Deposits, timed right
C.O.D. options from UPS Capital help small businesses manage risk
For many businesses, C.O.D. is an attractive option for obtaining payment from key customers. UPS recently introduced a new service, UPS Capital® C.O.D. Enhancement Services for businesses that ship at least $30,000 annually via C.O.D. This new service uses a safe, secure, technology-based solution that allows shippers to manage the timing of when their customers’ checks are deposited.
UPS launched this service after research found that 33 percent of C.O.D. shippers postpone depositing payment at their customer’s request. Deferring these payments helps these companies extend credit, improve customer relationships and, ultimately, increase sales.
Features of the new service include:
- Flexible timing for the deposit of individual checks
- Email notifications that alert you of new C.O.D. checks awaiting deposit
- Secure web access for viewing check images and managing deposits
- Daily electronic reports providing reconciliation of C.O.D. activity and advance notice of scheduled deposits and returned items
- An option for automatic second presentation of dishonored checks
- Automatic daily deposit of funds
- Reduced bank fees associated with check processing
- Use of one UPS account to manage all checks
Other C.O.D. options:
C.O.D. Delayed Deposit is the latest addition to the range of C.O.D. options. UPS Capital C.O.D. Enhancement Services help businesses receive funds in as few as two to three days, as well as reduce the risk of uncollected payments. These services streamline the traditional C.O.D. process, improve cash flow and save money, and include:
C.O.D. Automatic® transfers C.O.D. funds to your bank account within two to three business days after delivery. You receive daily reports, as well as online access to review past statements and check images. You can now choose to upgrade to C.O.D. Delayed Deposit.
C.O.D. Direct® provides C.O.D. payments about six business days after your package is delivered. It offers electronic funds transfer to eliminate manual check processing and provides an early alert of nonsufficient funds. There’s no additional charge over the standard UPS C.O.D. service. You can also choose to upgrade to C.O.D. Delayed Deposit for a small transaction-based fee.
C.O.D. Secure® offers the same features as C.O.D. Automatic. Plus, UPS Capital guarantees payments up to a predetermined limit. C.O.D. Delayed Deposit is not available as an add-on feature to C.O.D. Secure.
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