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Thursday, October 11, 2018 — 12:28:12 (EDT)

Comepay partners with MultiCarta for compliant smart terminal cash register line to meet Russian regs

VAUGHAN, ONTARIO, Oct. 11, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE-- Comepay, Inc. (OTCPINK: CMPY) (“the Company”) is pleased to announce that its wholly owned subsidiary, Chek-Online LLC, and Multicarta LLC, have created a collaborative solution for processing fiscal data to meet regulatory requirements of 54-FZ tax legislation in Russia for small and medium businesses, which further enhances our existing line of compliance related hardware and backend software.

MultiCarta LLC provides processing services to Russian and foreign banks, including processing and personalization of bank cards for major international payment systems, ATM network services, geolocation and other similar solutions. MultiCarta LLC is the operational and payment clearing center for its MultiCarta Payment System (“MultiData CRF”). MultiCarta received the status of “operator of fiscal data” from the Russian government in February 2018. Commencing April 1, 2018, MultiCarta began processing fiscal data, providing services to organizations in need of transferring data from the cash offices to the Russian Federal Tax Service (“FTS”) within the framework of 54-FZ, which legislation regulates the use of cash registers.

The complete fiscal compliance package launched by Chek-Online and MultiCarta provides a comprehensive solution for small and medium businesses, incorporating our “Cassatka” CCT 7 cash register and backend software as well as a fiscal drive with a maximum service life of either 15 or 36 months, capturing all sales data to allow for seamless reporting to the FTS.

The service life of the fiscal drive incorporated in our complete compliance solution depends directly on the specific tax reporting regime of each business user. Legislation is already in place for all small and medium-sized businesses for income reporting to the FTS, making our complete compliance solution an attractive option for users.

In addition to the complete reporting solution provided to physical business locations and storefronts in this partnership with MultiCarta, our two companies have collaborated to provide owners of web-based stores with a cloud solution from Chek-Online that meets their special fiscal reporting requirements.

Online clients are able to rent a virtual (cloud) cash desk, purchase a fiscal drive with a 15 or 36 month service life, connect the services of the MultiData CRF for a year, and also receive maintenance and other necessary support services for a flat monthly fee.

“We are extremely excited about the prospects of cooperation with Chek-Online, an industry leader in the field of cash register development, manufacture, and support. The Cassatka 7 CCT is an exceptional piece of hardware, forming the basis of our joint fiscal reporting solution. We can now offer our customers a flexible and efficient solution for acquiring online cash registers at competitive terms to fully comply within the framework of the currently mandated fiscal reporting legislation,” said Kirill Sviridenko, General Director of MultiCarta.

Comepay CEO Dmitry Tsatskin added, “Partnerships with companies like MultiCarta provide an additional dimension of functionality to our line of fiscal cash registers, making the product offering even more attractive to small and medium businesses with this new all-in-one solution. With this added functionality we can continue to offer cutting edge solutions to the marketplace at a price point that is affordable for the client base.”

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. www.comepay.com, www.comepay.ru, www.chekonline.ru, www.starrys.ru, http://kassatka.me/


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