UPS Capital, the finance arm of the giant delivery and logistics company, on Wednesday announced a new service designed to simplify how companies accept customer checks under cash-on-delivery terms.
UPS said that about a third of C.O.D. shippers defer deposits of C.O.D. payments when requested by customers with cash flow concerns to maintain repeat business. The checks are typically held and manually deposited at an agreed-upon future date.
UPS Capital’s C.O.D. Delayed Deposit automates the process, saving administrative costs such as stamping and driving to the bank, and the risks associated with manually managing checks, UPS said.
Features include:
- Flexibility for timing deposits
- Email notifications alerting the customer of new C.O.D. deliveries awaiting deposit
- Secure Web access to view check images and manage deposits
- Daily reports of check reconciliation activity
- Reduced bank fees associated with check processing
- Use of only one UPS account to manage all checks
