GoTradeSeafood.com announced today an alliance between its online seafood exchange and CyberCapital, a leading business-to-business payment solutions provider. This enabling tool allows users to establish a payment document that provides buyer financing, guarantees seller payment, and facilitates the efficient online transfer of seafood product globally.
Through its PaymentDraft(TM) program, CyberCapital provides seafood trading partners with an innovative, alternative payment settlement solution. PaymentDraft allows commercial buyers and sellers to design mutually beneficial payment terms. Leading financial institutions, such as Bank of America, assist CyberCapital in evaluating the financial and credit worthiness of customers.
Go deeper with GlobalData
The PaymentDraft(TM) finances 100% of the buyer’s payment to the seller. It provides flexibility to structure payment terms based on conditions agreed upon by buyer and seller, and facilitates cash flow to sellers. For the transactions to occur, buyers must feel comfortable that they will receive the right product, while sellers require payment assurance. The PaymentDraft addresses these concerns, thus lowering risk during the transaction.
“The PaymentDraft(TM) system will provide the seafood community with the chance to extend their trading borders while creating very flexible and secure financial transactions,” says Chad Hite, co-founder of CyberCapital.
“Combined with user-defined payment terms, an online payment guarantee allows our users to feel more secure while trading online,” says Joshua ten Brink, VP of GoTradeSeafood.com. “The addition of CyberCapital to our repertoire of other transaction enabling mechanisms, such as logistics and insurance services, creates a marketplace based on user needs and focused entirely on completing online seafood transactions more efficiently than what could be accomplished in this historically offline market.”
About GoTradeSeafood.com
As one of the oldest established online seafood exchanges, GoTradeSeafood.com, parent of GoFresh.com and GoFrozen.com Exchanges, has over 1500 member companies and manages product postings of over $140 million per month. GoTradeSeafood’s format gives seafood industry participants a tool to acquire or sell inventory with users maintaining complete control of their inventory, pricing decisions, and strategy.
About CyberCapital
CyberCapital, a CyberStarts subsidiary, is a pure business-to-business payment settlement enabler focused on high-value, high-frequency transactions. CyberCapital serves brick-and-mortar companies along with electronic market makers and commercial trading partners, enabling buyers and sellers to facilitate friction-free commerce through the use of its PaymentDraft(TM) product.
