The partnership will immediately fund the ‘PayCargo Line of Credit’, which eliminates financial delays that are contributing to the on-going supply chain crisis. This solution allows freight forwarders and beneficial cargo owners to apply for and receive credit right at the point of paying freight costs. PayCargo expedites funding by removing the need for using third parties, excessive paperwork, and lengthy processes.
PayCargo Capital is the exclusive lending partner to users of PayCargo, LLC’s successful payment platform for moving money and vital remittance information between payers and transportation-related vendors. “PayCargo Capital offers credit terms on freight charges, previously available to only a few large companies,” said Philip J Philliou, Chief Executive Officer (CEO), PayCargo Capital. “Clients tell us that our timely credit solution prevents expensive demurrage charges and speeds goods on their way to their final destination.”