Money Moves Faster in International Trade

The new service is called UPS Exchange Collect and is a technology-based electronic payment possibility that synchronizes movement of goods, information, and funds between exporters and importers.

Here's how UPS explains the five-step Exchange Collect program:

  1. The exporter (seller) and importer (buyer) agree to the purchase and sale terms and specify UPS Exchange Collect for financial settlement.
  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 UPS.
  4. After UPS receives payment, it delivers the shipment to the importer.
  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 remittance.

Derek Woodward, vice president, international marketing for UPS, says that, "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."
To learn more about UPS Exchange Collect, talk to your UPS account representative or call 800/782-7892.

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish