Deluxe Corp., the check printer, has agreed to buy E-Funds Corp., a developer of software that turns paper checks presented at merchant checkout counters into electronic transactions. The terms were not disclosed.
Tustin, Calif.-based E-Funds, with 31 employees, would become a Deluxe unit. Deluxe already had a reseller agreement to distribute E-Funds' software. It plans to integrate the software into its check authorization, check re-presentment, and collection services. Deluxe would market the software to its bank customers, who in turn could offer it to merchants. E- Funds was a pioneer in converting checks into paperless transactions and creating rules to govern them.