67,000 users – promotes faster shipment release, the elimination of inefficient manual processes, reduces penalty fees for delays, improves transparency, aids better cash-flow management and streamlines invoicing and accounts reconciliation, it says.
Customers include Dutch association Air Cargo Netherlands (ACN) and the International Federation of Freight Forwarding Associations (FIATA), for which it has created Freight-Pay, a secure, bespoke system designed for freight forwarder transactions. FIATA members register for the service free-of-charge and then create an account to securely send and receive money to and from other members worldwide.
This latest news further bolsters the payment company’s growth strategy, which has attracted two rounds of substantial investments from global venture capital and private equity firm Insight Partners – US$35million in September 2020 and $125million last June.
The online payment settlements company has also been engaged in further developing its own technology and digitalisation, whilst expanding global adoption of its electronic payments network including within North America and Europe that enables customers to quickly and securely pay airlines, ocean carriers, maritime ports, ground handlers, forwarders and Customs brokers.
With these two primary goals in mind, PayCargo has appointed Todd Pigeon, former chief commercial officer at AP Moller Maersk Group’s integrated logistics subsidiary Sealand, as vice-president of sales for the company’s North American east coast region.
Pigeon’s global experience spans commercial leadership roles throughout Latin America, China, Europe and the United States. Based at the company’s global headquarters at Coral Gables, Florida, he will also be responsible for leading the company’s Miami-based sales team, notes a statement.
“With the PayCargo system, customers do not have to worry about costly outdated payments processes such as requesting and tracking bank cheque deliveries, managing cash and time-consuming credit application, which can also be costly,” he points out.
Eduardo Del Riego, chief executive of PayCargo, underscores the company’s strategic plans: “We are focused on supporting the ongoing digitalisation of the industry and ensuring we are part of a sustainable future. We have experienced incredible growth as our users continue to share in our vision for a more efficient and streamlined supply chain. In order to sustain this level of growth and continue our best-in-class service to our clients, it is imperative that we have the right talent in place to help us achieve our ambitious objectives. Todd’s is a strategic appointment that will certainly help us to get this done.”
