PayCargo Capital has secured a substantial lending alliance that will enable freight forwarders and beneficial cargo owners to apply for and receive credit right at the point of paying freight costs.
The partnership between PayCargo Capital and Evolve Bank & Trust will immediately fund the “PayCargo Line of Credit”, which will help reduce financial delays contributing to the ongoing supply chain crisis.
PayCargo expedites funding by removing the need for using third parties, excessive paperwork, and lengthy processes.
"PayCargo Capital offers credit terms on freight charges, previously available to only a few large companies," said Philip J Philliou, chief executive officer of PayCargo Capital. "Clients tell us that our timely credit solution prevents expensive demurrage charges and speeds goods on their way to their final destination.
“Both air and ocean freight expenses are higher than in prior years and the need for funding is significant. In today’s environment, with Evolve as our lending partner, PayCargo Capital will grow stronger as a technology-enabled financing provider and help more businesses with their cash flow needs."
PayCargo Capital is the exclusive lending partner to users of the PayCargo logistics payment platform - for moving money and vital remittance information between payers and transportation-related vendors.
