TORONTO, ONTARIO--(Marketwire - Feb. 15, 2012) - VersaPay Corporation (TSX VENTURE:VPY), a provider of Electronic Invoice Presentment and Payment solutions, today announced that it has entered into an agreement to provide electronic payment services for Wave Payroll, the small business payroll application recently launched by Wave Accounting.

"We are very excited to be partnered with such a great Canadian technology success story," said Bill McGill, CEO of VersaPay. Mr. McGill continued, "We believe that payroll for small businesses is a natural extension of our electronic payment capabilities and Wave's easy to use tools and support made for an ideal partnership."

"We looked at many other electronic payment solutions prior to launching Wave Payroll, but VersaPay was the clear winner for features, price and service," said Kirk Simpson, CEO of Wave Accounting.

Specific terms of the deal were not disclosed.

More information about VersaPay and Wave Payroll can be found at [ www.versapay.com ] and [ www.wavepayroll.com ].

About VersaPay

VersaPay is a financial technology company that delivers payment solutions for businesses across Canada. The Company's proprietary Electronic Invoice Presentment and Payment platform facilitates the efficient exchange of documents and payments between suppliers and customers.

VersaPay has operations in Toronto, Montreal, Vancouver and Hauppauge, NY.

About Wave Payroll

Wave Payroll was launched in February 2012 as an extension of Wave Accounting's suite of solutions for small businesses. Wave Payroll keeps small businesses compliant with payroll taxes and deductions while saving time and money. Wave Payroll lets small businesses pay their employees by direct deposit, and manage all deductions without ever touching a tax calculator again. It's available for a low, everything-included price, with no setup fees or hidden costs. Customers can sign up for a free trial at [ www.WavePayroll.com ].

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