Automated Clearing House (ACH) & Periodic Monthly Statement (PMS)
U.S. customs binding rulings in statement processing, to pay duties with one electronic transaction in a secure environment. ACH fulfills the need for swift, accurate payment transfers in today’s competitive business environment.
Applying for ACH is very easy. Once the ACH application is received and approved, you will be assigned a unique payer unit number thus making you eligible to pay duties via ACH.
The ACH process is simple: WWE transmits the payment authorization to Customs through the Automated Broker Interface (ABI). One ACH payment is made per ACH statement. The payer’s account is debited and the Customs account is credited with the amount due. It is secure and eliminates the time consuming use of cash or checks to pay duties, taxes and fees.
Here are some additional ACH benefits:
- Controls cash flow by identifying the exact day to allocate funds
- Allows you to obtain an additional ten days to pay duties, taxes and fees on quota and other special merchandise classes
- Reduces administrative and check processing costs
- Reduces administrative errors related to check processing
- Eliminates lost or stolen check problems
- Simplifies accounting system updates
- Reduces reconciliation costs
WWE ACH Advantage:
- WWE can adjust its automated ACH system to provide the payment alert on any day you choose.
- WWE can send you an advanced ACH report that indicates covered shipments, their value, and the duty calculations.
- WWE will notify you electronically of Customs’ acceptance of your ACH payment.
Your biggest advantage will be the opportunity to participate in periodic monthly statement (PMS) processing. Once your ACH account is established, Worldwide Express, Inc. can apply for PMS processing on your behalf.
By using PMS processing, importers may deposit duties on the 15th business day of the month following the month in which the goods are released. This means merchandise released on the first to the last day of the month can be scheduled for duty payment on the following month’s Periodic Monthly Statement. This eliminates the need to process duty payments on a transaction by transaction basis. Customs does not assess any interest charges for payments made via PMS!
PMS streamlines duty statement processing while also positively impacting your cash flow. You can have a once a month, interest free duty payment. This gives your company flexibility in managing the working capital required for duty payments.
If you would like to get started or would like more information on PMS or ACH, please contact us at email@example.com.