UPS Capital, Payoneer roll out cross-border payments service

Businesses start growing interest into new geographies in order to build international relationships, but some 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.

The payment service gives customers and companies, in more than 200 markets and in 150 currencies, the ability to use a digital platform to conduct and perform B2B transactions protected by licensed escrow. The payments solution aims at offering an alternative to more expensive traditional letters-of-credit, C.O.D., credit card, payment-in-advance and documentary-collection services. 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 that can now be set up online in a matter of minutes.

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.