Paying crew members in cash will lead to further challenges of increased incidents of piracy and theft, says global maritime financial payments company ShipMoney.
ShipMoney’s President – Stuart Ostrow will address delegates at Crew Connect Global, taking place between the 6th and 8th of November, explaining the challenges ship managers face by continuing to pay their seafarers in cash.
The company believes that shipping businesses are leaving themselves open to increased incidents of piracy and theft by not looking at alternative payment methods and fully embracing the new digital age.
Cash that is onboard a vessel could result in ship managers and owners reducing their annual spend by a significant 50%.
There are currently around 69,000 ships in the worlds merchant fleet with almost $7 billion in hard cash onboard at any one time.
By continuing to pay seafarers with the historical method of hard cash, crew members are also forced to face extra charges when wiring money home and withdrawing money in different currencies, Mr. Ostrow will explain to delegates.
ShipMoney will be exhibiting at booth number six at the Crew Connect Global Conference, which is taking place in Manila in November.
Maritime Payment Solutions, LLC (d/b/a ShipMoney) is an industry leading provider of payment solutions for maritime companies throughout the world facilitating crew payroll payments, international corporate remittances, money transfers, mobile top-ups, payroll advances, onboard expenses and all other forms of shoreside and onboard payments. The founder of ShipMoney, Stuart Ostrow, was directly responsible for, and instrumental in the initial development of prepaid payment programs for the cruise line industry. ShipMoney is the second generation of that endeavour. ShipMoney is an operating subsidiary of Global Technology Partners, LLC. GTP is one of the largest international prepaid payment processors in the world providing services and programs in over 30 countries.