Atlanta, Ga.’s PayCargo LLC, a provider of electronic invoicing and settlement solutions, said it will extend its existing commercial payment solution with electronic invoice presentment and payment (EIPP) tools for air, trucking, and rail shipping industries.
Launched in 2009, PayCargo’s service was originally aimed at ocean shippers with business-to-business payment offerings and tools to automate payment processes. The company offers funding options, dispute resolution, integration with multiple systems, email alerts, and various reporting options. PayCargo promotes its service with offers for advanced funding of receivables and shippers to qualify for additional payment terms on their payables
“The transportation industry has successfully automated most areas of business operations, but little has been done in the way of automating payments,” said Chris Courts, CEO of PayCargo. “Our standardized payments solution can now be used to bill or receive payments from any company in the supply chain.”
PayCargo’s payment services includes its established ocean tools as well as new specific tools for each additional mode of transportation, allowing it to present a single supply chain solution for settling accounts. It is anticipated that air, trucking and rail tools will be commercially available in the second quarter of 2012.
PayCargo is a division of First Data, which develops systems for electronic commerce and payment processing and recording their related data.
