/9/00 (80,000 shares at $19.09 per share), 1/26/01 (150,000 shares at $20.24 per share), 3/14/02 (180,000 shares at $47.67 per share), 3/10/03 (200,000 shares at $38.54 per share) and 5/4/04 (25,000 shares at $42.35 per share). Options granted prior to 1/1/01 have a term of ten years, and options granted after 1/1/01 have seven year terms. With the exception of the 42,500 share option grant on 1/14/2000 (which vested in its entirety based on achievement of performance metrics), one-third of each option grant vests and becomes exercisable 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 such dates.