VAUGHAN, ONTARIO, June 20, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Comepay, Inc. (OTCPINK: CMPY) (“the Company”) is pleased to announce that Volkswagen Russia has recently entered into agreements for the rental of fiscal cash registers at the Chek-online data center to facilitate transactions processed from its website in compliance with Russian Federal tax legislation, 54-FZ, as required for all payments to individuals and corporate entities made electronically.
The lease agreement for the fiscal cash registers not only includes the actual registers, but also servicing and maintenance of the leased equipment, security and monitoring, support, installation and data storage and software integration.
The Chek-online fiscal cash registers provide Volkswagen with the ability to conduct a large number of transactions concurrently, while generating online receipts and fiscal reporting in real time.
Additional services under the contract include provision of a dedicated office for Volkswagen personnel which allows for online monitoring of the cash registers, processing of refunds and receipts, viewing transactional balances, delivery of settlement details to the tax department and certain other features.
About Comepay
The Comepay group of companies including Comepay, RP Systems, M-NN LLC and Chek-Online have been operating for over 11 years providing internet acquiring services and support, facilitating instant payments and internet-based payment transactions via kiosks, mobile interfaces and web-based applications such as electronic wallets. The Company also leases and sells cash registers and Point of Sale (POS) systems, including its recently developed proprietary multifunctional smart POS fiscal cash register system. The companies are currently focusing their planned business expansion on their family of smart POS fiscal cash register systems called “Cassatka” in order to help businesses comply with newly released Russian taxation legislation, 54-FZ which requires a further 3 million businesses in fiscal 2019 to install new, federally compliant on-line cash registers. The Cassatka, Comepay’s family of multifunctional smart POS online fiscal cash registers can process payments and meet fiscal data storage requirements for participating businesses, including web-based businesses. The product line is convenient and a cost competitive solution for businesses to meet the current federal taxation requirements in Russia and is currently being sold by a series of marketing partners across Russia. As the companies expand their business model, we expect to offer blockchain acquiring services and also to accept payments in multiple crypto currencies on the Cassatka. The Comepay companies are looking to expand rapidly in fiscal 2019 and beyond in the fiscal cash register and payment processing space as we continue to market the Cassatka smart terminals, along with a suite of enhanced user features and complementary fiscal data center services. The Company recently determined to reduce overhead costs and streamline its kiosk based payment processing business through a restructure and divestiture plan which is currently under negotiation between Comepay Inc. and one of its major competitors in the kiosk space. Please see our corporate websites below: www.comepaygroup.com , www.comepay.ru , www.kassatka.me , www.chekonline.ru , www.starrys.ru