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: NACHSHEIM STEPHEN P (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-05-04	Common Stock Option	$42.35	A	1000	Acquired	2011-05-04	Common Stock (1000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	5471	Direct
Common Stock	1000	Indirect
Restricted Stock Units	9236	Direct

Footnotes

F1: Represents shares held by the Nachtsheim Family Trust.

F2: Represents restricted stock units received in lieu of directors' fees pursuant to the Company's Non-Employee Director Stock and Deferral Plan. The units will vest and be converted into shares of Common Stock when the holder ceases to serve as a director of the Company.

F3: Options were granted under the Company's Stock Incentive Plan on 5/6/96 (1,000 shares at $27.11 per share), 5/6/97 (1,000 shares at $24.62 per share), 5/7/02 (1,000 shares at $44.32 per share), 4/29/03 (1,000 shares at $44.28 per share) and 5/4/04 (1,000 shares at $42.35 per share). Options vest in three equal installments on the three succeeding anniversary dates of the date of grant, provided the holder remains a director of the Company. The options expire seven years after the date of grant.