Case Study: TassatPay and CargoSprint

FIXING A GLOBAL PROBLEM

Frustrated by global freight market inefficiencies, U.S. licensed customs broker Joshua Wolf started CargoSprint in 2012 to leverage technology and deliver better solutions and outcomes. Headquartered in the U.S., CargoSprint employs the latest technology to improve operations and efficiencies in the global freight market. CargoSprint partners with cargo airlines, waterway shipping companies, rail companies, trucking companies, cargo facilities and customs brokers around the globe, all operating in different time zones, in various languages and currencies.


NO MONEY, NO DELIVERY

In the cargo industry, you cannot pick up freight until fees have been paid. To release goods, freight forwarding companies must first pay for the cargo to be released. Without payment, shipments are often delayed, and storage fees can accumulate rapidly, cutting into profitability for all those involved. Although freight forwarding companies serve as the primary point for payments and delivery, cargo companies often do not extend them credit for the fees owed.


THE CLOCK NEVER STOPS

Most of CargoSprint’s shipments initiate outside of the United States, and most of its business happens outside of traditional business hours, in multiple time zones, 24/7/365. There are no holidays.

 

SPEED MATTERS

When moving freight, you must move cargo quickly, and you have limited time to pay the fees and get the cargo released. To survive and thrive in the freight forwarding business, you need to be fast in and fast out, no matter where you are located or when you are transacting.

 

TRADITIONAL PAYMENT METHODS FALL SHORT

Initially, CargoSprint had to rely on checks to make payments. But checks are slow, less secure, labor-intensive and expensive. When a check is misplaced or delayed, customers can’t get their cargo which is a huge problem.


To get around this issue, Wolf relied on ACH (Automated Clearing House) which has its own host of problems. Specifically, ACH does not process on weekends – an insurmountable issue given that 30 percent of
CargoSprint’s transactions happen outside traditional business hours. ACH transactions also require more human interaction, adding risk when it comes to errors, delays and costs.


IN NEED OF A BETTER WAY

In need of a better solution, CargoSprint turned to TassatPay, a private permissioned blockchain-based technology platform that provides immediate, real-time payments, 24/7/365, with no transaction size limitations. “In this business, you need real funds that are available to you immediately, and that’s where TassatPay comes in,” says Wolf.

 

BETTER GETS BETTER

After successfully deploying TassatPay, CargoSprint then added to the benefits of TassatPay’s technology with an Application Programming Interface (API). Using an API, CargoSprint built a payments ecosystem connecting all partners involved in the freight forwarding process to enable seamless, real-time payments around the globe.

Through this API, money is not just transferred instantaneously, but invoices are immediately marked and paid without the need for human intervention. “It’s a real gamechanger,” says Wolf. “The fewer hands involved, the fewer mistakes, and the better the outcome.”


Not only do companies receive their money faster and more securely, but they also save money with lower processing costs. Wolf adds, “Accountants love it because it improves balance sheet health dramatically.”

 

EVERYONE WANTS IN

TassatPay’s technology platform is revolutionizing the industry, and adoption continues to grow. “When you get paid quickly and efficiently, 24/7/365 — everybody wants in,” says Wolf, who also noted the tremendous popularity of TassatPay amongst his client base.

 

SLEEP-AT-NIGHT SECURITY

Since CargoSprint facilitates cargo shipments and transfers around the world, security is critical. “Even with millions of dollars of transactions in remote and far-flung locations around the world and around the clock, we’ve never had an issue,“ says Wolf. With TassatPay, we know that all of our transactions are secure, which gives us and our partners great comfort.”

 

NO GOING BACK

“Our customers want speed, efficiency and security, and, with TassatPay, they get it all,” says Wolf. “Once you use TassatPaythere is no going back. It has completely revolutionized how we do business.”

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