Cargo Network Services Corp. (CNS), a subsidiary of the International Air Transport Association (IATA)"‹, which is dedicated to the entire air logistics chain by providing a unique set of business solutions that meet the requirements of the Air Cargo Industry in the United States, and PayCargo LLC, which operates a patented online payment system in the global freight industry providing overnight settlement of invoices between shippers and carriers, have announced an agreement to offer the U.S. Air Cargo Industry a new innovative and efficient payment solution for Imports into the U.S. called the PayCargo-CNS System.
CNS presently offers a wide range of products and services to assist all participants in the U.S. Air Cargo Industry to stay abreast of the latest developments that impact the movement of air cargo, as well as operates CASS-USA, the U.S. Air Cargo Industry"™s first Internet-based billing, invoice presentment and payment service that provides seamless financial transactions between carriers and agents, annually facilitating around $4 Billion USD worth of transactions between participating stakeholders.
PayCargo"™s current online solution for Air, Ocean, Trucking, and Warehouses, allows shippers to move cargo quicker in a secure, efficient way to reduce costs associated with payment processing. PayCargo eliminates the traditional resource-intensive system of requesting, printing, mailing or delivering checks, wire transfers or cash, with majority of the vendors releasing the cargo within an hour after receiving the "Payment Approval" alert from PayCargo.
The New PayCargo-CNS System (www.paycargo-cns.com) will become the online payment processing engine for expedited payments at U.S. stations of participating Airlines for Import Service Fees, as well as other additional incidental fees normally collected before an importer can retrieve their cargo from the airport facility.
With the PayCargo-CNS System importers will be able to make online payments within minutes, and the payment data will flow to the Airline immediately allowing the importer to pick up their cargo at the airport facility within one (1) hour for a simple flat fee of $5.00 per transaction. The Airlines will receive their funds from PayCargo-CNS overnight and see their funds in their bank account the next morning.
According to Eduardo Del Riego, CEO at PayCargo, "With CNS"™s longtime relationship with the Airlines, and PayCargo"™s adoption by the importers to expedite their payments for urgent release of cargo, it was a natural for the two companies to offer an innovative solution to connect the payer and vendor on a real-time payment platform for Import shipments."