What was once a traditional industry is quickly moving towards a digital landscape as new technologies transform processes and communications channels.
The future of shipping is being led by technological innovation, and the financial aspect of moving goods from A to B is no exception with digital payment solutions changing the way transactions are made. Modern freight vendors and payers require a B2B payment platform that is fast, easy, and secure, with a system that is built to handle the international demands of shipping cargo around the world.
There are many online payment solutions on the market, but they are not all created equal, and that is where PayCargo comes in.
PayCargo is a unique solution that has been developed to fill a gap in the market to meet the needs of today’s shipping and cargo industry.
The online platform provides unique electronic tools with end-to-end encryption to automate the payment process and facilitate same day transactions in a secure environment. This has resulted in minimizing costs across the value chain and achieving the aim of releasing cargo within one hour of payment – an innovative approach that is transforming the nature of B2B freight payments.
Basically, by simplifying the system for payers and vendors, PayCargo has created an easy-to-use solution comprising three steps – ship, click, and pay.
“The idea for PayCargo came from our management team experiencing first-hand the inefficiencies and costs, direct and indirect, associated with the inability to quickly settle transactions between carriers and shippers,” said Lionel van der Walt, President and CEO, the Americas, PayCargo.
“We realised there was a need to simplify the payment process for faster cargo movements and to align the industry with the ongoing digitization of financial services.”
PayCargo is patented and designed by FirstData and has 12,800 registered payers with 20,000+ users, including the world’s leading logistics companies.
The platform has 2,500 registered vendors, featuring major airlines, shipping lines, and large marine terminals.
And in the last 12 months alone, PayCargo has processed funds of US$2 billion, making it one of the most widely adopted systems in the industry.
“PayCargo has evolved quickly since its launch in 2009, but it has retained the core values of being reliable, trustworthy, and agile which is why we initially set out to create PayCargo,” said van der Walt.
“After launching in the USA, PayCargo has since been rolled out across Europe by successfully adapting the business model to meet local market needs and collaborating with regional organisations such as Air Cargo Netherlands (ACN) in Amsterdam.
“We believe in having a collaborative, open, and progressive approach to growth and remaining agile to move with the times.”
As the number of PayCargo’s users has grown, so has its status as a trusted B2B freight payment solution, with the platform being endorsed by formal partnerships with Cargo Network Services Corp (CNS) and the International Air Transport Association (IATA).
PayCargo is also working to integrate with IT solution providers such as Accelya (SkyChain), IBS (iCargo), Unysis (Digistics-LMS), and CHAMP Cargosystems. CHAMP Cargosystems has integrated PayCargo’s API to allow CHAMP’s users of Cargo Management Application Services (Air Operational Systems) to view PayCargo transactions.
“CHAMP cargo management applications power over 120 carriers and ground handlers, each of which wants to accelerate the flow of goods,” said Christopher Shawdon, Head of Business Development, CHAMP Cargosystems.
“Because most of those apps are hosted by CHAMP, the interface we built with PayCargo can be activated within minutes, and that means that our clients can take payments from within their cargo system.
“Simple, fast and secure, just like air cargo processing should be.”
PayCargo’s API can be used to facilitate all payment requests and automatically reconciles transactions with user’s systems. This is done by introducing PayCargo capabilities directly into the partner’s software, with real time synchronization eliminating friction between the two parties. With digital technology increasingly impacting business transactions, the future of freight will be dictated by digital records and same day payments from anywhere on any platform.
PayCargo’s forward-thinking approach is already leading the payment sector by example, and, as the industry continues to evolve, the financial strength and agile nature of the platform will ensure PayCargo’s longevity.