How Companies Are Leaving Free Money on the Table
Billions of dollars (yes, that's billion with a B) in eligible duties are unclaimed every year - Pax AI is helping companies reclaim their money by building the best in class technology.
Duty drawback is an incredible opportunity for companies who import and export to reclaim money they initially thought was gone forever. The problem is: it's hard to get back. Working with data is hard, and getting it in the right format is even more difficult. But with the increase in tariffs and duties, now is the time for companies to set up their drawback process and automate it.
What is Duty Drawback?
- Duty drawback is a refund program for companies who import goods and subsequently export or destroy these goods.
- The great thing about duty drawback is that it applies to a wide range of companies:
- Unused Merchandise Drawback: For goods exported without being used.
- Manufacturing Drawback: For goods used in manufacturing exported products.
- Rejected Merchandise Drawback: For defective goods exported or destroyed.
Are you leaving free money on the table?
- We love numbers. Here's some:
- $100 billion. The amount of duties paid annually in the U.S. in 2023.
- $8 billion. The amount of U.S duty drawback refunds that remain unclaimed in 2023.
- $3 billion. The amount of duty drawback claimed in the U.S. in 2023.
- 99%. The percentage of customs duties, taxes, and/or fees that companies can be refunded.
Why Pax AI can help
- Founding Team: Pax AI is built by tech-first founders with an expertise in duty drawback and supply chain. We work backwards from the problem, understand the business then solve it using technology.
- Best-In-Class Solution: Pax AI isn't an excel sheet on steroids. We're the AI-Powered Turbo Tax for Duty Drawback - a platform for companies of any size to use.
- Leveraging AI: We're focused on maximizing your duties recovered, this means building the best matching solver on the market. By leveraging our background in AI and algorithms we've managed to beat existing solutions by 15% - that means 15% more dollars back into your pocket.
About Us
Pax AI is enabling companies of all sizes to get back the money they truly deserve. We're a team of founders that has built technology at MIT, Flexport, Amazon and Brex. We understand what it takes to build reliable products at massive scale.
Want to learn on how Pax AI can help you? Reach out to: founders@getpaxai.com