PayCargo Capital, a sister company of the global online payment platform PayCargo, is working with businesses in the fresh produce supply chain to provide fast and flexible financing for the movement of perishable cargo.
Customers of PayCargo in North America can apply for credit of USD50,000 to USD2,500,000 for a 15 to 45-day period.
“The use of the PayCargo platform with financing from PayCargo Capital has dramatically helped fresh produce companies, as managing cash flow, paying for daily transportation and related invoices, and the immediate release of cargo are critical elements of their business operations,” said Philip Philliou, Chief Executive Officer of PayCargo Capital.
PayCargo Capital is a member of the Southeast Produce Council.
PayCargo Capital’s credit facility is being used by PayCargo customers from across the supply chain, to pay for ocean, airfreight, cross border freight, warehouse and Customs fees, and other transportation-related expenses.
More than 2,500 transportation-related Vendors in North America accept payments via PayCargo’s online portal.
“With the click of a button, we pay Crowley Logistics, Seaboard Marine, Dole Ocean Cargo Express, King Ocean Service, and our port fees through PayCargo,” said Ricardo E. Roggiero, Chief Financial Officer of Freshway Produce.
“PayCargo Capital has been an invaluable partner of ours in terms of providing financial flexibility.”
Under the facility, PayCargo Capital pays all freight charges up front, reclaiming the appropriate funds electronically from the PayCargo customer in the agreed timeframe.
“Working with PayCargo Capital assures us that our ginger, yams, and sweet potatoes will not get held up at the port in the USA and Canada,” said Bernardo Caldas, Executive Director of Canada-based, Caldas Family Farm.
PayCargo Capital customers receive all of the expedited cargo release benefits of PayCargo, while deferring their Vendor payments to better manage their cash flow and working capital.