Duty Drawback Riches with PAX CEO Penny Chen

Are you leaving millions in duty drawback savings on the table? In this eye-opening episode, we sit down with Penny, the CEO of PAX, to explore how their innovative AI-powered software is transforming the complex world of duty drawback.   Main Points/Takeaways: Democratizing Duty Drawback for SMBs: Penny reveals that a staggering $8-10 billion in eligible duty drawback claims go unclaimed each year, largely due to the complicated and labor-intensive nature of the process. PAX's mission is to lower the barriers and make duty drawback accessible to small and medium-sized businesses. Streamlining Data Collection and Processing: PAX's software leverages AI and automation to simplify the data collection and processing required for duty drawback claims. From extracting information from PDFs to integrating with ERP systems, their tools help importers and brokers streamline the entire workflow. Empowering Brokers and Importers: Penny explains how PAX's solution benefits both customs brokers and importers. Brokers can expand their duty drawback services to smaller clients, while importers can easily gather and organize the necessary data to support their claims. Unlocking Hidden Savings: By making duty drawback more accessible and efficient, PAX aims to help businesses of all sizes unlock significant savings that were previously left on the table. Penny emphasizes the retroactive nature of duty drawback, allowing companies to claim refunds for up to 5 years of past imports. This episode provides a fascinating glimpse into the future of duty drawback, where AI-powered solutions are revolutionizing the process and empowering importers and brokers to maximize their savings. Whether you're a seasoned trade professional or new to the industry, you won't want to miss this insider's look at the cutting-edge technology transforming international trade.  Enjoy the show! Sign up for the upcoming Forced Labor training (Supply Chain Tracing) here: https://globaltrainingcenter.com/forced-labor-supply-chain-tracing/ Find us on YouTube: https://www.youtube.com/@SimplyTradePod Host: Andy Shiles: https://www.linkedin.com/in/andyshiles/  Host/Producer: Lalo Solorzano: https://www.linkedin.com/in/lalosolorzano/  Co-Producer: Mara Marquez: https://www.linkedin.com/in/mara-marquez-a00a111a8/ Show references: Global Training Center - www.GlobalTrainingCenter.com Simply Trade Podcast - twitter.com/SimplyTradePod  Penny Chen - https://www.linkedin.com/in/pennypinyichen/  Pax - https://www.getpaxai.com/  Contact [email protected] or message @SimplyTradePod for: Advertising and sponsoring on Simply Trade Requests to be on the show as guest Suggest any topics you would like to hear about Simply Trade is not a law firm or an advisor. The topics and discussions conducted by Simply Trade hosts and guests should not be considered and is not intended to substitute legal advice. You should seek appropriate counsel for your own situation. These conversations and information are directed towards listeners in the United States for informational, educational, and entertainment purposes only and should not be In substitute for legal advice. No listener or viewer of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal advice from counsel. Information on this podcast may not be up to date depending on the time of publishing and the time of viewership. The content of this posting is provided as is, no representations are made that the content is error free. The views expressed in or through this podcast are those are the individual speakers not those of their respective employers or Global Training Center as a whole. All liability with respect to actions taken or not taken based on the contents of this podcast are hereby expressly disclaimed.