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Eduardo Del Riego, President and CEOHeadquartered 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.
Through PayCargo’s online automated payment system, carriers and shippers receive notifications once the payment is made and then the freight vendor can approve the release and finalize the delivery to the customer’s location. In a nutshell, PayCargo assists companies in the global supply chain to reduce operating costs associated with payments made by checks or wire transfers, ultimately increasing profits and improving overall liquidity. According to a study conducted by a major logistics company, the average cost of writing a check or sending a wire transfer is nearly 15 to 27 dollars, plus there could be additional storage charges. To that end, “PayCargo is not only a quick payment solution, but it is also a cost-saving solution for the payers and vendors who make up the PayCargo network,” asserts Del Riego.
PayCargo is in the process of expanding its presence across the globe, through strategic partnerships, especially in Europe, Latin America, Canada, and Asia. “With our online payment platform, we would like to be the preferred payment arm in the logistics world, enabling our customers to complete the payment transaction and release of cargo within one hour,” concludes Del Riego.
To shed more light on other benefits of PayCargo’s automated online payment solution, Del Riego narrates how a North American logistics company was able to create a new process internally for requesting COD or Urgent payments though PayCargo in order to expedite the moving of all of their client’s cargo. They were able to create efficient workflows of permissions among their users to place financial controls within their payment processes. With PayCargo they are able to go to single online platform and make payments to all of the supply chain related vendors and have those payments clearly recognized by the vendors, and expediting the release of the cargo.
PayCargo is not only a quick payment solution, but it is also a cost-saving solution for the payers and vendors who make up the PayCargo network
PayCargo is in the process of expanding its presence across the globe, through strategic partnerships, especially in Europe, Latin America, Canada, and Asia. “With our online payment platform, we would like to be the preferred payment arm in the logistics world, enabling our customers to complete the payment transaction and release of cargo within one hour,” concludes Del Riego.
PayCargo and Rippey AI partner to bring innovation to growing logistics payments network
Wednesday, March 20, 2024
Logistics payments and data infrastructure platform PayCargo has announced a partnership with Rippey AI, an Artificial Intelligence (AI)-driven company that produces automation solutions for freight forwarders/NVOCC, 3PLs, ocean carriers, trucking companies, and shippers.
“Through our partnership with Rippey AI, we are looking to utilize AI-based technology to connect two critical parts of the supply chain that will drive even more efficiency across the industry – invoice automation and transaction processing,” said Eduardo Del Riego, PayCargo CEO. “The innovations that Matt Motsick and his team have already brought to the logistics industry, along with the payments expertise and technology of our PayCargo platform, make this an ideal partnership.”
PayCargo and Rippey AI plan to use their expertise in both invoice automation and payment processing to take that technology a step further by automating the payment transaction for the payer and receiver after an invoice has been issued.
“For years we have enabled logistics and supply chain companies to drive efficiency and better engage with their customers by using AI technology to automate manual processes like creating shipments, generating quotes and answering common customer service related questions,” said Matt Motsick, Founder and CEO, Rippey AI. “The ability to innovate on the transaction process for both payables and receivables with PayCargo will ensure we continue to drive innovation across the industry.”
PayCargo’s cloud-based payments network enables payers to quickly and securely pay air and ocean carriers, maritime ports, ground handlers, freight forwarders, and customs brokers, among others. PayCargo integrates with over 50 leading Transportation Management Systems (TMS), Enterprise Resource Planning (ERP), and Terminal Operating Systems (TOS) entities across various transport modes: Ocean, Air, Rail, and Trucking.
PayCargo Awarded Over $16 Million After Eleventh Circuit Affirms Trial Court Decision in Case Against CargoSprint
Wednesday, September 04, 2024
Federal court rules PayCargo competitor CargoSprint conducted "willful, pervasive and relentless" infringement and awards more than $16 Million to PayCargo.
CORAL GABLES, Fla--Logistics payments and data infrastructure platform PayCargo announced it has conclusively won its trademark infringement and breach of contract lawsuit against CargoSprint and its founder/CEO Joshua Wolf, following an appeal. PayCargo has been awarded and collected a total of $16,395,683.90, inclusive of damages, attorneys' fees, prejudgment interest, and costs.
The judge in the United States District Court of Florida had earlier issued her findings of facts and conclusions of law on September 30, 2022, holding CargoSprint liable for "willful, pervasive, and relentless" infringement of PayCargo's federal trademarks and breach of contract. On December 15, 2022, the court entered a permanent injunction against CargoSprint, enjoining them from using the PayAirCargo name in commerce, social media, and other contexts. A day later, the court entered final judgment against CargoSprint, awarding PayCargo $15,191,277.50, comprised of $11,591,277.50 in damages, $3,531,630.00 in attorneys' fees and prejudgment interest, and $68,370.00 in costs. During the trial, the federal district court twice found CargoSprint in contempt of court, once for submitting fabricated financial records to the court.
CargoSprint appealed PayCargo's victory at trial to the Eleventh Circuit U.S. Court of Appeals. In April 2024, a three-judge panel of the Eleventh Circuit U.S. Court of Appeals unanimously affirmed the trial court's decision. CargoSprint elected not to further appeal the appellate court's decision, thus definitively concluding the matter in PayCargo's favor. On May 28, 2024, CargoSprint paid PayCargo $16,395,683.90 in satisfaction of the judgment.
In 2016, PayCargo reached a settlement agreement with Wolf and his company PayAirCargo to cease commercial use of the name and change it to CargoSprint. In 2019, PayCargo filed its federal civil suit because the defendants continued to use the confusingly similar PayAirCargo name. In finding that Wolf and CargoSprint infringed on PayCargo's trademarks and breached the agreement, the court explained: "Customers and vendors alike expressed confusion over whether the two competitors were a single entity."
"We're extremely gratified with the court's decision," said Mitchell Baxt, Vice Chairman of PayCargo. "As a company founded on the highest principles of honesty and transparency, we have taken very seriously this case of another business infringing on our trademarks and breaching our agreement. We've worked hard to build PayCargo's reputation as the leader in the industry, so we owed it to our customers, employees, and business partners to defend it vigorously. Furthermore, the integrity of the industry needs to be protected to continuously advance and innovate."
PayCargo was represented by Peter Prieto, Matthew Weinshall, and Alissa Del Riego of Miami-based Podhurst Orseck, Ann Fort of Atlanta-based Eversheds Sutherland, and Wayne Atkins of Miami-based Xander Law Group.
Company
PayCargo
Management
Eduardo Del Riego, President and CEO
Description
PayCargo provides electronic payments solutions for the sea, air, truck, and
rail shipping industries
