PayCargo is an American payment service that serves its clients on a Business to the Business platform. The company is established in the freight industry as a convenient method for reducing processing costs as well as providing other benefits by helping businesses manage their freight payment systems. PayCargo allows users to pay their vendors with fewer hassles to have their cargo released within an hour of payment. If you’re not yet familiar with this company, here are twenty things you probably didn’t know about PayCargo to bring you current.
1. PayCargo has been around for a while
PayCargo opened its doors for business in 2007. The company has been in operation for fifteen years as of 2022. The headquarters is in Coral Gables, Florida.
2. PayCargo serves two industries
PayCargo is a fintech company that provides its clients with software solutions. The platform automates the payment processes for cargo and freight companies. The benefits that PayCargo’s platform offers its clients are a reduction of processing costs, fewer delays, and a streamlined process for making and receiving cargo and freight payments for users and their vendors. It’s the fastest and most efficient payment platform available to serve these industries. The automated system alerts vendors that the payments are received and that cargo may be released.
3. PayCargo’s website uses a complex array of technologies
The website for PayCargo operates smoothly and efficiently thanks to a complicated group of technologies. PayCargo’s website actively uses fifty technologies to power its website. These technologies are distributed across thirty-four technology products and services. Some of them include WordPress, Apple Mobile Web Clips Icon, Google Font API, Google Analytics, jQuery, HTML5, and dozens more. The site is easily accessed through mobile apps. PayCargo didn’t disclose the annual IT budget for these tech products and services, but we estimate that it is over $1 million a year.
4. PayCargo maintains uniqueness in the payments and fintech industry
PayCargod stands out from its competitors with products and services that cannot legally be imitated or copied. The company secured one registered patent in the computing, and calculating category. On top of that, PayCargo has secured five registered trademarks in the advertising business category. These are all the legal intellectual properties of PayCargo and they may not be copied by anyone else in the industry.
5. Interest in PayCargo products and services is increasing
The analytics report for the PayCargo website shows that the number of monthly visits to the website has grown over the past thirty days. A total of 138,058 persons visited the site. This number represents a monthly visits growth of 40.54 percent. PayCargo is ranked number 390,625 of the millions of websites registered on the world wide web.
6. PayCargo is the most popular in the United States
Most of the web traffic for the PayCargo website is from people living in the United States. Ninety-six percent of visitors are forms the US, reflecting a monthly visits growth of 35.59 percent for this area. Two percent of visitors are from Canada, and one percent of the web traffic is from people in Venezuela. Less than one percent of the rest of the monthly visitors recorded are from India and Costa Rica. The statistical data generated through these reports is essential for identifying where the most interest is being shown. It helps the strategic planners at PayCargo to understand where there are opportunities for expansion and marketing niches for possible development. It also shows them where more work in the marketing department needs to be done to get the word out about their products and services.
7. PayCargo has a ten-member core executive leadership team
The executive leadership team at PayCargo has ten members listed. Eduardo del Riego is the chief executive officer. Juan Deppa is the chief operating officer. Mitch Baxt is the chief financial officer. Enrique Del Riego is a chief financial officer. Eugenio Lopez Negrete is consulting. Thomas Vieweg is the CGO. Timothy Walton is the senior vice president of sales. Doug Schmidt is the chief technology officer and the chief information officer. The group gets support from a larger team of executives and managers.
8. PayCargo has a two-member board of directors
The board of directors of PayCargo has two members. Ryan Hinkle joined the board in 2020. He is a managing director at Insight Partners. He currently serves on thirteen boards of directors in advisory roles. Philip J.. Philliou joined the board of directors in 2020. He is a managing director at Philliou Partners LL since March 1, 2006. He founded one organization called TruBeacon, Inc and served as president and CEO. he currently serves on one board of directors in an advisory role.
9. PayCargo is a venture capital-backed enterprise
PayCargo has participated in three rounds of venture capital fundraising. So far, it has raised a total of $290 million. PayCargo has attracted the interest and support of two venture capital investors. Insight Partners and the Blackstone Group have supported PayCargo through its three rounds of fundraising. The most recent round of Series C fundraising closed on June 15, 2022.
10. PayCargo is a privately held enterprise
PayCargos remains under the control of its two founders and owners. It is a privately owned fintech company. This is why you won’t find shares of stock for sale or trade on any of the public stock exchanges. The owners decided not to file for an IPO at this time. Our research has found no evidence of plans to move in that direction in the foreseeable future. The company is doing well enough with the financial support provided by its investors to finance growth and expansion efforts and to keep the company running smoothly.
11. PayCargo plans to expand internationally
American Shipper reports that PayCargo plans to use the most recent infusion of investor dollars to fuel its international expansion. The company will use part of the $130 million received in the most recent round from The Blackstone Group to create a presence in other countries. The company also has plans to develop new products and make a few acquisitions. The move will expand the size of the company and increase the numbers in its workforce.
12. PayCargo could influence improvements in the supply chain
Recent issues in the international supply chain have created problems for vendors who are trying to get their cargo shipments into stock rooms for stocking the shelves. There are product shortages in many areas which are held up due to problems in the supply chain industry. PayCargo could help to relieve some of the distress and burdens by using technology to improve the payment processing component between vendors and cargo/freight suppliers. Financial services and improved efficiency through automation are two growth areas that are in high demand in supply chain operations, and they’re benefits that are offered by PayCargo’s solutions.
13. PayCargo has an impressive platform
Blackstone Group investors have high confidence in the likelihood that PayCargo will deliver solid returns on their investments. The fintech startup provides a multimodal payments network that is cloud-based. There is no threat of servers becoming congested or going down. PayCargo’s software solutions work for air, ocean carriers, truckers, railroads, ground handlers, port, customs brokers, and freight forwarders, who are all necessary points of handling for cargo and freight shipments. It automatically notifies customers that their invoice is available through its online portal. Customers review the invoice, approve it, and pay for the cargo. The shippers and all others within the supply chain system are notified when the payment is made to move the freight/cargo onto its next place in the system. It allows businesses to obtain cargo releases far faster than previous methods and often results in cargo releases within hours versus days or even weeks through the old outdated systems.
14. PayCargo is a potential disruptor in the industry
PayCargo has the potential to disrupt the freight and cargo industries with its innovative and streamlining fintech services. Automation of payments and advanced technology that notifies all involved will help expedite the processes of moving freight from one location to another. One of the biggest problems in supply chain jams is the confusion about payments and orders. Another issue has been getting the ships waiting in line in the harbors to the docks. They waited for weeks. The key is getting them in for unloading and back on their way to their origins for more loads of freight and cargo. The potential for PayCargo to help minimize the disruption of the international transportation and delivery components in the supply chain network could be a real game-changer for everyone involved in the processes. PayCargo is currently a category leader in the system. It is digitizing the supply chain to bring it up to modern standards with business-to-business payments is a huge step forward.
15. PayCargo plans to go into the e-commerce industry
Another area of growth for PayCargo is the e-commerce industry. The company views this as its next area of growth and development with new products and services. I.t will take its existing freight payment and data infrastructure platform to e-commerce companies of all sizes.
16. Paycargo is growing fast
PayCargo is gaining more customers in its growing network base. So far, over 40,000 people are using PayCargo’s products and services. They’re transitioning from manual payment methods that are outdated and risky to completing digitized payments. The new format is automatic and safer. PayCargo serves over 5,000 freight transportation and logistics vendors with its services. You may recognize some of its larger clients. Current customers are Zim, Mediterranean Shipping Co., Maersk, Kuehne + Nagel, Seko Logistics, UPS, Yusen Logistics, Alliance Ground Internationals, Swissport, AirFrance, LanCargoBDP International, DB Schenker, DHL, and many others. The company tracked over $10 billion in payments with plans to double the number to $20 million in the upcoming year.
17. PayCargo works with all types of currency
PayCargo has been in business for more than a decade, and during that time, it has continued to establish itself as a leader in the fintech area for freight and cargo-related clients. It provides a financial management system that communicates directly with the back-office systems of vendors. It also offers real-time reporting and invoicing for customers. The company added new tools for the workflow to streamline partial payments and reconciliation tasks and automated refunds applied to any currency. The feature in itself can help to expedite cargo and freight shipments. One of the worst slowdowns has been for calculating payments with translations and figures that convert payment amounts, fees, and associated charges from one type of currency to another. The process is often painstaking, time-consuming, and inaccurate.
18. PayCargo also offers credit solutions
Another popular service that PayCargo extends its clients is the extension of credit. Its users may receive up to $2.5 million in credit for up to 45 days before payment in full. PayCargo Capital pays all freight charges to carriers for the shipper up front. PayCargo later reclaims the funds electronically in alignment with an agreement signed earlier. PayCargod also serves as a short-term lender for its clients. It’s one more tool for streamlining supply chain processes to get the cargo on its way to the consumers.
19. PayCargo collects multiple processes in one place
The PayCargo website confirms that PayCargo cuts freight processing time down to a matter of hours instead of days or weeks. Old processes previously handled one at a time, are now managed through one convenient hub. PayCargo can pay all of its clients’ logistics vendors in one place instead of negotiating through several payment providers. It centralizes the payments aspects of the processes to pay providers instantly without the need to check deliveries or track payments and orders. PayCargo does it all.
20. PayCargo is a small to medium-sized business
LinkedIn confirms that PayCargo is successfully streamlining supply chain issues, but it is still a small to medium-sized company. There are 82 staff members listed on the company’s workforce. PayCargo has just one new position available with the company, so it isn’t going into a hiring frenzy. It’s doing well leveraging the moderate staff as it moves into its next development phase in international markets. We expect to hear great things about PayCargo in the months ahead.