Deluxe Signs Payments Agreement with Dupaco Community Credit Union

Rhea-AI Summary

Deluxe (NYSE: DLX) has expanded its partnership with Dupaco Community Credit Union by transitioning over 120 business members to its merchant services. This agreement builds on an existing collaboration, enhancing Deluxe's offerings that already include Checks and Remote Deposit Capture. The move follows Deluxe's acquisition of First American Payment Systems in 2021, enabling a stronger position in the merchant services sector. Terms of the new agreement were not disclosed.

Positive

• Expansion of partnership with Dupaco Community Credit Union enhances service offerings.
• Transition of over 120 business members to Deluxe's merchant services indicates market trust.
• Strengthened position in merchant services post acquisition of First American Payment Systems.

Negative

• None.

Long-time Check customer adds merchant services for its business members.

MINNEAPOLIS--(BUSINESS WIRE)-- Deluxe (NYSE: DLX), a Trusted Payments and Business Technology™ company, today announced that First American by Deluxe, its merchant services business, has signed an agreement with Dupaco Community Credit Union, expanding a long-term relationship utilizing the One Deluxe model.

Under the agreement, more than 120 of Dupaco’s current business members will transition to the merchant services provided by Deluxe. These services will also be available to new Dupaco business members. Dupaco already partners with Deluxe on other payment products, including Checks, Remote Deposit Capture and Branch Deposit Capture.

Deluxe, the Original Payments Company™, acquired First American Payment Systems in 2021. The acquisition has enabled Deluxe to become a scaled and leading player in merchant services with First American’s leading end-to-end payments platform, providing customers with access to more robust payment technology services and products.

“We are excited about this new partnership with Dupaco Community Credit Union, a not-for-profit, member-owned financial cooperative with an outstanding reputation,” said Michael Reed, President of Payments for Deluxe. “Our leadership in delivering innovative products and solutions, along with our commitment to customer service and partner support, were integral in making this strategic win possible. This is just another example of our One Deluxe approach to providing exceptional platforms and solutions for our customers.”

Terms of the agreement were not disclosed.

About Deluxe

Deluxe, a Trusted Payments and Business Technology™ company, champions business so communities thrive. Our solutions help businesses pay, get paid, and grow. For more than 100 years, Deluxe customers have relied on our solutions and platforms at all stages of their lifecycle, from start-up to maturity. Our powerful scale supports millions of small businesses, thousands of vital financial institutions and hundreds of the world’s largest consumer brands, while processing approximately $3 trillion in annual payment volume. Our reach, scale and distribution channels position Deluxe to be our customers’ most trusted business partner. To learn how we can help your business, visit us at www.deluxe.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220706005115/en/

Tom Morabito, VP, Investor Relations

470-607-5567

tom.morabito@deluxe.com

Cam Potts, Chief Communications Officer

651-233-7735

cameron.potts@deluxe.com

Source: Deluxe Corporation

FAQ

What is the recent agreement Deluxe signed with Dupaco Community Credit Union?

Deluxe has signed an agreement to provide merchant services to over 120 business members of Dupaco Community Credit Union.

How many business members will transition to Deluxe's services?

More than 120 business members of Dupaco Community Credit Union will transition to Deluxe's merchant services.

What does Deluxe's acquisition of First American Payment Systems signify?

The acquisition enhances Deluxe's capabilities in merchant services, providing a leading end-to-end payments platform.

What payment products are already offered by Deluxe to Dupaco Community Credit Union?

Deluxe already provides Dupaco with Checks, Remote Deposit Capture, and Branch Deposit Capture services.

What were the terms disclosed in the new agreement with Dupaco?

The terms of the agreement were not disclosed.