PayCargo, a provider of electronic invoicing (e-invoicing) and settlement solutions for the ocean shipping industry, has enhanced its commercial payments solution that will provide electronic invoice presentment and payment (EIPP) tools to the air, trucking and rail shipping industries.
PayCargo’s B2B commercial payments solution, powered by First Data, will have all of the current tools it offers for ocean, but now will have new specific tools related to how each of the other modes of transportation operate. This allows for all players in the supply chain to use a single solution to settle all of its accounts for receivables and payables. It is anticipated that air, trucking and rail industries can begin using the solution in the second quarter 2012.
“The entire supply chain finally has an online freight payment solution designed by and for the industry,” said Chris Courts, chief executive officer (CEO) of PayCargo. “The transportation industry has successfully automated most areas of business operations, but little has been done in the way of automating payments. By expanding the PayCargo settlement system to include all transport modes, our standardised payments solution can now be used to bill or receive payments from any company in the supply chain.”
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