- RevoluPAY® to act as a Virtual Credit Card (VCC) clearing agent for the expanding B&B sector, with up
to 5% processing fee on each transaction.
- Approximately 3 million small hotel establishments, bed & breakfasts and private accommodations
currently feature on Expedia, Booking Holdings branded websites.
- Property owners or their agents are paid through a one-use VCC for the exact stay cost by Expedia, Booking
Holdings.
- Property owners or their agents will be able to instantly convert VCC funds into RevoluPAY e-Wallet funds and
instantly transfer the balance to their bank accounts in currently 43 countries.
- Immediate liquidity for bed & breakfast and private accommodation owners who are paid via
Expedia or Booking Holdings VCC method.
- Panamanian citizen and Attorney, Christian Ortega, joins the CUV RevoluFIN Advisory Board.
VANCOUVER, British Columbia, Dec. 04, 2018 (GLOBE NEWSWIRE) -- CUV Ventures Corp.
(TSX-V: CUV) (the “Company”) is pleased to announce that it has signed an agreement to
permit owners or agents of bed & breakfasts and small hotels featured on Expedia and Booking Holdings branded websites to settle
Virtual Credit Card (VCC) payments received from the aforementioned online travel agents (OTA’s) using a special merchant
RevoluPAY® e-Wallet.
The Company wishes to further announce the appointment of Panamanian Attorney, Christian Ortega, to the
Company’s RevoluFIN Advisory Board.
About Expedia and Booking Holdings VCC Payments
There are at least 3,000,000 small hotel establishments, bed & breakfasts, private houses, etc., that feature as
bookable accommodations on Booking Holdings and Expedia branded websites. This number continues to grow, month-to-month, as
travelers begin to explore B&B alternatives instead of regular hotel accommodations.
In 2017, Booking Holdings reported revenue of USD $12.7 billion (brands include Booking.com, Priceline.com,
Kayak.com, Agoda.com) and Expedia reported USD $10.6 billion (brands include Expedia.com, Hotels.com, Hotwire.com, Trivago.com,
Venere.com, Travelocity.com, Orbitz.com and HomeAway.com). An increasing percentage of these revenues are derived from
non-traditional accommodations. As of December 2017, 75% of booking properties were homes, apartments and other non-traditional places to stay. This
category grew 53% from December 2016 to December 2017. Likewise, Expedia saw its Homeaway division’s revenue increase by 40% in 2017. This is clearly a trend in which
RevoluPAY® clearance of VCC payments could experience exceptional growth.
Why Property Owners Choose VCC Payments
B&B owners and small hotel establishments can ask Booking or Expedia to pay them by bank transfer but this
method can take between 30 to 60 days to arrive, depending on monthly and bi-monthly wire payment cycles or the country of
destination. The other available option available is payment through VCC, which is instantaneous, assuming the property owner has a
viable method to collect funds from the VCC. Most credit card merchant accounts available today do not permit manual input of card
data nor VCC, thus, posing a significant dilemma for the property owners or their agents. However, RevoluPAY® seamlessly
offers this feature, under a specific agreement, permitting property owners to immediately and instantly settle VCC payments
directly into their e-Wallet and, subsequently, forward these funds to their bank account.
What is a Virtual Credit Card (VCC) and How Does it Work?
VCC’s are online Mastercards or Visas that allow online payments to be made easily and safely. For each
reservation, a specific VCC is generated by Booking or Expedia for the net amount due to the property owner or their agent for a
specific reservation. Each VCC can only be used once (one card per reservation) and has a unique card number, with its expiration
date and CVC, and cannot be reused. VCC’s also carry an activation date, which depends on the booking conditions of the
accommodation. In the case of non-refundable reservations, the VCC is generated as soon as the booking is made. In the case of
reservations with flexible cancellation terms, the VCC activation date is the client's check-in date.
RevoluPAY® Projected
Processing Fees for VCC Transactions
In most cases, the VCC issuer, being the OTA, will charge approximately 3% of the resulting amount payable to
the property owner. This 3% is, however, often less than an international wire fee. Secondly, the industry standard for credit card processing fees to merchants is between 2.87 and 4.35% per transaction or, an
average of 3.61%. In situations where cards are not present (such as those via VCC), the average is closer to 3.8%. Both VCC issuer
fee at approximately 3% plus, the average 3.8%, results in a middling VCC deduction for property owners or, their agents, of 6.8%.
RevoluPAY® expects to significantly lower these processing fees for VCC payments to property owners to between 4.5 to 5%
while, at the same time, ensuring an excellent new RevoluPAY® revenue stream for shareholders.
Christian Ortega Joins RevoluFIN Advisory Board
The Company welcomes Attorney, Christian J. ORTEGA, to its RevoluFIN Advisory Board. Mr. Ortega has practiced
law in the Republic of Panama for over 15 years, as one of Panama City’s most prominent attorneys and, is currently the General
Manager of C & S Company, dedicated to legal investigative services, execution of precautionary measures and debt recoveries for
insurers and various banks in Panama. Mr Ortega’s illustrious legal career has placed him in multiple roles as lead counsel for
large Panamanian retailers, importers and exclusive license holders, including a broad-spectrum of retailers of luxury goods
produced by PANDORA, HUBLOT, BREITLING, HEARTS ON FIRE, LUSH, ALEX AND ANI and many more. Mr. Ortega is the founding partner of the
firm LEGAL CORP & INVESTMENTS, which has garnered and maintains profound long-standing relationships with National and
International financial institutions located in the Republic of Panama.
About CUV Ventures Corp.:
CUV Ventures Corp. is a multi-asset, multi-divisional, publicly-traded Canadian company deploying advanced
technologies in online travel, vacation resort, mobile apps, money remittance, mobile phone top-ups, invoice factoring, Blockchain
systems, and Fintech app.
The Company’s flagship technology is RevoluPAY®, the Apple and Android multinational leisure payments
and remittance app, powered by Blockchain protocols. Its focus is on the worldwide $595 billion family remittance market. Click here to read more.
For further information on CUV Ventures Corp. (TSX-V: CUV) visit the Company’s website at www.cuvventures.com. The Company has approximately 123,500,000 shares issued and
outstanding.
On behalf of the Board of Directors,
CUV VENTURES CORP.
STEVE MARSHALL
______________________________
Steve Marshall
CEO
For further information contact Steve Marshall or:
Nick Findler
CUV Ventures Corp.
Telephone: 604-639-3850
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@cuvventures.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE
TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements
in this release, other than statements of historical facts, that address events or developments that management of the Company
expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements
are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments
may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these
forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could
cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and
development successes, continued availability of capital and financing, and general economic, market or business conditions. Please
see the public filings of the Company at www.sedar.com for further information.
