PayCargo: Revolutionizing Freight Payments

The global logistics market hinges on one cardinal rule: to remain competitive, accelerating the freight payment processes and releasing the goods quickly is the key. However, over 70 percent of North America’s freight vendors are still using traditional payment methods, i.e., checks and wire transfers, which slow down the shipment process. On one hand, it is a constant struggle for vendors to recognize the payments made by the payers, and on the other hand, payers need accurate information about the payment in order to finalize the delivery to their customers. To overcome these challenges, a group of shipping executives came together with one of the largest payment technology companies, First Data, to build a robust, patented, online, cloud-based payment system called PayCargo.

Headquartered at Coral Gables, FL, PayCargo is spearheading an innovative strategy to make the online freight payments process simpler, quicker, and safer. Through a state-of-the-art payment ecosystem with multiple financing options, dispute resolution, systems integration, email alerting, and reporting capabilities, PayCargo is enabling the smooth flow of cargo by transmitting data and ultimately, payments, quickly from payer to vendor—therefore revolutionizing the freight payment landscape across North America. “We are proud of being the only freight payment company involved in providing commercial payments solution for the sea, air, truck, and rail industries,” says Eduardo Del Riego, PayCargo’s President and CEO.

PayCargo utilizes a simple automated clearinghouse (ACH) payment methodology, to enable large- and mid-sized organizations to access the user-friendly system and make quick payments easily. To settle financial transactions between customers and vendors efficiently, PayCargo has partnered with Cass Commercial Bank of St. Louis. Through the PayCargo system the client can quickly and easily make payments to the vendor. The bank pulls funds from the payer and sends the funds to the vendor overnight, along with a very detailed report in whatever format the vendor requires to input the payment or directly download a remittance file. This results in the cargo being released and moving faster.