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PayCargo Capital & Evolve partner to help relieve supply Chain crisis
PayCargo Capital has secured a substantial lending alliance with Evolve Bank & Trust (“Evolve”), a leading financial and technology institution, allowing freight forwarders and beneficial cargo owners to apply for and receive credit at the point of paying freight costs. The partnership will immediately fund the “PayCargo Line of Credit” which eliminates financial delays that are contributing to the ongoing supply chain crisis. This solution allows freight forwarders and beneficial cargo owners to apply for and receive credit right at the point of paying freight costs. PayCargo expedites funding by removing the need for using third parties, excessive paperwork, and lengthy processes.
PayCargo Capital is the exclusive lending partner to users of PayCargo, LLC’s successful payment platform for moving money and vital remittance information between payers and transportation-related vendors. PayCargo, LLC’s platform is the largest independent freight payments network, with over 67,000 active users remitting and receiving payments. Qualified freight forwarders, importers, and beneficial cargo owners in North America who use the PayCargo platform can extend vendor payments by thirty (30) days using credit.
“PayCargo Capital offers credit terms on freight charges, previously available to only a few large companies,” said Philip J Philliou, Chief Executive Officer (CEO), 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.”
“We are excited to partner with PayCargo Capital to serve the financial needs of the thousands of businesses that are involved in the movement of cargo,” said Scott Stafford, President & CEO of Evolve. “With trillions of dollars spent by American companies on air and ocean freight, port fees, warehouse fees, and a myriad of other transportation-related expenses, Evolve is eager to help fund such a large and dynamic space.”