Taking the strain out of importing and exporting
In June 2016, Trade and Export Finance Ltd joined forces with Dave Nisbet of DMN International to create TAEFL’s own shipping department. The objective is to aid TAEFL’s sister company UK EXIM to import goods for orders they have funded on behalf of their clients.
Clients may find it difficult to negotiate with freight forwarders, understand incoterms and arrange for packing and delivery.
With all these services and guidance now being provided in-house through this new partnership, it will make the process of importing and exporting simpler for clients. The shipping department can arrange payments for Customs or VAT and provide marine insurance on goods being transported.
Our shipping department was established on the back of frustrations felt by EXIM’s clients who were unsure about importing and exporting. The new shipping team can now ensure high quality services, for example guidance on selecting a shipping line and type of ship to carry the goods.
As an illustration, some mother ships delivering goods will only dock at a large European port. The goods are then transferred onto smaller carrier vessels which then travel to the UK. Although this may be a cheaper means of shipping, the delivery time may be longer and there is an increased possibility of damaged or lost goods.
TAEFL’s shipping team will ensure that goods are imported on ships which travel and dock in a UK port meaning delivery will be efficient and there will be less chance of loss or damage.
Hands-on accounting support for clients
To improve the shipping team’s knowledge further, two members of the team travelled to Lemonpath Ltd, a contract packing and logistics company in Leicester. One of the first companies to benefit from TAEFL’s new shipping team had recently imported goods from China to fulfil an order and the stock had just arrived at Lemonpath.
Their products had been handballed into large containers and shipped over. The buyer, however, had specified that the goods were to be delivered on pallets. TAEFL ordered the goods to be unpacked from the containers and then repacked into boxes which were then palletised.
Victoria Davis and Natalie Tran of TAEFL spent some time with Lemonpath’s Commercial Director who explained and showed them the processes in the shipping journey. They gained a huge insight into the process during the visit and will use this experience and understanding to enhance the facilities offered by the new TAEFL department.
A TAEFL client in the Automotive industry who received a large order for luggage is already benefiting from the shipping team’s services. The order involved multiple supplier payments which TAEFL’s sister company funded. Through frequent communications with the suppliers in China and our client, TAEFL can ensure everything is delivered safely and in the correct timeframes.
The new department is already showing the benefits it can provide to clients who would normally feel the strain and pressure from importing and delivery. With greater transparency in the shipping procedure, the team is able to help clients track the goods at any point in time to ensure a safe delivery without delays and reduce the number of frustrated buyers waiting for stock. That’s always a plus!