Copper prices surged to an all-time high this week after it was announced there would be a 50 percent tariff imposed on all copper imported into the United States.
For scrap metal recyclers buying copper, this will require significantly more cash on hand to pay vendors. This in turn requires more trips to the bank for your employees or more cash deliveries from your courier service. Either way, more cash carries more risk.
ScrapWare has a solution for its scrap metal recycling customers. It recently developed a cashless payment system its customers can use to replace or use in addition to their payments by cash and check.
Copper Price Surge
On July 8 the Dow Jones Market Data reported its biggest one-day copper price increase on record going back to 1968. The administration stated the tariff increase was put in place because copper is critical for national security, as it is the metal needed for electrification. This comes as there is increasing copper demand from data centers and artificial intelligence along with advances on the electrical grid and electric vehicles among other demands.
ScrapWare’s Paysign Interface
The scrap metal recycling industry relies heavily on a steady flow of cash or checks to pay retail vendors, but there are many benefits to going cashless or adding cash-free options to your scrap metal recycling business. The copper price surge brings this issue to the forefront for recyclers who buy copper scrap.
ScrapWare has a solution. It is offering an interface that allows its customers to pay vendors using reloadable Mastercard® prepaid cards instead of cash or check. ScrapWare has teamed up with Paysign, a leader in the cashless payment industry, to provide this digital payment option.
Paysign has been a pioneer in prepaid card services for more than 25 years. They customize payment programs for a variety of industries and are known for delivering innovative payment solutions that eliminate the pain of dealing with cash or check distributions that are often faced in the scrap metal recycling industry.
“The new ScrapWare interface with Paysign will help our customers address this increased need for cash to pay vendors for copper scrap. It will put our customers on the cutting edge of the shift to digital payments at just the right time,” said Joe Floam, president of ScrapWare. “As our economy moves to more cashless transactions, ScrapWare customers will have the tools they need to be ahead of the game.”
Benefits of using the cashless Paysign interface:
- Eliminates on-premises ATMs, cash dispensers and their associated maintenance costs.
- Your vendors can use a network of local external ATMs to get cash or use the cards anywhere Mastercard is accepted online or in person.
- Eliminates the risk of cash theft by robbery or dishonest employees.
- Eliminates the inconvenience, expense and risk of picking up cash or having it delivered from the bank.
- Your vendors have convenient, flexible, secure, and immediate access to funds.
- Your vendors have access to Paysign’s 24/7/365 bilingual Customer Care should there be any issues with the card.
- Eliminates the possibility of fraudulent checks.
Features of the Paysign interface:
- A Paysign Mastercard prepaid card can be customized to include your business name and logo, to serve as an advertising opportunity for your company.
- The Paysign mobile app enables your vendors to find the nearest in-network ATM, securely manage their cards, and view their real-time account balance and activity.
- Paysign Mastercard prepaid cards can be securely stored on various mobile wallets such as ApplePay*, GooglePay* and SamsungPay* and easily added to mobile payment systems such as Venmo, CashApp and PayPal.
As scrap metal recyclers respond to the copper price surge and other changes in the industry, the ScrapWare and Paysign interface will put them ahead of the curve with the ability to provide digital, cashless payment transactions. Additionally, it is easy to get started. Paysign solutions are fully developed and tested, making them launch-ready programs that you can have up and running quickly.
Contact ScrapWare for a demonstration of this timely and ground-breaking new feature.
This card is issued by Patriot Bank, N.A., Member FDIC, pursuant to a license from Mastercard, and is serviced by Paysign, Inc.
*Apple and App store are trademarks of Apple Inc., registered in the U.S. and other countries. Google Play and the Google Play logo are trademarks of Google, Inc. Samsung is a registered trademark of Samsung Electronics Co., Ltd.
About ScrapWare Corporation: Since 1989, Rockville, Maryland-based ScrapWare Corporation has been the software of choice for the recycling industry. Its ease of installation and simplicity saves users time and money while helping them achieve compliance and maintain accurate business insights. With state-of-the-art functionality tailored to each organization’s unique requirements, ScrapWare is an advanced dynamic software solution that alleviates the most pressing recycling industry worries. For more information, please call (301) 517-8500 or visit https://www.scrapware.com/.