UPS Capital Announces Cross-Border Secure Payments Service for B2B Transactions
07 August 2017 - 11:00PM
UPS Capital, a subsidiary of UPS® (NYSE:UPS), announced today the
launch of a new online business-to-business payment service powered
by Payoneer, a leading cross-border payments company. The payment
service gives customers and companies, in more than 200 markets and
in 150 currencies*, the ability to utilize a secure, digital
platform to conduct and perform B2B transactions protected by
licensed escrow.
“The risk of non-payment is a major challenge for small and
mid-sized businesses trading across borders” said Ron Chang,
President of UPS Capital. According to Ron, “The loss of
revenue or receiving a defective product can cripple cash flow
leading to devastating business impacts. The B2B secure payment
service helps mitigate the risk for our customers — either buyer or
seller — and gives them peace of mind that the funds will be
available and the goods delivered as described.”
Cross-border Commerce
With 95% of the global population residing outside of the U.S.
and two-thirds of the world’s purchasing power overseas, businesses
must enter new geographies and build international relationships to
tap into this potential. Yet, many small and mid-sized
companies often lack the appropriate infrastructure to:
- navigate foreign currencies and languages
- vet new customers
- collect on delinquent invoices
- and, manage multiple banking relationships.
As a result, many businesses limit international expansion.
In fact, a Payoneer study found that 75% of respondents
declined business due to risk of non-payment and 57% of sellers
stated their current approach to ensuring payment limits their
growth.
“With B2B secure payments, businesses can more safely expand
sales to new customers and purchase from new suppliers, while
significantly reducing payment risk,” said Scott Galit, CEO of
Payoneer. Additionally, Galit shares, “Buyers can pay with
confidence knowing their supplier gets paid when and if they
deliver as expected, and sellers can deliver goods with the
certainty that payment is in process. Both parties are protected.
Our platform ensures transparent and quick outcomes should any
dispute arise, enabling global growth with minimal risk.
We’re thrilled to help UPS Capital offer the security of online
escrow to their small and mid-size business customers which will
allow them to reach new markets.”
Online, Fast, and Secure
In addition to minimizing payment risk, small and medium-sized
businesses are also looking for cost-effective transaction options,
quick turnaround and ease of use. This service offers a
secure alternative to more expensive traditional letters-of-credit,
C.O.D., credit card, payment-in-advance and documentary-collection
services. And, orders shipped within the worldwide UPS® network
receive a 10% discount on the escrow fee. In addition, the payment
service increases the speed of the transaction which can generally
be set up online in a matter of minutes versus a letter of credit
that may take 10-14 days to initiate.
Breadth of Solutions
This payment service is one of many UPS Capital solutions
designed to help small and mid-sized businesses expand into new
markets and mitigate the risks of global trade. Businesses looking
to take advantage of this new service can register at
https://upscapital.com/product-services/b2b-secure-payments/.
Other services include unique financing options to enhance cash
flow and marine cargo insurance to cover in-transit and warehoused
goods against loss, damage and delay. These services, coupled
with the breadth of UPS transportation and brokerage solutions, are
all designed to make doing business across borders easier, faster
and less risky.
About UPS Capital
Nobody understands transportation and logistics like UPS. And
while you’ve probably never thought of a UPS company for financing
and insurance services, the global supply chain expertise of UPS
Capital uniquely positions us to help protect companies from risk
and leverage cash in their supply chains. Insurance companies and
banks can’t say that. UPS Capital and its affiliates have offices
throughout the United States, as well as operations in Asia, Europe
and Latin America. For more information, visit www.upscapital.com,
call 1-877-242-7930, or follow UPS Capital on Linkedin®
(https://www.linkedin.com/company/ups-capital) and Twitter®
(@UPSCapital).
*B2B secure payments is open to enrollment for both US-located
buyers and sellers; enrollment must be initiated by the US-located
party.
© 2017 United Parcel Service of America, Inc. UPS, UPS
Capital, the UPS brandmark, and the color brown are trademarks of
United Parcel Service of America, Inc. All rights
reserved. Loans are made in California pursuant to a
Department of Business Oversight Finance Lenders License.
Products may not be available in all areas and may be modified
based on requirements. Credit availability is subject to
approval. Insurance is underwritten by an authorized
insurance company and issued through licensed insurance producers
affiliated with UPS Capital Insurance Agency, Inc., and other
affiliated insurance agencies. UPS Capital Insurance Agency,
Inc. and its licensed affiliates are wholly owned subsidiaries of
UPS Capital Corporation. Insurance coverage is not available
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registered trademarks of Facebook, Inc. in the United States and
other countries.
Kristin DeBates
404-828-4032
kdebates@ups.com
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