Business
SAFEPAY SOLUTIONS APPROVED FOR UNLIMITED PROCESSING; TOTAL TRANSACTIONS AND RELATED REVENUE EXPECTED TO SURGE
SAFEPAY SOLUTIONS APPROVED FOR UNLIMITED PROCESSING; TOTAL TRANSACTIONS AND RELATED REVENUE EXPECTED TO SURGE.
About this update from Broadside Enterprises, Inc.
[{"type":"text","content":"New York, NY - (Wire Service) - March 21, 2006 (AMENDED RELEASE) - After being limited by the amount of processing that it could conduct without paying a penalty, SafePay Solutions, Inc. (OTC Pink Sheets: SFPS) announced earlier today that it had been approved for unlimited processing. The company can now process all the credit card transactions that it was previously unable to process without paying a penalty, and can pursue other revenue producing avenues. As a result of this major development, SafePay expects that the dollar amount of total transactions processed and the related revenue should grow significantly.\r\n\r\nUnder the old system, SafePay was limited to only two hundred thousand dollars ($200,000) worth of credit card processing per month. On all processing over that amount, the company had to pay a 6% penalty per transaction. Therefore, a backlog was created with merchants and consumers having to wait for their turn to be processed. Under the new system, all of SafePay's backlogged customers will no longer have to wait, and new transactions can be processed without having to pay any type of penalty.\r\n\r\nAs a result, SafePay expects that the dollar amount of monthly transactions processed will increase substantially to approximately $1,000,000 per month within 60 to 90 days. With this increase hopefully resulting in higher operating revenues, SafePay plans to pursue other revenue producing outlets, such as auction and gaming sites, while not being limited by how many transactions are processed. \r\n\r\nIn addition, the company plans to begin the process of becoming a fully reporting company within approximately 60-90 days. \r\n\r\nThe Company believes that it has a significant advantage over many of its competitors because it has fewer charge-backs due to its secure processing software. Furthermore, since the Company now has the ability to process an unlimited amount of transactions without any penalty, SafePay's management believes that it is about to turn the corner and become a serious competitor to other online merchant processors.\r\n\r\nAbout SafePay \r\n\r\nAs an online payment provider, SafePay Solutions has one of the highest levels of security, convenience, and speed of any online payment system. Its solutions for business and consumers all around the world are innovative, secure, and cost-effective. W...