IATA subsidiary Cargo Network Services (CNS) has partnered with online payment system provider, PayCargo to offer the US air cargo industry a new payment solution for imports into the US called the PayCargo-CNS System.
The new PayCargo-CNS System will be the online payment processing engine for expedited payments at US stations of participating Airlines for Import Service Fees, as well as other incidental fees normally collected before an importer can retrieve their cargo from the airport facility.
Importers using the system will be able to make online payments within minutes, and payment data will flow to the airline immediately allowing the importer to pick up their cargo at the airport facility within one hour for a flat fee of $5 per transaction, and airlines will receive their funds from PayCargo-CNS overnight and see their funds in their bank account the next morning.
PayCargo chief executive officer, Eduardo Del Riego says: “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.”
PayCargo operates an online payment system providing overnight settlement of invoices between shippers and carriers.
Its current online solution for air, ocean, trucking and warehouses allows shippers to move cargo quicker in a secure and efficient way, eliminating the system of requesting, printing, mailing or delivering cheques, wire transfers or cash, with the majority of the vendors releasing the cargo within an hour after receiving the ‘Payment Approval’ alert from PayCargo.
CNS provides products and services to assist participants in the air cargo industry, as well as operating CASS-USA, the US air cargo industry’s first internet-based billing, invoice presentment and payment service that provides seamless financial transactions between carriers and agents.