UPS LAUNCHES EXCHANGE COLLECT TO SPEED MONEY FLOW

UPS LAUNCHES EXCHANGE COLLECT TO SPEED MONEY FLOW    United Parcel Service, the giant Atlanta-based integrated carrier, has introduced UPS Exchange Collect, a service to help importers and exporter accelerate payments and reduce risks associated with international trade transactions.
   Exchange Collect, an electronic payment option, can be used by a seller and buyer for financial settlement. An exporter or seller ships goods via UPS, which notifies the importer or buyer that the goods are in transit and that payment must be received before the goods will be delivered. The importer then electronically transfers payment for the goods to UPS. After UPS receives payment, it delivers the shipment to the importer. 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.
   The new 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.