The shift to digital financial transactions and away from cash has shown that it saves time and money and improves vendor or customer satisfaction, according to recent industry experience.
This is especially true in the scrap metal recycling industry, which relies heavily on a steady flow of cash or checks to pay retail vendors. There are many benefits of going cashless or adding cash-free options to your scrap metal recycling business.
In response to this evolving economic reality, ScrapWare has announced 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 tailored, 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 transition to digital payments
An increasing number of Americans say they no longer or rarely use cash. According to a New York Times article on the subject, 41 percent of Americans said they did not use cash for everyday purposes in 2022, up from 29 percent in 2018. While the pandemic accelerated the move to cashless payments, many consumers and businesses appreciated its benefits, and the trend continues to move toward more digital transactions. According to the Times article, more than 2.8 billion mobile wallets were in use at the end of 2020. That is projected to increase about 74 percent to 4.8 billion mobile wallets, nearly 60 percent of the world’s population, in use by the end of 2025.
“The new ScrapWare interface with Paysign will put our customers on the cutting edge of the shift to digital payments,” 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:
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*.
Paysign Mastercard prepaid cards can easily be added to various popular mobile payment systems such as Venmo, CashApp and PayPal.
A Paysign Mastercard prepaid card can be customized to include your business name and logo, to serve as an advertising opportunity for your company.
“Our end-to-end technologies securely enable digital payout solutions and facilitate the distribution of funds to help businesses lower administrative costs, streamline operations, increase customer and partner loyalty as well as enhance the recipient experience,” explained Paysign.
As scrap metal recyclers respond to constant change in the industry, the ScrapWare and Paysign interface will put them ahead of the curve with the ability to provide digital, cashless payment transactions. Not only that, but it is also easy to get started. Paysign solutions are fully developed and tested, making them launch-ready programs that you can have working in as few as 30 days.
Contact ScrapWare for a demonstration of this 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/.