ATLANTA, Aug. 07, 2017 (GLOBE NEWSWIRE) -- 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.”
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).