First Data Launches PayCargo for Shipping Industry
Web-based system provides expedient electronic payment
DENVER . - First Data, a global leader in information commerce, has launched PayCargo, the first global online freight payment system for the maritime shipping industry. The proprietary solution PayCargo offers allows shippers, carriers and freight brokers of all sizes to settle accounts faster and more safely than ever before.
The PayCargo system is an electronic invoice presentment and payment (EIPP) tool that helps reduce the cost of approving and disputing payments. It also helps prevent expensive demurrage and storage charges that often result from inefficient payment processes and procedures.
“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,” said Chris Courts, group manager for transportation at First Data.
According to Aberdeen Group, companies pay an average of $18 to process an invoice, and some companies pay $40 or more. Courts notes that disputes can cost up to an additional $15 in personnel expenses due to ongoing long-distance phone calls, e-mails, and fax charges between the shipper and carrier to approve, question, and dispute payments and deal with last minute exceptions. PayCargo simplifies the payment process and manages disputes within a single Web-based system.
Econocaribe Consolidators, one of the world’s largest non-vessel operating common carrier companies, 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.”
PayCargo integrates with existing carrier accounts receivable systems using a simple method that can update invoice and payment data several times throughout the day. 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. “The PayCargo system has no setup or membership fees, and little or no capital expenditure by either the carriers or the shippers. After a simple setup by both parties, the shipper can simply ship, click and pay.”
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