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: EILERS RONALD E (President and COO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-05-04	Common Stock	A	2170	—	Acquired	56711.12	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-05-04	Common Stock Option	$42.35	A	10650	Acquired	2011-05-04	Common Stock (10650)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Restricted Stock Units	2154	Direct

Footnotes

F1: Restricted stock units were awarded on 1/26/04 (2,154 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: Includes 572 shares acquired under the Company's Employee Stock Purchase Plan on February 2, 2004.

F3: Options were granted on 1/26/01 (26,667 shares at $20.24 per share), 3/13/02 (110,000 shares at $47.67 per share), 3/10/03 (110,000 shares at $38.54 per share) and 5/4/04 (10,650 shares at $42.35 per share). Options 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 such dates.