The platform is accessible to all FIATA members (including members of national associations who are also FIATA members).
Freight-Pay is currently available for international transactions in USD, but EUR is also planned in the future.
There is no initial fee to start using Freight-Pay. However, you will need to fund your pre-paid account with a minimum of $250, subject to a $15 banking fee. You will be able to use your initial deposit to make payments.
There is only a $2 transaction fee that will be charged to the payer when transacting money through the Freight-pay platform. The receiver will not have any fee to pay.
Yes, there is a $15 banking fee when you deposit money by wire transfer and there is a $50 fee (plus potential additional fees from your bank) when you withdraw money from your Freight-Pay account and transfer it into your bank account.
No, there is no minimum or maximum amounts of money that can be transferred through Freight-Pay. The limit is related to the amount of money available on your pre-paid account.
Transactions are instant and payees are immediately notified when they receive money on their Freight-Pay account.
Yes, you can pre-schedule payments and select a specific payment due date when creating your transaction.
PayCargo will regularly check with FIATA to ensure that all users are valid FIATA members.
Yes, you can pay your annual membership fees by making a payment to FIATA through the Freight-Pay platform. FIATA will communicate the process to follow, as well as the amount to be paid in USD in due time.
Freight-Pay is a service for FIATA members, for their benefit only. So far, national associations have not been involved with the Freight-Pay platform. This could be discussed at a later stage.
No, FIATA members will be automatically registered as both payers and vendors (payees). Only one registration is needed.
Freight-Pay has been primarily designed to facilitate payments between FIATA members, but you can also make payments to other US vendors. The standard PayCargo transaction fee will then be applied.
Freight-Pay includes best-in-class security features such as end-to-end encryption. Freight-Pay is designed to facilitate small transactions between FIATA members and is not intended to hold big amounts of money. Moreover, money hold on Freight-Pay can be withdrawn to your bank account at any time.
Strict security protocols are applied to the platform which are based on the latest technologies. PayCargo has been operating for more than 15 years and there has never been any fraud or hacking issues. Moreover, all accounts are ‘For benefits of’ and PayCargo does not have access to the money held on any account.
Freight-Pay is fully compliant for processing payments in most countries around the world. Please note that due to banking restrictions, Freight-Pay is not available in the following countries or geographical areas: Balkans*, Belarus, Burundi, Central African Republic, Cuba, Democratic Republic of Congo, Iran, Iraq, Lebanon, Libya, Nicaragua, North Korea, Somalia, Sudan and Darfur, Syria, Ukraine, Russia, Venezuela, Yemen, Zimbabwe.
*If you are located in the Balkans, please check the OFAC Sanctions List to see if any restrictions apply to your country or company.
No, CASS Commercial Bank has no link with IATA. It is an independent bank, wholly owned subsidiary of Cass Information Systems (Nasdaq: CASS).
Your pre-paid account is set as a ‘For benefits of’ account at CASS Commercial Bank and is managed through PayCargo’s system. When transferring money to your Freight-Pay account, your payment beneficiary should be: Cass Commercial Bank FBO PayCargo FIATA.