Enabling ACH payments is simple for importers of record that hold a continuous bond.

1. Sheltered International will request periodic monthly statement (PMS) approval from US Customs and Border Protection. This allows duty to be paid monthly.

2. Once PMS is approved, Sheltered International sends the client’s application to US Customs and Border Protection. Click here for the application.

3. Once the payer unit number (PUN) is received by the client, it should be forwarded to Sheltered International.

4. Once approved, any duty will be deducted from the client’s account directly each month by US Customs and Border Protection.

5. Sheltered International will provide an entry summary for each import alongside monthly statements.

PMS track entry activities throughout the month to provide a monthly statement. This structure also extends the payment window and is where ACH payments really start to shine. 

Normally, when paying per shipment, the importer must pay duties within 10 business days. However, PMS offers the importer 15 business days after the end of each cycle to pay. For example, the duties on goods imported between January 1 and January 31 will be summed at the end of the month. The monthly payment is then not due until the fifteenth business day of the following month—in this example, February 21. 

With this additional time, your business can extend cash flow by up to 54 days. The single payment not only makes it much easier to track your finances, but also offers significantly more control over your working capital.

As we can see, ACH payments can save you time and money in the short and long term. Unlike credit card transactions, which often come with high processing fees, or international wire transfers that can be prohibitively expensive, ACH transactions typically have much lower fees. For an importer dealing with large volumes of transactions, these savings can be significant, directly impacting the bottom line. Over time, the reduction in transaction costs can amount to a considerable sum, making it a financially prudent choice.

The predictability of ACH payments is a game-changer in terms of cash flow management. Unlike checks, which can have variable processing times, or wire transfers that may get delayed, ACH payments have a consistent processing schedule. This predictability allows for precise cash flow forecasting, enabling better financial planning and stability. 

Another added benefit of ACH payments is their security. ACH payments are governed by strict regulations, providing a secure framework that significantly reduces the risk of fraud. Each transaction is encrypted and monitored, offering a level of security that is hard to match with other payment methods. 

To streamline the process even further, our software SiShips generates a duty summary (7501) for each entry throughout the month for accounting and record-keeping. Once the month has closed, a final statement will be provided to review before US Customs and Border Protection pulls the duty on the 15th business day the following month. These reports can all be easily accessed through our software. That’s less time that you have to spend on accounting and more time you can devote to supporting your customers and growing your business.