Coral Gables, Florida (April 22, 2014) – PayCargo, LLC, a provider of electronic invoicing and settlement solutions for the ocean shipping industry, and until recently part of a major financial electronic commerce and payment processing firm, today announced that last November PayCargo’s management team successfully arranged a spin-off from the Fortune 500 company. PayCargo provides a global, online freight payment and settlement system that allows shippers, carriers and freight brokers of all sizes to settle accounts faster and more safely than ever before.
Now, as an independent entity PayCargo has enormous flexibility to make decisions on matters such as contract terms, pricing, and geographic reach. As part of the new strategy, PayCargo is expanding into other transportation segments such as Air Cargo, Trucking, Rail, and Warehousing.
Since its launch in 2009, PayCargo has provided the ocean shipping industry a business-to-business payments solution with tools that create efficiencies by automating the payments process. PayCargo offers multiple financing options, dispute resolution, systems integration, email alerting, and reporting capabilities. PayCargo’s financing options allow carriers to enjoy advanced funding of receivables and shippers to qualify for additional credit terms on their payables. PayCargo’s growth during the past three years has steered it to naturally offer the same benefits to its clients in all of the other modes of shipping.
According to PayCargo’s new CEO, Eduardo Del Riego, “What has made PayCargo attractive to some of the larger third party logistics providers (“3PL”) is PayCargo’s ability to settle payments to the carrier by the next day with data rich remittance information so that shipment release is expedited by the carriers, avoiding additional costs and loss of precious time for the 3PL”.
About PayCargo PayCargo is a commercial payments solution for the Ocean, Air, Trucking and Rail industries. PayCargo offers electronic tools that create significant efficiencies by automating the payments process. PayCargo helps companies in the international supply chain reduce operating costs, grow profits, dramatically increase cash flow, and improve overall liquidity.