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Deluxe Corp. announced on Thursday a deal with Dupaco Community Credit Union to process transactions for its business clients using its First American by Deluxe service. The Madison, Wis.-based credit union has more than 120 business clients. The service will also be made available to new Dupaco business customers, Deluxe says.
The deal is an outgrowth of Deluxe’s strategy to become a payments company, a Deluxe spokesperson says. The processor for the new arrangement is First American Payment Systems L.P., which Deluxe acquired last year for $960 million. That transaction helped double Deluxe’s payments business overnight and is expected to add $600 million in transaction volume annually for the company, best known to the general public as a check printer.
“We are now able to cross-sell to our 4,000 financial-institution partners and our more than 4 million small businesses, with merchant services, while also providing other Deluxe payments and data solutions,” the Deluxe spokesperson says by email.
Since being acquired by Deluxe, First American has been growing by percentages in the high single digits, the spokesperson says.
“We are excited about this new partnership with Dupaco Community Credit Union, a not-for-profit, member-owned financial cooperative with an outstanding reputation,” Michael Reed, president of payments for Deluxe, says in a prepared statement. “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.”
In related news, Nuvei Corp. announced it is partnering with WeCook, a Montreal-based ready-to-eat meal-delivery platform to process WeCook’s business-to-business and direct-to-consumer payments. As part of the deal, WeCook will be able to leverage Nuvei’s recurring-payment service, auto-account updating, and multiple, concurrent subscriptions, as well as other tools.
In 2021, WeCook delivered more than 4 million meals throughout the Canadian provinces of Quebec and Ontario, and plans to become a nationwide direct-to-door meal provider by 2023.
Earlier this year, WeCook secured $40 million Canadian ($307.8 million U.S.) in venture capital to accelerate its growth in Canada.
“WeCook has quickly established itself as a leader in ready-to-eat meal delivery in Canada,” Nuvei chairman and chief executive Philip Fayer says in a prepared statement. “As a fast-growing business with a Canadian heritage ourselves, working with brands around the world, we are proud to support another fast-growing technology company as it expands its footprint into new markets.” Once known as Pivotal Payments, the company changed its name to Nuvei in October 2018.
