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Canada - Customs Brokers
Forum: Export Companies
Last Post: Admin
02-12-2020, 07:55 PM
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Wholesale Directories & A...
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US Shipping Companies & B...
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Report SCAMS and SPAM
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How to Apply for an EIN
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Import Export Freight Com...
Forum: Export Companies
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Made The Export Sale - No...
Forum: Import/Export
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01-19-2020, 01:17 AM
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Basics of Exporting and L...
Forum: Import/Export
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01-19-2020, 01:14 AM
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10 Best Merchant Services...
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The Dos and Don'ts of Who...
Forum: Educating Buyers
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01-19-2020, 12:53 AM
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Made The Export Sale - Now What? |
Posted by: Admin - 01-19-2020, 01:17 AM - Forum: Import/Export
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Made the Export Sale: Shipping Basics Once you have identified your new foreign buyers, consider how to best ship your goods to international customers efficiently, securely, and legally. Start by checking with a few different international shipping companies to compare costs and available services. Along with their expertise in export forms and shipping documentation, many freight forwarders specialize in certain types of shipments. Also, be sure to familiarize yourself with INCOTERMS, a set of internationally-accepted terms spelling out which parties are responsible for various costs and details throughout the shipping process such as freight, insurance, duties, customs clearance and documentation. Your local U.S. Commercial Service office is also available to assist. Learn more by viewing Shipping Basics, the third of five videos in the Make the Export Sale set.
Tips on International Shipping from U.S.
Now that you’ve made the export sale, you still have to get the goods to the buyer, who is often located thousands of miles away and where different rules may apply. When shipping overseas, be aware of packing, labeling, documentation, and insurance requirements and regulations. Make sure that the merchandise:
Is packed correctly so it arrives in good condition.
Is labeled correctly to ensure that the goods are handled properly and arrive on time at the right place.
Has correct export documentation for U.S. and foreign-government requirements.
Has insurance to cover any damage, loss, pilferage or delay.
Because of the many considerations involved in physically exporting goods, exporters often receive assistance from their air/ocean carrier or freight forwarder to provide services for these issues and more.
Working with Freight Forwarders
The simplest definition of a freight forwarder is that of a “travel agent for freight.” International freight forwarders are agents that ship cargo to foreign destinations. These agents should be familiar with the import rules and regulations of foreign countries, U.S. export regulations, different shipping methods and necessary documents. Freight forwarders are licensed by the International Air Transport Association (IATA) to handle air freight and by the Federal Maritime Commission to handle ocean freight.
Freight forwarders may be able to assist exporters in preparing price quotations by advising on freight costs, port charges, consular fees, costs of special documentation, insurance costs and the freight forwarders’ own handling fees. They may recommend packing methods that will protect the merchandise during transit, or can arrange to have the merchandise packed at the port or put in containers. Freight forwarders may also reserve the necessary space on a vessel, aircraft, train or truck. The cost for their services is a factor that should be included in the price charged to the customer.
Once the goods are ready for transit, freight forwarders should review all export shipping documents to ensure that everything is in order. This review is of particular importance with letter-of-credit payment terms. Freight forwarders may also prepare the bill of lading and any special required documentation, including electronic filing in the Automated Export System (AES). Freight forwarders can also route the documents to the seller, the buyer, or a paying bank. Freight forwarders can also make arrangements with customs brokers overseas to ensure that the goods comply with foreign import documentation-regulations.
A customs broker is an individual or company that is licensed to transact customs business on behalf of others. Customs business is limited to those activities involving transactions related to the entry and admissibility of merchandise; its classification and valuation; the payment of duties, taxes or other charges assessed or collected; and the refund, rebate or drawback of those charges.
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Basics of Exporting and Logistics |
Posted by: Admin - 01-19-2020, 01:14 AM - Forum: Import/Export
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Basics of Exporting and Logistics – How to Export Goods Overseas
Whether you are new or experienced in exporting, there are seems to always be areas of exporting that may confuse or not be completely clear to the Exporter. For new-to-export Exporters, it could be the Incoterms between seller and buyer, what mode of shipment is best, or documentation/legal issues. For experienced Exporters, it could be a lack of understanding on how to label their cargo to meet a requirement in a country they haven’t shipped to yet, what the optimal routing is to meet their buyer’s requirements, or the best airport/seaport to ship to in order to reduce costs and transit time. This page will go through all areas of Exporting that a new or experienced exporter will need in order to make informed decisions. Your freight forwarder is there to assist you along the way with any questions you may have.
Shipping Your Product Overseas
Handling and Determining Method of Shipping
Talk to your freight forwarder for their advice on whether you should ship by sea, air, rail or a combination of two modes (multimodal). There are many considerations when selecting a method of shipping and specifying the handling of your shipment.
If you are shipping by Sea, we will need to know what type of service you require:
• Consolidation: Also known as buyer’s consolidation, if we are going to consolidate cargo for you at our warehouse and then ship everything out together in an LCL (less than container load) or FCL (full container load) method. For this mode, we need to know if you are going to deliver the cargo to one of our warehouses or if we are picking up the cargo from each supplier. If we are picking up the cargo, we need to know the full pickup address of each location and cargo details.
• LCL (less than container load): This mode is when we are shipping your cargo in a consolidated container with other shipper’s cargo. We need to know if we are picking up from the supplier or if you are delivering the cargo to our warehouse.
• FCL (full container load): We need to know if we are delivering the container to the supplier, we need to know the full address and whether it is a business or residential location. We also need to know if you require an overnight drop of the container (aka drop and pull). Please keep in mind the container will be sitting on a container chassis which makes the bottom of the container 4 feet off the ground.
• RORO (roll-on roll-off): this is generally used for cargo that is drivable and sometimes static (not rolling) and is oversized for containers.
• Heavy-Lift, Break-bulk or Project Cargo: if you have oversized, out of gauge (OOG), and/or complex requirements, we will need to know complete details of the project including cargo details and the start date of the project.
If you are shipping by Air, we will need to know:
• The full name and address of the shipper in order to determine if they are a “Known Shipper” with the TSA. If the shipper is a Known Shipper, then the freight forwarder will be allowed to ship your cargo on a Passenger (PAX) Aircraft which in many circumstances is less expensive than shipping on an All-Cargo Aircraft (Freighter). PAX flights have a maximum allowable height of 63 inches. Learn about the Mandatory Screening of Cargo on Passenger Flights.
• The full address of the cargo location(s), or if you are delivering to our warehouse, please specify this in your request.
• The cargo dimensions (dims), weight of each unit or total unit and # of units (e.g. 10 cartons, 10x10x20 inches, 20kgs/carton OR 2 pallets, 48x40x40, 400kgs/pallet)
• The commodity name and description. We also need to know if the cargo is considered hazardous or not, if so, we require a copy of the MSDS. If the cargo is perishable or has certain temperature requirements, please specify.
Incoterms
Incoterms clarify the obligations of each party (e.g. who is responsible for services such as transport; import and export clearance etc) as well as the point in the shipment process where risk transfers from the seller to the buyer. These are the terms between the seller and buyer. Click here to go through the Incoterms Explained website. These related to terms such as EXW, FOB, FCA, FAS, CFR, CPT, CIF, CIP, DAT, DAP, DDP. Some of these Incoterms are for all modes of transport and others are strictly for sea and inland waterways. The link provided above outlines all of this for you in great detail.
Documentary Requirements
In order to determine what documents are required for the country you are exporting to, and how those documents must be written, please contact us. Some countries require certain documents to be legalized or attested, while others simply require a commercial invoice/pro forma invoice, a packing list and possibly a certificate of origin (COO). Additionally, if the shipment is on an L/C your freight forwarder must be aware of the details of the L/C so they can meet the L/C’s requirements. Certain countries have very stringent requirements on how these documents are to be written, and we are here to verify with our overseas partners who are experts in their respective country, on how those documents are to be written.
Packing Your Products for Shipment
Exporters should keep four potential problems in mind when designing an export shipping crate: breakage, moisture, pilferage and excess weight. View these tips on product packaging for overseas transport. If you need packing services, the more specific you are on exactly what services you need, the faster we can respond with accurate pricing. Some countries have strict requirements on the type of wood (e.g. ISPM 15) that can be used in pallets or packing of cargo.
Labeling
Learn how to correctly label your shipments to ensure your buyer does not have customs delays at destination because of improper labeling. Certain countries have very strict requirements on how cargo must be labeled. If your cargo is hazardous, there are U.S. requirements for how the product should be labeled and packed as well as how it must be declared on the DGD (dangerous goods declaration) form. Ask us if you are unsure on how to label your cargo.
Insuring Your Shipments
Damaging weather conditions, rough handling by carriers, and other common hazards to cargo make insurance an important protection for U.S. exporters. Although sellers and buyers can agree to different components, coverage is usually placed at 110 percent of the CIF (cost, insurance, freight) or CIP (carriage and insurance paid to) value. We offer ALL-RISK and TOTAL LOSS insurance policies for all modes of transport.
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10 Best Merchant Services Providers for Small Business 2020 |
Posted by: Admin - 01-19-2020, 01:00 AM - Forum: Merchant Accounts
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10 Best Merchant Services Providers for Small Business 2020
Merchant services allow businesses to accept credit and debit card transactions in-person or online. Many merchant service providers also offer payment processing tools such as payment gateways, point-of-sale | POS systems, and card-reading hardware and or software.
1. Square - (Best overall) Small businesses with low average transactions that want flat-rate processing
2. PayPal - Businesses with low average transactions that want to accept PayPal payments
3. Dharma - Businesses with average transactions over $20 and monthly sales between $10,000 - $30,000
4. Payment Depot - Businesses processing over $30,000 per month
5. Fattmerchant - Growing businesses processing over $10,000 per month
6. QuickBooks Payments - Businesses that use QuickBooks
7. Chase Merchant Services - Businesses of all sizes that want to work with a traditional bank
8. PaymentCloud - High-risk businesses, including topical CBD retailers
9. Helcim - Businesses processing over $20,000 per month that want traditional merchant services with eCommerce integration
10. TSYS Enterprise - businesses that want an established processor
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The Dos and Don'ts of Wholesale Liquidation |
Posted by: Admin - 01-19-2020, 12:53 AM - Forum: Educating Buyers
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The Do’s and Don’ts of Wholesale Liquidations
For the savvy small business owner, the wholesale world of liquidation and returns can be a very lucrative one. When big businesses accept returns that they have no intention of restocking and reselling, or when businesses of all sizes quickly liquidate their assets at low prices in order to pay off creditors, they create opportunities for resellers to snap up those goods at rock-bottom wholesale prices and resell them for a big a profit.
A good liquidation and returns business can net big bucks for its owner, but there are always ways to streamline your business and improve your odds of making a great living. Here are some dos and don’ts that you should keep in mind as you guide your liquidation and returns business toward the biggest profits possible.
Do know who you’re buying from?
Big companies like Target and Walmart are able to unload return pallets at low prices because the scale at which they operate makes that the most efficient thing to do. But not all companies are created equal. You want to buy lightly used and reliable goods, VIRGIN PRODUCT and you’re more likely to get those from certain trusted brands.
Be careful when you consider liquidation product from companies you’re less familiar with. Make sure you know where your products are coming from, so that you can confidently say that you’re getting authentic brand name returns, and not the latest products from a knock-off factory somewhere. You also want to make sure these companies are not picking through your load so they can fill their retail stores. Again, you want VIRGIN Loads. Always, always know who you’re actually buying from!
Don’t buy from just anyone
When big companies like Amazon, Target, and Walmart liquidate their products, they work with certain reputable resellers. No, we’re not talking about individual resellers like you—we’re talking about liquidation companies that turn the stock over in bulk, still at very low prices.
It’s important to turn to a trustworthy liquidation company for your purchases. Consider this a corollary to the rule that you should always know who you’re buying from. After all, you need to work with a reputable wholesalers if you’re going to be confident that the goods you’re reselling are really coming from the big companies that you think they are. Working with a trusted wholesale supplier means you’ll know for sure that your Target liquidation stock is really Target liquidation stock.
Do develop a Niche
The key to buying and reselling at a profit is knowing the value of what you’re buying and selling. Follow prices closely, and familiarize yourself with the market for your products. That’s easy enough to do, as long as you focus.
Working with one wholesale product or type of product will help you here. You’ll be better equipped to make fast and wise decisions about purchases and selling prices if you’re really immersed in a given market segment. Trying to track the prices and sales trends of a bunch of different products is going to get complicated fast. And flying blind by just buying and selling whatever you can get your hands on will be very inefficient because you’ll constantly find yourself being ripped off by savvy buyers who know about pricing trends that you don’t.
Don’t spread yourself too thin
Trying to focus on too many types of products at once is one way to get yourself confused and make your business inefficient. But it’s not the only way to spread yourself too thin, so be careful!
Make sure that you operation grows at the same pace as your acquisitions and sales. Remember, you’ll need room to safely and securely store your stock before you resell it. You may need help to post products on marketplaces and fulfill orders, and you may need funding. Bring in employees and partners as necessary, and make sure that your eyes don’t get bigger than your stomach. In other words, if your ambitions grow too much faster than your business, you’ll make mistakes and could end up losing money.
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