During good times but even more pronounced during challenging times, our partners are susceptible to cash flow issues. As freight forwarders, customs house brokers and other NVOCCs have to pay shippers, warehouses and other service providers in the supply chain before their customers pay them financial problems arise.
Worse yet, global events such as what we are currently experiencing with tariffs, Coronavirus, and wars impact the supply chain at short notice, leaving limited access to cash flow and little time to find the finances needed.
Another need for growing businesses, is for intelligent cash management and it is a huge benefit for them, and needs to be accomplished without any changes to normal transaction workflow processes.
Our sister company PayCargo Capital (PCC), also known as PayCargo Finance, exists to meet the market’s needs and funding is secured from banking partners to users of the PayCargo payment platform.
The service is used by freight forwarders, beneficial cargo owners, importers, and other NVOCCs, who utilise PCC’s Line of Credit to pay some or all of their daily transportation related expenses, giving them the opportunity to use other funds elsewhere.
Many of our partners say that cash flow can be tight and fluctuating transportation costs are one of the biggest challenges.
The Line of Credit facility has been developed with maximum flexibility in mind and includes 15, 30, or 45-day payment terms, and companies only pay for what they use. This rolling credit facility means, once it is paid back, businesses can borrow again.
This is particularly helpful for businesses that regularly require access to funds to manage the business’ day-to-day capital requirements, then applying for a LOC might make sense.
PayCargo Finance is relaunching its website next month to further meet the industry’s needs. Visit https://paycargo-finance.com for more details and see how it can help your cash flow needs.