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Your Company Needs an Export Compliance Program

David Noah | September 4, 2019 | Export Compliance, Export Basics

Most of us wouldn't take a long road trip without directions, so why would a company embark on an export journey without one?

Exporting is a complicated process. You are navigating different cultures, customs, currencies and regulations. In order to be consistently successful, you need directions that guide you past all these hurdles, both known and unexpected.

That's where an Export Compliance Program (ECP) comes in.

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How to Avoid the Most Common Errors in a Letter of Credit

Roy Becker | September 2, 2019 | Export Finance

Many exporters become frustrated when they have shipped goods and then have to prepare documents to conform to the terms of the letter of credit. They suddenly realize they have to prepare or find certain documents that they did not anticipate, or they cannot meet other surprise requirements.

One frustrated exporter exclaimed, "Why would a foreign bank write a letter of credit with all these unacceptable terms and conditions?"

What a great question to ask! Let’s discuss it and find the answer.

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7 Essential Resources for Completing Export Documents

David Noah | August 28, 2019 | Export Basics, Export Forms

Where do I even start?!”

If you’re new to the export process, you may have uttered this phrase under your breath a few times. Beginning exporters have a lot on their plate, and it’s not always easy to know who (or what) to turn to for reliable information.

Here are seven resources that can make completing your export documents easier. With these sources, you’ll be able to finish your paperwork more quickly, get answers to many of your questions, and learn information to help you in future exports.

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Accurate Export Documents Are Important to Your Company's C-Suite

David Noah | August 26, 2019 | Export Compliance, Export Forms

Creating consistent, accurate export documents is crucial in ensuring your international shipments arrive on time and making sure you get paid quickly. While it’s often the export manager’s job to oversee this process, everyone in your company should be concerned that export documents are created the right way.

Here are three reasons getting your export documents correct is important to everyone at your operation, including your C-suite.

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What You Need to Know about Shipping Dangerous Goods

David Noah | August 21, 2019 | Dangerous Goods/Hazmat

In 2014, a South Korean shipper incurred a $72,000 fine for non-compliant packaging and labeling on a shipment of paints and solvents. Around the same time, an Ohio-based distribution company failed to appropriately label packages and complete shipping paperwork for an air shipment of corrosive wood cleaner and paid $63,000 for its negligence.

Shipping dangerous goods is a complex and highly regulated process, and it can be difficult, for a variety of reasons, to get compliance buy-in from everyone in your company involved with the shipping process. However, as many businesses have discovered, non-compliance with International Air Transport Association (IATA) and DOT regulations is expensive.

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Data Exchange Manager Changes in Shipping Solutions Export Software Version 9.14

Lisa Nemer | August 20, 2019 | Shipping Solutions News & Tips

Shipping Solutions Professional version 9.14 includes several new features for the Data Exchange Manager (DXM) when using the text file and ODBC methods to import data from your accounting, order-entry or ERP system.

In addition, if you are already using the DXM with the text-file method, there is a simple step you need to do after upgrading to 9.14.

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Methods of Payment in International Trade: Letters of Credit

David Noah | August 19, 2019 | Export Finance

One of the most important international trade considerations is how you are going to get paid for your exports. While relying on cash up front may eliminate the risk of non-payment, it limits your universe of potential customers since it can cause cash flow and other problems for the buyers.

There are five primary methods of payment in international trade that range from most to least secure. Of course, the most secure method for the exporter is the least secure method for the importer and vice versa. They key is striking the right balance for both sides. This article focuses on letters of credit.

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Optimizing Your Business for Exporting

David Noah | August 14, 2019 | Export Basics

In a previous blog post I shared a wealth of advice from U.S. Commercial Service directors and trade specialists: 12 Pearls of Wisdom for New Exporters from the U.S. Commercial Service.

I thought one of those excellent suggestions deserved more of an explanation, so we talked with George Tracy, director of the Atlanta U.S. Export Assistance Center, to learn more about domestic business processes that are impacted by exporting and how to optimize those processes. Here’s what he had to say.

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The Importance of Meeting Deadlines in a Letter of Credit

Catherine J. Petersen | August 12, 2019 | Export Finance

Dear Cathy,

Our firm has just begun to use letters of credit for our transactions, and I am the only one who is responsible for preparing all of the documents. What a headache!

Here's a situation that I faced just last week: The buyer's forwarder is booking the cargo with the ocean carrier. He told me that the earliest we can get our product on the ship is in two weeks, but that is after the unconfirmed letter of credit expires for shipping. Our customer is in India. They told us in an email to just go ahead and ship the goods and they will advise their bank to waive the discrepancies.

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Exporters Should Consider Quoting and Invoicing in Alternate Currencies

David Noah | August 7, 2019 | Export Basics

If you’re a U.S. exporter looking to become more competitive and successful, you must make it as easy as possible for global customers to purchase your products. Unfortunately, many companies in the U.S. aren’t aware of one simple change they can make to increase their competitiveness in selling to overseas markets: dual-currency invoicing.

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