Paycargo Capital supports transport companies
Paycargo Capital, a sister company of online payment platform Paycargo, has seen a rise in demand for its short-term credit facility during the Covid-19 pandemic. Transport companies and cargo owners that are customers of Paycargo in North America can apply for credit of between USD 25,000 to USD 2.5 million for a 15 to 30-day period.
“The relevancy of Paycargo Capital has grown since the start of the Covid-19 pandemic, as managing cash flow and paying for daily transportation and related invoices can prove difficult,” said Philip Philliou, CEO of Paycargo Capital.
"Ocean shipping lines and cargo airlines have enormous amounts of capital tied up in artificial loans to customers.” The credit facility is used by PayCargo customers from across the supply chain, to pay for ocean, airfreight, cross border freight warehouse and customs fees, and other transport-related expenses. (mw)