UPS Capital, a subsidiary of UPS, has launched a new online business-to-business payment service powered by Payoneer, a US-based cross-border payments company.
The new secured digital platform will allow its customers and companies, in more than 200 markets and in 150 currencies, to perform a B2B transaction which is protected by licensed escrow.
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This service is aimed at helping small and mid-sized businesses to enter into new markets and eliminate the risks of global trade. It also offers an alternative solution to expensive traditional letters-of-credit, C.O.D., credit card, payment-in-advance and documentary collection services.
Payoneer CEO Scott Galit said: “With B2B secure payments, businesses can more safely expand sales to new customers and purchase from new suppliers, while significantly reducing payment risk.Buyers can pay with confidence knowing their supplier gets paid when and if they deliver as expected, and sellers can deliver goods with the certainty that payment is in process.
“Both parties are protected. Our platform ensures transparent and quick outcomes should any dispute arise, enabling global growth with minimal risk. We’re thrilled to help UPS Capital offer the security of online escrow to their small and mid-size business customers which will allow them to reach new markets.”
