UPS Begins Billing in Euros

PARIS — United Parcel Service says its decision to be the first express distribution company to offer customers billing in Europe’s new currency, the euro, is paying off.

In January, more than 2,000 customers requested invoices in euros instead of their local currencies, according to UPS. Another 3,000 have provided dates by which they plan to change over to the new currency, which was introduced Jan. 1.

The euro has been adopted by 11 of the 15 member countries of the European Union as a common currency. In 2002, the euro will replace national currencies and become the only paper money and coins accepted in those countries. Between now and then, companies must list their prices in both national currencies and the euro equivalent, but can conduct business in the currency they chose.

UPS says it was quick to recognize the importance of the transition to the euro, particularly for multinationals, which deal in dozens of European currencies. It spent more than $10 million to ensure the company was “euro ready.”

“Our business is all about understanding the needs of our customers and ensuring that the service we offer is compatible with their plans,” Christian Messerschmidt, UPS Euro Project Leader, said. “This is why we are the first package distribution company to offer euro compatibility in all our operations. With our advanced technology systems, we can easily and efficiently respond to the changes in the way business is being done and the euro is no exception.”

Supporters of the new currency believe the euro will eventually rival the U.S. dollar as the international currency of choice for business. In its first month and a half, the euro has fallen in value against the dollar from about $1.17 to $1.11. Experts say the fall is due to the strength of the U.S. economy and slower growth in Europe.