Comepay, Inc. Subsidiary, Chek-Online, Announces Volvo Russia Signs Up to Use Fiscal Cash Registers in Its Data Center

VAUGHAN, ONTARIO, Jan. 08, 2019 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — Comepay, Inc. (OTCPINK: CMPY) (“the Company”) is pleased to announce that its wholly owned subsidiary Chek-Online LLC, a leading manufacturer of fiscal cash registers in Russia, and developer of the family of Cassatka smart terminals, recently signed up Volvo (Russia) for provision of stationary smart terminal units located inside its data centers in Russia.

Under the terms of the usage agreements, transactions processed on the official Volvo Russia website will now be processed using the fiscal cash registers in the Chek-online data center in order to provide the required data to the Russian Federal Tax Service while continuing to provide purchase data directly to customers.

Volvo officially became a Chek-Online client at the end of November 2018, signing rental contracts for several fiscal cash registers in the Chek-online data center in order to bring the company in compliance with Russian Federal Law 54, which legislation requires businesses and individuals to convert to federally compliant cash registers providing sales data in a secure transfer, directly to the tax department.

While the online service does not process vehicle sales, the addition of Chek-online’s data center services ensure that customers’ purchases of accessories and souvenirs from Volvo’s exclusive online collection are in compliance with Russian Federal Tax Laws.

The online branded Volvo accessories website includes collections of branded watches, leather backpacks, mugs, glassware, cases and other assorted items designed for Volvo owners.

Starting in fiscal 2019, under the Russian Federal Tax legislation, payments to individuals and entities made electronically are required to comply with Regulation 54-FZ.

Comepay CEO, Dmitry Tsatskhin commented, “We expect to see increasing client acceptance and demand for fiscal cash registers in our data center. The ability for online, web-based businesses to become compliant quickly, and cost effectively, with the flip of a switch is gaining momentum as one of our many product options as businesses and individuals in Russia look to become compliant with tax regulation in Russia.”

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. Combining proprietary software and equipment, Comepay processes over 10 million customer payments per month and presently has more than 22,000 kiosks across Russia.  The companies are currently focusing their planned business expansion on the smart POS fiscal cash register system called “Cassatka” in order to help businesses comply with newly released Russian taxation legislation, 54-FZ which requires 1.2 million businesses in fiscal 2018, and a further 1.4 million businesses in fiscal 2019 to install new, federally compliant on-line cash registers.  The Cassatka, Comepay’s multifunctional smart POS online fiscal cash register can process payments and meet fiscal data storage requirements for participating businesses.  It is a convenient and cost competitive solution for businesses to meet the new federal taxation requirements in Russia, and is currently being manufactured for distribution prior to June 2018. 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 group of companies presently earn revenue from a variety of channels including fee based commissions on payment processing for both cash and debit card payments, software licensing, kiosk placement fees and other rental fees for cash registers and associated equipment.  The Comepay companies are looking to expand rapidly in fiscal 2018 and beyond as we introduce and market the Cassatka along with a suite of enhanced user features. Please see websites below: www.comepaygroup.com, www.comepay.ru, www.Cassatka.me, www.chekonline.ru, www.starrys.ru  

Dmitry Solomovich
9546072296
info@comepayinc.com

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