It was because of our desire to help this process of awareness that MRW published an information poster in the 9 November issue in partnership with the British Metals Recycling Association (BMRA).
Some of the feedback concerned an advert on the poster for Cheque Exchange (CEL) and its scheme by which a scrap merchant operates as a third-party agency on behalf of CEL to cash the cheque he/she has only just given the customer. CEL says its cut is 2% and is adamant the scheme is legal. We have also heard of other merchants setting themselves up in similar ways.
Established bodies in our sector have already set up their own schemes. The BMRA has a tie-up with Barclays for a ‘reverse payment system’ using PDQ mobile terminals while Sims has, since the summer, used card readers at all its UK sites. This system accepts any Visa Debit card and works in much the same way as a refund in a shop.
The test for any of these is whether the regulatory authorities accept an over-riding requirement from Home Office guidance for transactions “to have traceability and to provide an effective audit trail.”
None of the current uncertainty - and it is tangible - has been helped by the late arrival of the Home Office’s advisory information. I suspect we will return to the topic.
- Finally, editor Emma Maier is a proud mum. Elfi May was born in the early hours of 16 November and both are well.