ATLANTA, Feb 29, 2012 – PayCargo, LLC, a provider of electronic invoicing and settlement solutions for the ocean shipping industry, and part of First Data Corporation, a global leader in electronic commerce and payment processing, today announced enhancements to its commercial payments solution that will provide electronic invoice presentment and payment (EIPP) tools to the air, trucking and rail shipping industries.
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. It offers multiple funding options, dispute resolution, systems integration, email alerting, and reporting capabilities. PayCargo’s funding options allow carriers to enjoy advanced funding of receivables and shippers to qualify for additional payment 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.
“The entire supply chain finally has an online freight payment solution designed by and for the industry,” said Chris Courts, CEO of PayCargo. “The transportation industry has successfully automated most areas of business operations, but little has been done in the way of automating payments. By expanding the PayCargo settlement system to include all transport modes, our standardized payments solution can now be used to bill or receive payments from any company in the supply chain.”
PayCargo’s B2B commercial payments solution, powered by First Data, will have all of the current tools it offers for ocean, but now will have new specific tools related to how each of the other modes of transportation operate. This allows for all players in the supply chain to use a single solution to settle all of its accounts for receivables and payables. It is anticipated that air, trucking and rail industries can begin using the solution in the second quarter 2012.
PayCargo helps companies in the international supply chain reduce operating costs, grow profits, improve liquidity and increase cash flow.
About First Data
Around the world, every second of every day, First Data makes payment transactions secure, fast and easy for merchants, financial institutions and their customers. First Data leverages its vast product portfolio and expertise to drive customer revenue and profitability. Whether the choice of payment is by debit or credit card, gift card, check or mobile phone, online or at the checkout counter, First Data takes every opportunity to go beyond the transaction.
Cara Crifasi, First Data