PayCargo Credit

Overview

PayCargo Finance LP (“PCF”) provides short term 30 day credit solutions to approved clients of PayCargo LLC (“PC”) that will have the ability to manage their working capital by accessing credit directly through the proprietary PayCargo Platform rather than make payments from their bank accounts.

PayCargo is the world's leading online payment platform for the shipping and cargo industry with a patented platform serving as the industry's most secure and efficient payment solution allowing customers to move funds and payment information to their Freight Vendor for "Rapid Release" of the cargo. In many cases, cargo is released within one hour of payment.

The credit product is now being introduced to a select group of launch clients based upon our deep understanding of their businesses and consequential credit need.

Payables Credit: 30 day terms to NVOCCs and Freight Forwarders; allows better matching with receivables timing from their customers

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Payer Process

PayCargo Finance customers receive all the expedited cargo-release benefits

of PayCargo while deferring their vendor payments to better manage their cash flow and working capital. Particularly for growing businesses, this intelligent cash management is a huge benefit, and it is accomplished without any changes whatsoever to normal transaction workflow processes.

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1. Client completes credit application online, and provides requisite financial information, and requested credit availability

2. PCF reviews submission and renders credit decision

3. Upon approval, credit agreement, promissory note, and security agreement are sent to client, along with approved credit availability

4. The “Pay With Credit” option is activated within the PayCargo platform

5. The client may choose to either pay with an overnight debit or utilize PayCargo Credit

6. If the latter is chosen the client’s approval screen includes the payment due the shipper plus the financing fee for PayCargo Finance

7. In accessing the credit option, the client has agreed to have its ACH account debited in 29 days for the stipulated amount

8. The client sees credit utilization and availability on a real-time basis, within the system

9. PCF receives daily utilization reports from the PayCargo system