UPS Capital Improves C.O.D. Services to Help Small Businesses Manage Cash, Customer Relationships
Service helps UPS® C.O.D shippers strengthen their relationships with customers and efficiently manage payments
UPS Capital® Corporation, a business unit of UPS® which helps customers manage risks and protect finances, today announced a new service, UPS Capital C.O.D Delayed Deposit. The service is designed to improve how and when companies that accept C.O.D. can deposit their customers’ checks. This new service provides a safe, secure, technology-based solution to control the timing of individual check deposits.
UPS research shows that 33 percent of C.O.D. shippers defer deposits of C.O.D. payments when requested by their customers. The primary reason is to help their customers who do not have cash now but will be able to pay later. Respondents feel that honoring customers’ requests for deferred C.O.D. check deposits is important to their business, enabling them to extend credit, improve customer relationships and increase sales.
“For years, businesses have held their customers’ checks and manually deposited them on agreed-upon future dates,” said Bob Bernabucci, president of UPS Capital. “Today, C.O.D. is still a very popular way for businesses to extend payment terms, build relationships and gain new business. C.O.D. Delayed Deposit automates this process, thereby saving businesses both administrative expenses and the risks associated with manually managing checks.”
C.O.D. Delayed Deposit offers many unique features, including:
• Flexibility in determining the deposit timing of individual checks
• Email notifications alerting the customer of new C.O.D. deliveries awaiting deposit
• Secure web access to view check images and manage deposits
• Daily electronic delivery of reports providing reconciliation of C.O.D. activity and advanced notice of scheduled deposits and returned items
• An option for automatic second presentation of dishonored checks
• Automatic daily deposit of funds into a shipper’s bank account of choice
• Reduction of bank fees associated with check processing
• Use of only one UPS account to manage all checks.
“The new service provides considerable time savings and improves cash flow,” said Peter Park, Manager for Cinderella Divine, a women’s fashion designer. “C.O.D. Delayed Deposit improves our accounts receivable outstanding by as much as five days, saving us manual processing, stamping and a daily trip to the bank. By easily seeing all delayed checks, we can negotiate our position and easily reconcile between our account ledger and the UPS portal.”
C.O.D. Delayed Deposit
UPS Capital leverages UPS’s logistics expertise to offer expansive solutions to help protect business’ finances and manage the increasing risks threatening and disrupting their supply chains. UPS Capital companies have offices throughout the United States, as well as operations in Asia, Europe and Latin America. For more information, visit www.upscapital.com or call 1-877-242-7930.
A demonstration of UPS Capital C.O.D Delayed Deposit is available at online.
C.O.D. Enhancement Services products are offered through UPS Capital Trade Protection Services, Inc. UPS Capital Corporation and its affiliates reserve the right to change or cancel any C.O.D. Enhancement Services program at any time. Each C.O.D. Enhancement Services program is governed by the applicable terms and conditions governing participation in that program and certain limitations and exclusions apply. Information contained in this mail piece does not in any way alter, supplement or amend the applicable terms and conditions governing participation in any C.O.D. Enhancement Services program and is intended only as a brief summary of that program. The UPS C.O.D. charges as set forth in the UPS rates in effect at the time of shipping apply to each UPS C.O.D. package shipped. Some C.O.D. Enhancement Services may involve loans or the advancement of funds for anticipated C.O.D. receipts. Loans made in California are pursuant to a Department of Corporations California Finance Lenders License. C.O.D. Enhancement Services products may not be available in all jurisdictions. C.O.D. Automatic, C.O.D. Direct and C.O.D. Secure are registered trademarks of United Parcel Service of America, Inc.
UPS (NYSE:UPS) is a global leader in logistics, offering a broad range of solutions including transporting packages and freight; facilitating international trade, and deploying advanced technology to more efficiently manage the world of business. Headquartered in Atlanta, UPS serves more than 220 countries and territories worldwide. The company can be found on the web at ups.com® and its corporate blog can be found at blog.ups.com. To get UPS news direct, visit pressroom.ups.com/RSS.
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