Question: Does anyone have a formula that they utilize to determine savings by converting duty payments to CBP’s monthly ACH? ************ ANSWER: I would use an interest calculation… the rate would be your companies cost of capital. Duty amount x rate (your companies cost of capital) x time (e.g. length of time payment has been […]
Question: Can the membership share any presentation or information they gave to their C-level executives for the purpose of setting up ACH ? I’m looking for pros and cons, financial benefits, system integration requirements, etc. ************* ANSWER: The importer of record is ultimately responsible for payment of duties to Customs. If your company is making […]
Have any of the importing members have had difficulty in attempting to pay their customs duties directly to CBP via ACH? What were the hurdles you encountered? Was it mostly getting buy-in internally and/or implementation? Did you have difficulties with how the accounting/funding would be performed? Or, how the finance department would communicate […]
Question: We are going through a merger in the up coming weeks and I’ve run into a couple of items I wanted to “run by” the membership. Our legal name and IOR number will change, so I’m issuing revised POA’s with an effectivity date coinciding with the “go-live” of our new company. By the way […]
Our broker currently processes payments for duties and issues an invoice. Our yearly duty spend is around $8 million. We are looking at signing up for ACH and before I propose this solution to our finance department, I would like to get feedback on how other importers manage the ACH account. What are the benefits? […]
Is anyone using ACH Refund? If so, what has been your experience? Is it easy to determine why you have received this refund? Is it strictly for reconciliation or any type of refund, such as overpayment of duty, etc.
We have several facilities within the U.S. that have recently instructed their various brokers to pay all applicable import duties and fees via ACH PMS. With this payment method, our accounting team is required to accrue for these payments as well as reconcile our bank statement. We have tried utilizing the ACE reports, but they […]
