New UPS Service Accelerates Money Flow for International Trade.
ATLANTA--(BUSINESS WIRE)--March 11, 2003
UPS Exchange Collect(SM) Uses Package-Tracking Information To
Accelerate Payments, Reduce Risks of International Trade
It's been said that money makes the world go 'round.
But when it comes to international trade, it sometimes seems like the world moves faster than the money.
A new service announced today by UPS (NYSE: UPS) helps the money catch up. UPS Exchange Collect(SM) helps exporters and importers accelerate payments and reduce the risks associated with international trade transactions. UPS Exchange Collect is an easy-to-use, technology-based electronic payment option that synchronizes the movement of goods, information and funds between exporters and importers.
UPS Exchange Collect is designed for companies that want to expand into new international markets and businesses that want to minimize the risks that sometimes accompany trading with new customers. With UPS Exchange Collect, the seller can be confident of getting paid because UPS will deliver the goods only after receiving payment from the buyer.
"UPS's robust technology infrastructure and package-tracking capabilities make UPS Exchange Collect possible," said Derek Woodward, UPS vice president, international marketing. "Using real-time tracking information, UPS Exchange Collect minimizes risks and accelerates payments in the exchange of goods and funds between seller and buyer. On average, sellers receive payments via UPS Exchange Collect in 10 days or less, a major improvement considering that payment in some international trade transactions can extend up to 90 days on traditional credit terms."
Here's how UPS Exchange Collect works:
1. The exporter (seller) and importer (buyer) agree to the
purchase and sale terms and specify UPS Exchange Collect for
2. The exporter ships the goods via UPS. UPS notifies the
importer via e-mail that the goods are in transit and that
payment must be received before the goods will be delivered.
3. The importer electronically transfers payment for the goods to
4. After UPS receives payment, it delivers the shipment to the
5. Upon verification of delivery, UPS electronically remits the
payment for the goods to the exporter's designated bank
account and notifies the exporter via e-mail of payment
Currently available to companies in 60 origin countries shipping to 18 destination countries, the service can accommodate 12 major foreign currencies. To be eligible for UPS Exchange Collect offered on a contract basis, customers must use UPS WorldShip 5.0.
UPS Exchange Collect is one of a number of UPS payment options available to companies conducting world trade. For example, UPS Capital, the financial services arm of UPS, offers a variety of financial services from letters of credit to long-term loans to companies in emerging countries, to credit insurance to accounts receivable management, that help businesses accelerate and coordinate the movement of goods and funds.
UPS is the world's largest package distribution and supply chain company, offering the most extensive range of options for the movement of goods, information and funds. Headquartered in Atlanta, Ga., UPS serves more than 200 countries and territories worldwide. UPS's stock trades on the New York Stock Exchange (UPS), and the company can be found on the Web at UPS.com.
For more information on UPS Exchange Collect, businesses can contact their UPS account representative or call 1-800-782-7892.
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|Date:||Mar 11, 2003|
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