PsPrint history

By 1993 it was becoming evident that not all was well at Deluxe.

Deluxe Paper Payment Systems consisted of the check printing services that remained the company's core, including Current Checks and Deluxe Canada Inc., which had been formed in 1994 to provide Canadian financial institutions with checks and financial forms.

Taking over as chairman and the seventh CEO of Deluxe was Lawrence J. Mosner, who had been vice chairman and who had joined the company in November 1995 as president of Deluxe Direct.

By 1996, however, this figure was lowered to 79 percent through an expanded focus on such products and services as processing software, account verification, ATM cards, sales development, business and health care forms, and direct marketing.

A restructuring of the remaining operations left Deluxe with four main business segments in 1997.

In the meantime, the company had acquired eFunds Corporation, a provider of electronic check conversion and electronic funds transfer services, for $13 million in February 1999.

In June 2000 eFunds was taken public through an IPO of 12 percent of its stock, raising $71 million.

The 2001 net sales of $1.28 billion represented only a small increase over the previous year, while net income jumped 15 percent, to $185.9 million.

In 2002 the Financial Services unit rolled out a new program called DeluxeSelect aimed at bolstering revenues when customers reorder checks from their bank or credit union.