The Risks of an Unstable Economic Outlook

March 18, 2020

We’ve all been hearing about the fact that the U.S. economy is facing a recession due to the Coronavirus and other factors. While we remain hopeful that this turns out not to be the case most prudent companies are taking steps to prepare for the potential downturn. When the economy is uncertain it is extra critical that you protect your bottom line and one way to do that is to pay your Customs duties via ACH on a monthly basis.

Importers are legally liable for the timely payment of all U.S. Customs duties and late payment can lead to significant penalties and can result in an importer losing their Customs Bond and the right to import products. Many importers pay their duties to their Customs Broker and rely on that broker to pay the duty to Customs but there is a safer way to pay duties called ACH.

Importers who take the time to get approved for ACH payment can pay their duties electronically directly to U.S. Customs, avoiding the potential risks found in paying the duty to the broker. Best of all importers who use ACH can pay their duties monthly in the month following the month of entry – this can mean up to 35-40 days of extra “float time” for your money without the payment of any interest or fees.

If you are interested contact us today and we can provide you with more information and even help you get set up with Customs to pay via ACH.

Contact us today at info@tradelogicintl.com.