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Cashless payment systems

alternatives to cash
A number of alternative methods exist to pay for end of life vehicles.
Now that paying cash is history, we need to consider the options. Here we give a rundown of the alternatives.

The obvious alternatives to cash are cheque and bank transfer but there are some other alternatives that were explored recently at the MVDA’s Cash for Cars seminar. The companies involved were also at their AGM to show members that their were real alternatives - but naturally, they cost!
MetPayELV ID Card Ltd
From the sellers standpoint, with the MetPay system, you get a credit card that’s charged with money to the value of the sale. This seller can then take the money out of any cash point or use it for purchases at any VISA outlet. So, for the seller this makes the cash instantly accessible which in many ways is better than a cheque or bank transfer, especially if the seller’s finances aren’t in great shape as his bank isn't going to get its hands on it.

So how does it work?
Software runs on your office based computer that keeps track of everything from scheduling pick-ups, tracking locations by gps, and extensive searching of the records. The records are stored remotely so you don‘t need to worry about losing the information in the event of a computer failure. The system will also notify drivers’ mobiles with collection information.

The driver (or person collecting the vehicle) needs an android smart phone. This is used for photographing the seller’s identity documents (photo driving licence or passport together with a current utility bill or bank statement). The images are then automatically sent via the mobile phone network for permanent storage on MetPay’s servers. Other identity data such as name, address, date of birth etc. can be entered in the office and automatically sent to the mobile device to be checked or entered directly on the mobile device.

Apart from satisfying the requirements of the Scrap Metal Dealers Act, the data is used by the bank to authorise the cash card. The money is then transferred from your account onto the card which is then given to the seller. The seller then receives a text message telling him/her that the money is on the card.

How much does it cost? There is a one off charge for the software of £700 and if you don’t have an android smart phone, then a basic model will cost around £60. The cards cost £2.50 each and have to be bought in batches of 200, and there is a transaction charge of £3.
Visit MetPayELV website
Barclaycard’s offering is very straight forward but there are limitations. What you have is a terminal that works in reverse, similar to a refund on your card from a shop. The problems here are that it only works with Barclaycard (that’s 85% of the cards in the UK) and you need another terminal to operate the system. You cannot use your existing terminals. There is one more minus point, there is no mobile facility so it will only be suitable at your site.
email Barclaycard.
This is another company offering similar service to that described under MetPay but there are differences. This system does not require an existing PC but uses a dedicated, rugged, all in one mobile unit which includes a touch screen and printer. This unit, which can be used at your site or in the cab handles all of your cashless payment, ID and records requirements. The cashless payment can be made either to any UK bank account or onto a card. The seller even gets upto 15% cash-back on purchases using the card!

All data is stored off site in a secure PCI and ISO27001 environment (used by major highstreet banks) so you don’t need to worry about computer failure or data protection requirements.

The mobile unit lets you photo the identity documents using the terminal’s camera. All documents are scanned and relevant data is extracted automatically (including Vehicle Registration, Chassis No. from the V5C logbook). MetalCashCard’s system then does the rest - no keying, no wasting time. They offer 24hour swapout support, with a UK based call centre

The system lets you schedule pick-ups and share gps locations. You can also share your location with your seller for pickup so they know where your driver is and when he will arrive.

How much does it cost? Rather than an up-front fee, you pay a monthly charge of £100 per month plus £30 per month for each terminal. Cards are free, with a small load charge - there are no ATM/cashmachine fees, purchase fees or monthly fees for card holders.
Visit MetalCashCard website
Tuxedo is another system similar to those above but there are a few differences. No additional software or terminals are required with Tuxedo as the system uses a web based portal which lets you instantly transfer money from a holding account onto customers cards. The customer just needs to pass an electronic KYC (name, address, dob) with details entered onto the Tuxedo web page – no physical documentation required. For mobile situations, drivers can take cards with them and then call the customer’s details into the office who can then transfer the money onto the card. You need to be aware this this system does not handle the record keeping side with regard SMDA; it is purely handling the cashless finances. Whether in the yard of on the road, the records will need to be handled separately. This can easily be done by photographing the documents with a mobile phone.

How much does it cost? The system set-up costs £1,750 + £500 per additional yard with cards costing £3.75 each. There are no additional on-going costs plus there are no tie-in contracts.
email Tuxedo.

The above is a brief description and all systems have their fine points. It’s well worth talking to all of them to see what will suit your operation best.

December 2013

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