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The Golden Rule of Export Compliance: Don't Let This Happen to You!

David Noah | September 18, 2019 | Export Compliance, Export Basics

Far too often we hear from exporters who say they’re not worried about export compliance because their company is “too small to be noticed” or they “don’t ship items that will get them in trouble.”

This is a huge—and potentially costly—mistake.

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Export Basics: 7 Tips for New Exporters

Francis Peters | September 16, 2019 | Export Basics

Smaller businesses often think that exporting is only for large multinational companies. But that's usually not the case. In fact, more than 97% of all U.S. exporters are small and medium-sized businesses employing less than 500 people.

What's really surprising is the number of businesses that aren't exporting. According to the U.S. Department of Commerce, less than one percent of the 30 million companies in the U.S. actually sell their products internationally. Many of these firms could benefit from exporting, but have yet to do so.

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How to File Your EEI through ACE and AESDirect

David Noah | September 11, 2019 | Automated Export System (AES), Export Forms

The U.S. Census Department requires exporters to submit Electronic Export Information, or EEI, on shipments to most foreign destinations if those shipments are valued at $2,500 or more per Schedule B code. Exporters must file that information through the Automated Commercial Environment (ACE) portal, which is maintained by U.S. Customs and Border Protection (CBP).

Exporters need to know how to file that information correctly. They want to make sure they are complying with regulations while doing it quickly and easily, so it doesn’t become a burden. Fortunately, you can do both.

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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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