First Data has introduced PayCargo, a global online freight-payment system for the ocean shipping industry. According to the vendor, PayCargo allows shippers, carriers and freight brokers to settle accounts faster and more securely. PayCargo is an electronic invoice presentment and payment tool, which is designed to reduce the cost of approving and disputing payments. It helps to prevent expensive demurrage and storage charges that result from inefficient payment procedures, First Data said. PayCargo integrates with existing carrier accounts receivable systems, by way of a method that updates invoice and payment data several times throughout the day. The system has no setup or membership fees, with little or no capital expenditure required by carriers or shippers, the vendor said.
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