ach & pms automated clearing house periodic … · 2019-08-07 · duty payments for the month...
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ACH & PMSAUTOMATED CLEARING HOUSE
PERIODIC MONTHLY STATEMENT
www.scarbrough-intl.com
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WHAT IS ACH?
www.scarbrough-intl.com
• Automated Clearing House• Instead of writing a check to U.S. Customs, ACH allows payment directly from a bank
account• Quicker, more seamless process• A “Statement” is the means for triggering ACH payment
– A “Statement” is provided to the Importer by U.S. Customs – It shows a list of entries released on the same date – It includes the duties and fees owed to CBP
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WHY IS ACH IMPORTANT?
• Importers should sign up for their own ACH – They will benefit!
• No more checks. Auto pay debit or credit with CBP (we suggest debit, so CBP does all the work when it comes to collecting payment)
• Instant “credit terms” with CBP (plus the option of Periodic Monthly Statement – PMS)
• Section 232/Section 301 – increased duties greatly. ACH can help with importer’s cash flow.
• Applying for ACH may create the opportunity to receive better credit terms with Scarbrough
www.scarbrough-intl.com
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WHO SHOULD APPLY?
These importers should apply:– High duty – Moderate to High Volume– An importer that doesn’t have Scarbrough credit, but wants credit
www.scarbrough-intl.com
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HOW TO APPLY
www.scarbrough-intl.com
• Form 400 ACH Debit Application
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HOW TO APPLY
Contact [email protected]
1. Scarbrough ACH team will provide the U.S. Customs Form 4002. ACH team will fill out as much as they can for the importer 3. Scarbrough ACH Team will send U.S. Customs Form 400 to importer for final
completion4. Importer returns completed U.S. Customs Form 400 to ach@Scarbrough-
intl.com5. ACH team will send application to U.S. Customs
www.scarbrough-intl.com
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NEXT STEPS
• When U.S. Customs assigns a Payor Unit Number, this information is sent back to the email address that is listed on the application.
• Importer needs to forward this information to Scarbrough ACH TeamOur ACH Team needs the Payor Unit Number to complete the process• ACH team will make adjustments to our system and the importer can now pay
CBP via ACH
Next Question:Do you as an importer want
Periodic Monthly Statement (PMS)?
www.scarbrough-intl.com
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PERIODIC MONTHLY STATEMENT (PMS)
www.scarbrough-intl.com
• Periodic Monthly Statement provides the ability to make periodic duty payments on an interest-free monthly basis
• PMS is still based off of release date• Importer will continue to receive the daily statements as in ACH, however
they do not need to pay until monthly statements are processed• Prelim statement prints on the 11th workday of the following month and Final
prints on the 15th workday– For example: Shipments that release in May 2019, will be paid on June
2019 PMS statement
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BENEFITS OF PMS
www.scarbrough-intl.com
• Depending when the shipment releases, credit terms can be up to 6 weeks*• PMS consolidates all duty payments for the month into one statement
(vs. ACH where the payment is pulled from account each time)• Payment to CBP is due the following month vs. same month as shipment release• If client has ACH and PMS, it may create the opportunity to receive better credit terms with
Scarbrough• Scarbrough does the heavy lifting for you.• We will fill out majority of the application for you and submit it to US Customs.
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WHAT DO YOU MEAN UP TO 6 WEEKS?
www.scarbrough-intl.com
• Paying U.S. Customs via PMS allows importers to extend payment terms of duty up to 6 weeks, dependent upon release date.
– If shipment releases May 6, 2019, it will print on preliminary PMS statement on June 16th
– Final PMS statement prints on June 21st
– 45 calendar days – Non PMS statement, payment date would be May 17th
• If a shipment released on May 30, however, the prelim PMS statement would still print on June 16 and final payment on June 21. The PMS comes out the month following release on the same date regardless when the released occurred.
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PERIODIC MONTHLY STATEMENT (PMS)
www.scarbrough-intl.com
• Customs establishes PMS dates at the beginning of each year
Periodic Monthly Statement Dates for 2019
MonthPreliminary Statements 11th Workday
Final Statements 15th Workday
Estimated Withdrawal Date
January 1/16/2019 1/23/2019 1/25/2019
February 2/15/2019 2/22/2019 2/26/2019
March 3/15/2019 3/21/2019 3/25/2019
April 4/15/2019 4/19/2019 4/23/2019
May 5/15/2019 5/21/2019 5/23/2019
June 6/17/2019 6/21/2019 6/25/2019
July 7/16/2019 7/22/2019 7/24/2019
August 8/15/2019 8/21/2019 8/23/2019
September 9/17/2019 9/23/2019 9/25/2019
October 10/16/2019 10/22/2019 10/24/2019
November 11/18/2019 11/22/2019 11/26/2019
December 12/16/2019 12/20/2019 12/24/2019
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PERIODIC MONTHLY STATEMENT (PMS)
www.scarbrough-intl.com
Tell us you are interested by [email protected]