PayCargo News

  • Jun 8, 2015
    PayCargo Adds Hapag-Lloyd (America) Inc. to its Payment Network

    Ocean carrier now offers its U.S. customers another e-payment option for added flexibility and ease of business. PayCargo LLC, a leader in electronic freight invoicing and payment processing, today announced that HAPAG-LLOYD, a leader in containerized ocean transportation services, is now connected to the PayCargo Freight Payment Network allowing its customers the flexibility of using PayCargo as an e-payment option. PayCargo’s online, commercial payment applications connect ocean carriers and their shipper customers to automate financial processing.

    HAPAG-LLOYD delivers comprehensive e-business tools that simplify and streamline all processes throughout the supply chain. With the addition of PayCargo, HAPAG-LLOYD customers in the U.S., now have another option for efficiently viewing, proofing, and approving freight payments. PayCargo features multiple payment options including additional credit terms. In addition, shippers will have the ability to dispute invoices in order to expedite resolutions, along with enhanced payment recognition, to help accelerate the release of cargo or documents.

    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.

    “We are pleased HAPAG-LLOYD is offering PayCargo to its customers as yet another option to streamline electronic payment and settlement processing. PayCargo adds value to the financial relationship between a carrier and shipper by efficiently automating the entire payment process,” said Juan Dieppa, Senior Vice President, at PayCargo.

    About HAPAG-LLOYD Line
    For over 168 years HAPAG-LLOYD has set industry-wide benchmarks for reliability, service, productivity and environmental protection. Other important topics for HAPAG-LLOYD are compliance and sustainability. Approx. 190 modern ships, 7.5 million TEU (Twenty-foot Equivalent Unit) transported in a year, motivated staff at almost 600 locations in 113 countries, networked through an IT system that is the industry leader: HAPAG-LLOYD is a leading global liner shipping company and a powerful partner for you.
    After the merger with CSAV's container business in December 2014 HAPAG-LLOYD offers a fleet with a total capacity of around one million TEU as well as a container stock of more than 1.6 million TEU including one of the world’s largest and most modern reefer container fleets. A global network of 125 liner services guarantees fast and reliable connections between all continents.

    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 with multiple financing options, dispute resolution, systems integration, email alerting, and report 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 helps companies in the international supply chain reduce operating costs, grow profits, dramatically increase cash flow, and improve overall liquidity.

    View source version on businesswire.com

  • Feb 20, 2015
    PayCargo adds New Feature that allows clients the Setup and management of Branch Offices

    PayCargo has added a new Account/Branch feature for setting up branch offices and permissions in PayCargo. This feature will allow you to:
    * Set up Account/Branch relationships between two or more offices
    * Set up permissions and roles for users at each office
    * Set up banking and payment rules for each office
    * View transactions for all offices
    * Make all payments from the main office

  • Oct 16, 2014
    PayCargo relaunches PayCargo Credit Program

    PayCargo, a provider of e-invoicing and settlement solutions for the shipping, has unveiled that it has brought back its PayCargo Credit Program.
    PayCargo provides a global, online freight payment system that enables shippers, carriers and freight brokers of all sizes to settle accounts.
    Through PayCargo’s supply chain finance technology platform, carriers can have access to enhanced funding of receivables and shippers can qualify for additional credit terms on their payables.
    PayCargo is a commercial payments solution for the ocean, air, trucking and rail industries. PayCargo provides electronic tools that automate the payments process. Source: http://www.thepaypers.com/e-invoicing-scf-e-procurement/paycargo-relaunches-paycargo-credit-program/755837-24

  • Aug 19, 2014
    US Patent Issued to Paycargo for "Electronic Cargo Payment System" (Florida Inventors)

    ALEXANDRIA, Va., Aug. 19 -- United States Patent no. 8,812,381, issued on Aug. 19, to Paycargo LLC (Coral Gables, Fla.). "Electronic cargo payment system" was invented by Sergio Lemme (Coral Gables, Fla.), Eugenio Crespo (Coral Gables, Fla.) and Juan Dieppa (Coral Gables, Fla.).
    According to the abstract* released by the U.S. Patent & Trademark Office: Embodiments of the disclosure generally relate to an electronic cargo payment system and methods for electronically and automatically processing electronic payments for goods shipped by carriers for shippers. In embodiments, the accounts receivable system of the carrier transfers one or more invoices to a central payment system. The central payment system stores and organizes the invoices. A shipper communicates with the central payment system to view invoices related to that shipper. Upon approval of the invoice, the central payment system can automatically pay the invoice for the shipper and to the carrier.

  • Jul 16, 2014
    PayCargo Ramps Up PayCargo Credit Program & Supply Chain Finance More than $250 million to lend to small and mid sized shippers via the PayCargo platform

    Coral Gables, Florida (July 16, 2014) – PayCargo, LLC, a provider of innovative electronic invoicing and settlement solutions for the shipping industry for more than 10 years, today announced that it has brought back its highly successful PayCargo Credit Program. PayCargo provides a global, online freight payment system that allows shippers, carriers and freight brokers of all sizes to settle accounts faster and more safely than ever before.
    Since being spun out of a major financial services company earlier this year, PayCargo has been expanding into other transportation segments such as air cargo, trucking, rail, and warehousing. As part of its expansion, PayCargo has arranged funding of the credit facilities it offers its clients.
    PayCargo can now offer very competitive financing options. Through PayCargo’s state-of-the-art, supply chain finance technology platform, carriers can enjoy advanced funding of receivables and shippers can qualify for additional credit terms on their payables.
    “PayCargo has always been attractive to some of the larger third party logistics providers (“3PL”) because of our ability to settle payments to the carrier by the next day with data rich remittance information, but now we also offer payment solutions that improve cash flow by allowing shippers to extend their payment terms to their carriers, while providing an another option to the carriers to get paid early. This develops into optimized working capital for the shipper and greater cash flow for the carrier, while reducing risk throughout the supply chain” according to PayCargo’s CEO, Eduardo Del Riego.

  • Apr 30, 2014
    PayCargo Completes Successful Spin-Off and Announces Next Day Settlement with Data Rich Remittance Information

    April 30, 2014 11:06 AM Eastern Daylight Time
    CORAL GABLES, Fla.--(BUSINESS WIRE)--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.
    Contacts
    Philliou Partners
    Melissa Lavery, 201-969-2900
    melissa@philliou.com

  • Jan 2, 2014
    PayCargo adds Maersk Line to its Payment Network

    Ocean carrier now offers its U.S. customers another e-payment option for added flexibility and ease of business
    MIAMI, January, 2014 – PayCargo, LLC, a leader in electronic freight invoicing and payment processing, today announced that Maersk Line, a leader in containerized ocean transportation services, is now connected to the PayCargo Freight Payment Network allowing its customers the flexibility of using PayCargo as an e-payment option. PayCargo’s online, commercial payment applications connect ocean carriers and their shipper customers to automate financial processing.

  • Feb 29, 2012
    PayCargo Expands Ocean Commercial Payment Solution to Air, Trucking and Rail Shipping Modes

    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, system 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 have 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 also offer 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.

  • Nov 7, 2012
    PayCargo Integrates Payment Processing Capabilities with ASCI of Miami

    ASCI of Miami Clients have Access to a Complete Suite of Logistics and Cargo Management Solutions
    ATLANTA, Nov. 7, 2012 – PayCargo, LLC, a provider of electronic invoicing and settlement solutions for the shipping industry, and part of First Data Corporation, a global leader in electronic commerce and payment processing, today announced it has completed its integration with ASCI of Miami, a software solutions provider to the transportation industry.
    ASCI of Miami provides logistics and supply chain solutions including accounting for organizations in need of cargo management solutions. With this new integration PayCargo will provide ASCI of Miami clients with payment processing services and is integrated directly into ASCI of Miami’s accounting module to provide payment processing capabilities not currently available within ASCI of Miami’s software solutions.
    “By adding payment capabilities into its software, PayCargo gives users on both sides of a transaction insight into billing which will enable them to immediately address issues and make payments more efficiently,” said George Reyes, senior vice president, Global Sales, PayCargo.”Our innovative financial solution has transformed the invoice and bill payment process for shipping with innovative capabilities while offering savings in the current market.”
    Since its launch in 2009, PayCargo has provided the ocean shipping industry a business-to-business payment solution with tools that create efficiencies by automating the payments process.
    “We are constantly incorporating new technologies and have always strived to give our clients the full spectrum of logistics management tools and solutions,” said Liz Mastrapa, vice president of ASCI of Miami. “PayCargo is the only payment processor and provider of funding options that has successfully integrated with organizations like ours. By adding their solutions directly into our module, we are providing a seamless, transparent and user-friendly environment for our clients to manage electronic payments for their business.”
    Through PayCargo, ASCI of Miami shippers can view, proof, and approve payments using multiple payment options including additional payment terms offered by PayCargo. They will also have the ability to dispute invoices and bill of ladings on any discrepancies in order to expedite resolutions, and help accelerate cargo or document releases with enhanced payment recognition.

  • Nov 1, 2011
    PayCargo to Integrate its Payment Processing Capabilities with Logisuite

    ATLANTA, Nov 1, 2011 – PayCargo, LLC, a provider of electronic invoicing and settlement solutions for the shipping industry, and part of First Data Corporation, a global leader in electronic commerce and payment processing, today announced they have completed their integration with Logisuite, a software solutions provider to the transportation industry.
    Logisuite provides logistics and supply chain solutions, including accounting, for organizations in need of cargo management solutions. With this new integration PayCargo will provide Logisuite clients with its payment process services, and will integrate directly into their accounting module to provide payment processing capabilities not currently available within Logisuite’s software solutions.
    “This partnership creates an added value to Logisuite clients with the addition of PayCargo’s leading payment capabilities,” said George Reyes, senior vice president, Global Sales at PayCargo. ”By adding payments into its software, PayCargo gives users on both sides of a transaction insight into billing, so issues are addressed immediately and payments are made efficiently. PayCargo’s innovative financial solution has transformed the invoice and bill payment processes for shipping, and we believe this partnership helps to make the industry more efficient and innovative and brings savings badly needed in this volatile market.”
    PayCargo allows Logisuite clients to designate clients or billers in their system and automate the sending of invoice data to the PayCargo system, so they can use the payment and funding solutions PayCargo offers. PayCargo then sends payment information back to Logisuite so that they can download directly into their accounting system without extra keystrokes. Clients can also correspond directly in the PayCargo system with vendors or customers regarding discrepancies in order to expedite a resolution.
    “We are experiencing rapid growth and have always strived to give our clients the full spectrum of logistics management tools and solutions,” said Ariel Rodriguez, president of Logisuite. “PayCargo is the only payment processor and provider of funding options we are aware of that has successfully integrated with organizations like ours. By adding their solutions directly into our module, we are providing a seamless, transparent and user-friendly environment for our clients to manage electronic payments for their business.”
    PayCargo is a business-to-business freight payment platform powered by First Data that helps to make online payments easy and secure. PayCargo empowers companies by making payables and receivables available online, offering efficient payment options and an array of innovative financial tools including funding options on both payables and receivables.

  • Sep 26, 2011
    Gemini Shippers Group to Offer its Members PayCargo Services

    ATLANTA, SEPTEMBER 26, 2011 – PayCargo, LLC, a provider of electronic invoicing and settlement solutions for the shipping industry, and part of First Data Corporation, a global leader in electronic commerce and payment processing today announced an agreement with the Gemini Shippers Group, an association that offers membership to importers and exporters of various products.
    Gemini Shippers Group has hundreds of members; shipping thousands of containers per month. With this agreement its members will have access to PayCargo’s electronic invoice payment and presentment (EIPP) solutions, as well as third party payment terms for their payables. Some of these solutions include data-rich electronic invoicing, ACH Payments, additional credit terms, complete visibility of payables and receivables, dispute resolution tools and comprehensive reporting.
    Gemini already receives bill of lading and invoice data from many carriers on behalf of their members, and now Gemini can transfer this data to PayCargo so that their members can view, dispute, or approve them for payment using an overnight ACH. Payment data is also made available back to members in many formats to allow for automated downloads, which avoids manually inputting information into their accounting systems.
    "By working with Gemini Shippers Group, we are changing the way payments are made and received in the shipping industry,” said Chris Courts, CEO, PayCargo. “This agreement provides an added value to the group’s members who will now have a built in solution to complete payment processes not available before. This will bring substantial savings in accounts payable and overhead, and members will also get to take advantage of certain discounts for all the payments they make through PayCargo.”
    “Our goal is to save our members money and time, and by partnering with PayCargo for these additional member benefits, we can now offer them another set of tools and services to help their business succeed and excel,” said Sara Mayes, president, Gemini Shippers Group. “PayCargo has already proven its value to our members who have used the program.”
    Gemini Shippers Group members can enroll in the PayCargo solutions by contacting Gemini Shippers Group and registering at https://www.paycargo.com?gemini.
    About Gemini Shippers Group: Gemini Shippers Group includes Gemini Shippers Association, and Fashion Accessories Shippers Association (FASA), not-for-profit associations, offering membership to importers and exporters of various products. The organization is composed of hundreds of small and medium sized companies. With shipments of several thousand containers per month, Gemini has the volume to save members money on their international ocean freight costs.
    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.

  • Sep 13, 2011
    Four Soft Announces Partnership with PayCargo, LLC

    PayCargo to Integrate its Payments Capabilities into Four Soft’s Solutions
    HYDERBAD, India, September 13, 2011 – Four Soft® (4S®) (NSE: "FOURSOFT", BSE: 532521), a global leader offering software solutions for logistics and transportation industry, announced today that it has partnered with PayCargo, LLC, a provider of electronic invoicing and settlement solutions for the shipping industry, and part of First Data Corporation, a global leader in electronic commerce and payment processing.
    Under terms of the partnership PayCargo will integrate with Four Soft allowing its customers to make accounts receivables available to their clients online. The PayCargo plug-in enables users to send invoice alerts to their clients and offers them a method to pay invoices online. The integration also allows users to upload accounts payables directly from Four Soft to PayCargo and electronically remit payment to the vendors.
    “By partnering with Four Soft, we are able to create efficiencies and offer innovative solutions to the market,” said Chris Courts, CEO, PayCargo. “Four Soft customers will now have the ability to track and manage payments and billing. We are excited to integrate into Four Soft’s software solutions and look forward to adding value to our collective customers.”
    “The PayCargo solution allows our customers to leverage their accounting functions with their customers,” said Krishna Rallabhandi, VP and managing director, Americas, Four Soft. “By doing so, our customers will receive payments faster, and they can offer the convenience of online solutions.”
    “The Four-Soft, PayCargo plug-in will significantly benefit our customers by saving them money, resources and time while helping them gain a competitive edge,” adds Cathy Clausen, Senior General Manager, Americas, and Four Soft.
    PayCargo allows shippers, carriers and freight brokers of all sizes to settle accounts quickly and securely. It also helps prevent expensive demurrage and storage charges that often result from inefficient payment processes and procedures. Carriers can be paid immediately for receivables and shippers can leverage multiple payment options.
    PayCargo is available for all Four-Soft customers and works with all Four-Soft software products. To activate this new feature please register at https://paycargo.com?foursoft. This partnership agreement has been executed through Four Soft USA Inc., a wholly owned subsidiary of Four Soft Limited, India.

  • Jan 7, 2011
    Freightgate and PayCargo Form Alliance to Improve Ocean Transportation Invoice and Payment Processing

    HUNTINGTON BEACH, CA., January 7th, 2011 – Freightgate, a leading provider of supply chain transportation solutions, and PayCargo, a leader in electronic invoicing and settlement, announce an alliance to deliver solutions that automate the validation and settlement of invoices for the ocean transportation industry. The alliance will combine Freightgate's rate management and e-invoice validation solutions with PayCargo's invoice management and settlement solution. Together, the complementary solutions will provide carriers and their customers with a fully automated electronic means to process all transportation freight invoices and settlement. Martin Hubert, CEO of Freightgate, said, "Ocean container shipping is a multi-billion industry and we’ll deliver tremendous efficiencies and remove costs for all stakeholders through the automation of invoicing and payment. Most e-invoice solutions do not address the manual checking of invoices — our Pay-Trek automated validation engine is the only one in the marketplace that can automatically verify complex ocean transportation invoices.” The Pay-Trek freight invoice management solution helps improve invoice accuracy and protects shipper cash flow by catching mischarges before payment rather than after. The PayCargo electronic invoice presentment and payment system helps reduce the cost of approving and disputing payments. “Together, we offer shippers the tools to ensure that they’ve been invoiced correctly and to settle those invoices quickly,” said Sergio Lemme, co-CEO at PayCargo. “PayCargo gives people on both sides of a transaction insight into billing so issues can be addressed and payment can be made efficiently. PayCargo’s innovative financial solution has transformed the invoice and bill payment processes for shipping. Shippers can simply ship, click and pay.” Freightgate’s first e-invoice customers will be Primary Freight and Agility Logistics and, after a short pilot, the company will offer e-invoicing to all of its customers.

  • Jan 26, 2010
    PayCargo adds CSAV Agency North America to its Payment Network

    Ocean carrier now offers its U.S. customers another e-payment option for added flexibility and ease of business
    MIAMI, January 26, 2010 – PayCargo, LLC, a leader in electronic freight invoicing and payment processing, today announced that CSAV, a leader in containerized ocean transportation services, is now connected to the PayCargo Freight Payment Network allowing its customers the flexibility of using PayCargo as an e-payment option. PayCargo’s online, commercial payment applications connect ocean carriers and their shipper customers to automate financial processing.
    CSAV through its own web-based and EDI systems delivers comprehensive e-business tools that simplify and streamline financial processing. With the addition of PayCargo, CSAV customers now have another option for efficiently viewing, proofing, and approving freight payments. PayCargo features multiple payment options including additional credit terms. In addition, shippers will have the ability to dispute invoices and bill of lading discrepancies in order to expedite resolutions, along with enhanced payment recognition, to help accelerate the release of cargo or documents.

  • Apr 21, 2009
    First Data launches PayCargo for shipping industry

    DENVER (April 21, 2009) – First Data, a global leader in information commerce has launched PayCargo, an efficient freight payment Web-based system for the maritime shipping industry. PayCargo provides the first 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.
    The PayCargo system is a real-time management tool that helps reduce costs of approving or disputing payments. It also helps prevent expensive demurrage and storage charges assessed when cargo isn’t moved off the wharf before the free time allowance ends; these charges usually result from inefficient payment processes and procedures.
    “The shipping industry has moved more cautiously than the rest of the business world when it comes to payments,” said Chris Courts, chief executive officer of PayCargo. “PayCargo can potentially revolutionize the payment process in the shipping industry by replacing manual processes with technology that reduces time, errors, and ultimately costs associated with making and receiving payments for shipments.”
    Econocaribe Consolidators, one of the world’s largest non-vessel operating common carrier companies in the industry, has already signed an agreement with PayCargo after seeing initial success with a pilot project. President John Abisch said, “Disputes are a major issue in this industry. PayCargo gives people on both sides of a transaction insight into the billing so issues can be addressed and payment can be made efficiently."
    According to Aberdeen Group, companies pay an average of $18 to process an invoice, and some companies pay $40 or more. PayCargo’s Courts notes that disputes can cost up to an additional $15 in personnel expenses due to ongoing long-distance phone, e-mails, and fax charges between the shipper and carrier to approve, dispute, question payments and deal with last minute exceptions. PayCargo minimizes delays associated with the settlement of those costs and keeps communications in one Web-based system.
    First Data also launched PayCargo Credit. This program offers freight credit to hundreds of thousands of shippers for the first time, enabling carriers to expand their businesses with minimal credit risk and providing shippers the credit they need to expand their businesses, especially with imports since credit is rarely available from the carriers for incoming shipments.
    PayCargo's Juan Dieppa, an industry veteran with 25 years experience as a senior executive at major carriers, believes that the technology will have a significant impact on the industry. "Introducing credit terms for import shipments is another way that we can modernize and streamline the business of shipping. Until now, many smaller companies haven't been able to get credit with the carriers," said Dieppa.

  • Nov 1st, 2008
    First Data & Coihue form alliance; produce PayCargo

    Coral Gables, FL , November 21st 2008, First Data and Coihue joined forces to bring to market PayCargo, an efficient, centralized, neutral, online payment settlement system for the Global Freight Maritime Industry. PayCargo allows Shippers, Carriers and Brokers to settle accounts rapidly and reliably within a standardized, secure platform. PayCargo is designed also to add a significant innovation to the Global Freight Maritime Industry: it allows Shippers, large and small, to establish third-party credit terms for freight via PayCargo Credit; this can prevent expensive demurrage charges and speed goods on their way to their final destination. Conversely Pay Cargo Credit allows Carriers to expand their business without affecting their credit exposure.
    “This occasion” said Sergio Lemme, Coihue Chairman and PayCargo co-CEO, addressing his team when PayCargo went into pilot mode on January 30th 2009, “is transcendental for those involved in the journey that has seen PayCargo evolve from idea, to concept, to prototype, to project and now to product, providing a simple but critical business service to the Freight Cargo Industry”.
    PayCargo comes into the EIPP (Electronic Invoice Presentment and Payment) space as the product that, due to its keen focus and aggressive business plan, intends to revolutionize the payments aspect of the Global Freight Maritime Industry and becoming what PayPal™ is to Internet Retail sales: the ubiquitous way to settle payments in an easy, secure and reliable manner.
    Composed of experienced industry movers and shakers, the PayCargo Executive Team has a high degree of exposure to the Global Freight Maritime Industry. “When you take an innovative product like PayCargo and add to it the strength of the global leader on electronic transaction settlement, as is First Data” said PayCargo co-CEO and First Data Vice President Christopher Court, “what you get is dynamite! We are really looking forward to the times ahead; they are quite promising for all involved”.
    PayCargo, LLC, the joint venture between Coihue and First data and producers of PayCargo, is headquartered in Coral Gables, Florida, with staff in several US Locations (Florida, Alabama and Tennessee) and Buenos Aires, Argentina.