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Deluxe Corporation

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Deluxe Corporation
TypePublic
IndustryFinancial services
Founded1915; 111 years ago (1915), in Saint Paul, Minnesota
Headquarters
801 South Marquette Avenue
Minneapolis, Minnesota
,
United States 55402
Number of locations
39 locations - corporate offices, distribution and fulfillment centers (2024)
Key peopleBarry C. McCarthy (President and CEO)

Chip Zint (CFO)

Paul R. Garcia (Chairman of Board of Directors)
RevenueDecrease US$ 2.12 billion (2024)
Increase US$ 192.17 million (2024)
Increase US$ 53 million (2024)
Total assetsDecrease US$ 2.83 billion (2024)
Total equityDecrease US$ 621 million (2024)
Number of employees
4,981 (2024)
Divisions
  • Print
  • B2B Payments
  • Data Solutions
  • Merchant Services
Websitewww.deluxe.com Edit this at Wikidata
Footnotes
[1]

Deluxe Corporation is an American financial services company that provides payment processing, data services, checks and promotional products, and merchant services. It operates in four divisions: B2B payments, data, print, and merchant services. As of 2025, the company serves millions of small businesses and thousands of financial institutions, processing more than $2.8 trillion in payments annually.[2] According to its May 6, 2026 earnings call, 51% of the company's revenue is generated by its payments and data divisions.[3]

Founded in 1915 in Saint Paul, Minnesota, Deluxe relocated its headquarters to downtown Minneapolis in 2021.[4] The company operates facilities in the United States and Canada for production, fulfillment, and administrative functions.[4]

History

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1915–1959

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Deluxe Corporation was founded in 1915 as Deluxe Check Printers by William Roy (W.R.) Hotchkiss after obtaining a $300 personal loan.[5] Hotchkiss patented several printing innovations, including the Hotchkiss Imprinting Press (1925) and the Hotchkiss Lithograph Press (1928), as well as the first personal flat-pocket checkbook and holder.[6] For much of its early history, Deluxe operations focused exclusively on check printing, with business services added later.[6]

1960–1989

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In 1965, Deluxe became a publicly traded company and adopted magnetic ink character recognition (MICR) technology for check printing.[6] By the 1980s, competition in the check printing industry increased, and demand for printed checks began to slow.[7] In 1988, the company simplified the name to Deluxe Corporation.[8]

1990–2010

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The adoption of electronic payment systems in the 1990s reduced demand for printed checks, prompting Deluxe to diversify. The company began selling business forms, promotional products, and payroll services, and in the late 1990s and early 2000s acquired firms to expand transaction processing and software capabilities.[8]

In 2004, Deluxe acquired New England Business Services (NEBS), a small business products provider.[9] In 2008, Deluxe announced a strategic shift from primarily print products to a broader business services portfolio.[10] Acquisitions during this period included Hostopia (web hosting), Logo Mojo (logo design), PartnerUp (market intelligence), and MerchEngines (search engine marketing).[10]

2010–2015

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Deluxe continued to diversify by acquiring many companies in areas including marketing, payroll, and digital services.[10] Purchases included online printing service PsPrint, marketing firm OrangeSoda, email marketing platform VerticalResponse (2014),[11][12][13] and transaction processor Wausau Financial Services (2014).[14] The company also began offering electronic check (eCheck) solutions.[15]

In 2015, Deluxe launched Small Business Revolution, a reality television series distributed on Hulu and Amazon Prime Video, highlighting small business stories.[16]

2015–2020

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During this period, Deluxe sought to balance its declining print business with growth in digital services. In December 2016, the company acquired First Manhattan Consulting Group—better known as FMCG Direct—for approximately $200 million. FMCG Direct offered data-driven marketing analytics and insights for financial institutions. The deal enhanced Deluxe's data-driven marketing services and was integrated into its Financial Services segment.[17][AI-retrieved source]

In 2019, the company secured a contract with Synchrony Financial, providing opportunities to sell lockbox processing, data-driven marketing, and treasury management services.[18] In 2020, CEO Barry McCarthy implemented a new organizational structure and management team, including the company's first chief revenue officer.[18] The Small Business Revolution series gained recognition in 2021, including a Daytime Emmy Award nomination.[19]

While the company has accelerated its expansion into payments and data services under CEO Barry McCarthy, Deluxe's check printing business remains a significant revenue source and one of the largest in the U.S. market.[20]

2021–2026

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The company announced it would open a FinTech and Customer Innovation Center in Sandy Springs, Georgia, focusing on payment and cloud services.[21]

In April 2021, Deluxe acquired First American Payment Systems, a payment processing company, for $960 million, its largest acquisition at that time, doubling the revenue of its payments segment.[22]

Under McCarthy's leadership, Deluxe payments and data revenue grew significantly, from about 17% of total revenue in 2020 to more than 40% in 2025, while print continued to contribute roughly $700 million annually.[23] The company's "North Star" strategic initiative, launched in 2023, aimed to focus resources on high-growth segments, improve cash flow, and reduce debt.[24]

In August 2025, Deluxe acquired CheckMatch from J.P. Morgan’s Kinexys unit to expand its Deluxe Payment Network, which digitizes paper check delivery and integrates lockbox services.[25] McCarthy has stated that the Deluxe strategy is to continue growing in payments and data while maintaining its check printing operations as a profitable legacy business.[20] Deluxe agreed to acquire Celero Commerce, for $625 million, announcing the deal in June 2026.[26]

Company acquisitions

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This is a dynamic list and may never be able to satisfy particular standards for completeness. You can help by editing the page to add missing items, with references to reliable sources.
Year Company Business Notes
1994 T/Maker Computer software Acquired in 1994.[27] The software product lines were later sold to Broderbund.
2004 NEBS (New England Business Services) Small Business products, stationery Acquired for approximately $587 million.[28]
2008 Aplus.net, Hostopia Web hosting Acquired to expand online services.[10]
2008 VerticalResponse Email marketing Expanded Deluxe's digital marketing offerings[13]
2014 Wausau Financial Services Transaction processing Acquired to expand payments processing capabilities.[14]
2016 180fusion Digital marketing Purchase price undisclosed.[29]
2016 Liquid Web (assets)/RDM Corporation Web hosting and payment processing Purchased specific assets from Liquid Web; RDM provided banking software.[29]
2018 MyCorporation, LogoMix, First Data (assets) Incorporation services, logo design, merchant services Part of expansion into business formation and branding services.[30]
2021 First American Payment Systems Payment processing Acquired for $960 million, doubling payments segment revenue.[22]
2025 CheckMatch (from J.P. Morgan’s Kinexys unit) Digital lockbox, check digitization Integrated into Deluxe Payment Network to expand B2B payments capabilities.[25]
2026 Celero Commerce Payment processing Acquired for $625 million.[31]

Corporate overview

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Deluxe Corporation is a publicly traded company listed on the New York Stock Exchange under the ticker symbol DLX. Headquartered in Minneapolis, Minnesota[4] the company operates four primary business divisions: B2B payments, data, print, and merchant services.[28]

Through its payments platforms, Deluxe processes more than $2.8 trillion in annual transactions for clients that include small businesses, large enterprises, financial institutions, and government agencies.[2] The print division continues to produce personal checks, business checks, business forms, and other printed products for consumers and organizations.[28]

As of 2025, Deluxe remains one of the largest commercial check printers in the United States by volume, even as payments and data solutions account for a growing share of its revenue.[20] For check printing, customers cite Deluxe's national scale, security features, and long-standing relationships with banks and businesses[20] while its integrated payments and data solutions appeal to businesses seeking to consolidate services with a single provider.[23]

Competitive overview

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Deluxe competes in multiple sectors, including payment processing, business services, and check printing. In the check printing market, historical competitors have included the John H. Harland Company, described by The New York Times in 2000 as the second-largest printer of checks in the United States,[32] as well as in-house printing operations at retailers such as Walmart.

References

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  1. ↑ "US SEC: Form 10-K Deluxe Corporation". U.S. Securities and Exchange Commission. Archived from the original on July 27, 2021. Retrieved June 23, 2021.
  2. 1 2 "Deluxe Selects Metro Atlanta for New FinTech Innovation Center and Offices, Will Create Over 700 Jobs | Governor Brian P. Kemp Office of the Governor". gov.georgia.gov. Retrieved August 12, 2025.
  3. ↑ "Deluxe Corporation (DLX) Q1 FY2026 earnings call transcript". finance.yahoo.com. Retrieved May 7, 2026.
  4. 1 2 3 Gilyard, Burl (September 14, 2020). "Deluxe Corp. Moving HQ to Downtown Minneapolis". Twin Cities Business. Retrieved August 12, 2025.
  5. ↑ "Deluxe Corporation Celebrates A Century | Lenexa Chamber of Commerce". Retrieved August 12, 2025.
  6. 1 2 3 "History of Deluxe Corporation". FundingUniverse. Retrieved August 12, 2025.
  7. ↑ "Recent Payment Trends in the United States". Federal Reserve Bulletin. 2008.
  8. 1 2 "Deluxe Corporation (DLX)".
  9. ↑ "Press Release issued by Deluxe Corporation on May 17, 2004". www.sec.gov. Retrieved August 12, 2025.
  10. 1 2 3 4 "Deluxe Corporation Annual Report" (PDF). 2008.
  11. ↑ support@themightymo.com (December 16, 2014). "Deluxe Acquires PSPrint". Cherry Tree & Associates. Retrieved August 12, 2025.
  12. ↑ "Deluxe Corporation Acquires OrangeSoda". June 5, 2012.
  13. 1 2 McGee, Matt (July 26, 2013). "Deluxe Buys Vertical Response For $27 Million". MarTech. Retrieved August 12, 2025.
  14. 1 2 Ramstad, Evan (October 24, 2014). "Deluxe net falls on charge, buys Wausau Financial". www.startribune.com. Retrieved August 12, 2025.
  15. ↑ Lucas, Peter. "Deluxe Hitches Its eCheck Business to QuickBooks Online And Its 2 Million Users". Digital Transactions. Retrieved August 12, 2025.
  16. ↑ "Deluxe Corp. Spotlighting 100 Small Businesses With Web Series". Twin Cities Business. February 8, 2015. Retrieved August 12, 2025.
  17. ↑ "Document". www.sec.gov. Retrieved August 12, 2025.
  18. 1 2 Dreyfuss, Joel (March 28, 2020). "The century-old company that invented the checkbook may be a key coronavirus economic player". CNBC. Retrieved August 12, 2025.
  19. ↑ "Deluxe Reality Series, Small Business Revolution, Receives Second Television Emmy Nomination". Archived from the original on June 28, 2022. Retrieved August 12, 2025.
  20. 1 2 3 4 Kennedy, Patrick (July 22, 2025). "Deluxe is increasingly being recognized as a digital payments company as it becomes less dependent on printing checks". www.startribune.com. Retrieved August 12, 2025.
  21. ↑ Murchison, Adrianne. "Deluxe moving hundreds of workers into existing Sandy Springs office tower". The Atlanta Journal-Constitution. ISSN 1539-7459. Retrieved August 12, 2025.
  22. 1 2 "Deluxe Completes Acquisition of First American Payment Systems". June 1, 2021.
  23. 1 2 "Deluxe pivots to digital and data | Payments Dive". www.paymentsdive.com. Retrieved August 12, 2025.
  24. ↑ Kennedy, Patrick (February 5, 2024). "Shifting a company's focus is hard. Ask Minneapolis-based Deluxe". www.startribune.com. Retrieved August 12, 2025.
  25. 1 2 PYMNTS (August 6, 2025). "Deluxe Snaps Up CheckMatch from Kinexys by J.P. Morgan to Scale Payments Network". PYMNTS.com. Retrieved August 12, 2025.
  26. ↑ Kennedy, Patrick (June 18, 2026). "Deluxe makes $625M acquisition to move further away from legacy check-printing business". Archived from the original on September 14, 2026. Retrieved September 26, 2026.
  27. ↑ "Deluxe Corporation SEC Filing" (PDF). June 1995.
  28. 1 2 3 "February 21, 2025 - 10-K: Annual report pursuant to Section 13 and 15(d) | Deluxe Corporation (DLX)". Deluxe Corporation. Retrieved August 14, 2025.
  29. 1 2 "Deluxe Corporation SEC Filing" (PDF). July 2017.
  30. ↑ IQ, S&P Capital (January 24, 2019). "Deluxe Corporation acquired MyCorporation Business Services, Inc. | MarketScreener". www.marketscreener.com. Retrieved August 14, 2025.
  31. ↑ Glickman, Ben (June 18, 2026). "The Company That Created the Checkbook Is Buying a Payment Processor". Wall Street Journal. ISSN 0099-9660. Retrieved September 26, 2026.
  32. ↑ "COMPANY NEWS; HARLAND, CHECK PRINTER, TO BUY SOFTWARE MAKER (Published 2000)". July 18, 2000. Retrieved August 14, 2025.
[edit]
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  • Business data for Deluxe Corporation:
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