One of the UK’s largest metal recyclers has launched a cashless payment system at one of its sites.
The system, which SITA says is the first of its kind in the country, will run alongside existing cash payments at the company’s Hayes site in West London. It will give sellers the choice of a same-day electronic bank transfer.
The company hopes the cashless system will help combat metal theft. The firm says: “£1.5bn of the £5bn metals industry is transacted in cash every year which makes it easier to sell stolen metal, creates the potential for tax fraud and could mean a significant loss of tax revenue for the government”.
The cashless system, along with a new photo ID requirement for sellers, will eventually be rolled out across SITA’s 10 scrap metal sites.
David Palmer-Jones, CEO at SITA, said: “Metal theft is a serious issue throughout the UK and we fully support proposals to update the Scrap Metal Dealers Act. In addition, we believe that the use of a cashless system, coupled with compulsory use of photo ID for all transactions, will help to address the trading of stolen metals and issues such as tax evasion.
“We urge major players in the metals recycling industry to adopt similar cashless systems as a compulsory measure so we can help Government to combat metal theft.”