With scrap metal theft a growing concern, Solihull based MetalCashCard has launched a new technology to help scrap metal yards with new legislation.
Metalcashcard is a new device for cashless payment and ID verification for the scrap metal and scrap car industry.
Under the Scrap Metal Dealers Act 2013, persons selling scrap must have ID verified and cannot be paid in cash in an attempt to cut down on rogue traders and metal thieves The MetalCashCard IPS, identity and payment system, is a subscription service that provides the scrap industry a solution to the new laws that came into force on October 1st. Based on an all-in-one mobile terminal where no additional computer or printer is required, Metalcashcard IPS is designed to simplify compliance with the new laws.
Metalcashcard system does a full KYC (Know Your Customer) check with data held securely offsite at their ISO27001 bank grade data centre, available on demand for inspections directly off of the terminal. This saves the additional need for data protection processes for storing customer identification copies.
MetalCashCard was founded in late 2012 and is already supplying its terminals to the scrap metal industry, with clients all over the country including scrap dealers One Stop Recycling in Birmingham, Jighand of London, plus metal and scrap car recyclers Paul Taroni of Birmingham and Whites of Coventry.
Amy Bird, Director of One Stop Recycling commented on her experience of MetalCashCard Identity and Payment System: “Using MetalCashCard saves us time by simplifying the process of verifying and paying a seller. We’ve been using the system since December 2012 and have found that it’s encouraging door trade and so helping to grow our business.”
Once verified, sellers are given a payment card and are set up with a bank account which provides instant access to cash paid for scrap. This is attractive for sellers that hold no bank account, and for yard owners who can conduct bank-to-bank transactions quickly.
Amy continued: “MetalCashCard has increased productivity for our team. On a typical Monday, we may process 250 transactions. The system allows us to store ID securely, so we don’t have to keep asking for it and we can turn clients quickly. With cash, cheques and banks payments, we had to employ a team member to process payments, reconcile accounts, photocopy cheques and deal with sellers chasing payments. Now we have a quick payment method and can trace a transaction easily.”
It’s not unusual for scrap metal businesses to receive regular police inspections, so the MetalCashCard is also a method to keep authorities happy when auditing. “Since we’ve implemented the cashless system, we’ve barely seen the police”, added Amy. “Rogue traders are no doubt deterred as we have full ID stored securely and readily available to the police.”
Through the hand-held terminal, which combines a camera and printer, scrap metal yard owners can verify the ID of the person in only three steps. The MetalCashCard identity and payment system takes a photograph of the seller, scans all necessary ID documents and processes them in less than five minutes. The system uses advanced scanning technology to limit the amount of manual entry onto the screen, including capture of the data from the logbook for the scrap car industry. Payment can be made either via direct bank transfer or instant issues card – with funds available rapidly.
As a mobile system, this is proved ideal for the scrap car industry where the drivers are able to securely verify the identity of the customers and make payments when they are collecting the vehicles.
