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Introducing the Quick Cash Kiosk.

The all new K.Y.C. cash payment system.

With the highest level of monitored K.Y.C checks in the industry the Quick Cash Kiosk

can replace costly cheque cashing and pre loaded card systems within the scrap and ELV industries.

It’s well known that scrap and ELV customers want to be paid in cash.

The popularity of cheque cashing and prepayment cards at scrapyards proves this.

However these systems are costly for both the scrapyard and their customers with the only

benefit being they allow cash payments to be made.

The Quick Cash Kiosk utilises the latest technology along with the highest level of monitored K.Y.C checks

to allow legal cash payments for scrap metal and end of life vehicles. 

The kiosk is fast, efficient and easy to use. Fully auditable and 100% traceable.

The scrapyard chooses how much they want to charge their customers for using it.

This can be a flat fee or a percentage.

 

The scrapyard keeps the fee.

The customers are getting their cash for cheaper than before, the scrapyard is making the profit for providing the service.

The Quick Cash Kiosk is the cheapest option available for cash payments in the industry

and the only system that generates money primarily for the scrapyard.

 

 

F.A.Q'S

 Q.  Why is it needed?

  A. Scrapyard customers want cash. The popularity of cheque cashing at scrapyards proves this.

       It also allows legitimate scrapyards to compete on an even ground with yards that pay cash illegally.

Q.  Why not use a cheque cashing company?

 A.  Cheque cashing is expensive for the customer and time consuming for the scrapyard. There is normally a minimum charge of £5 or 2% of the total        amount, whichever is greatest. The profit from these charges goes to the cheque cashing service, not the scrapyard.  Lots of paperwork                          involved and G.D.P.R rules to comply with.

Q. We use Prepaid cards why should we swap?

    The prepaid cards are a cheaper option and easier to use than cheque cashing , however, the Quick Cash Kiosk is even easier and YOU 

    set and keep the payment charge that your customer would normally pay for using the card, either a fixed fee or a percentage.

 

 

Why not pay into the bank or write a cheque?

 

There are many reasons that this isn't the best option:

A lot of the gate trade customers in scrapyards are from disadvantaged backgrounds and many are living hand to mouth. Some don't have bank accounts and have no choice but to use expensive cheque cashing services. Our kiosk lets them get their money as quickly and cheaply as possible. Even people with bank accounts often prefer to have the cash for a multitude of reasons including:

They're overdrawn, saves them a trip to the bank, makes it easier to split with their workmates.

Feedback from the scrapyards includes the following reasons:

 

Making instant bank payments is time consuming and mistakes are very difficult and time consuming to correct.

Bank payments require members of staff to have access to the company bank accounts.

Customers are wary of giving out their bank details.

Writing cheques and signing them needs a senior member of staff available at all times.

Some customers don't have bank accounts.

Full auditable reports emailed everyday help keep on top of our accounting.

Extra income from the payment charges really mounts up!

Increase in gate trade because of cash payments.

Helps us to compete with illegal yards that pay cash anyway.

 

Will it work with my existing software?

 

The Quick Cash Kiosk is available as a complete stand alone system or it can be fully integrated with our SCRAPPI software. All it requires to work is a wired internet connection and for the scrapyard to have access to an internet browser.

Is this legal?

Yes. 

Our system is the latest re-loadable E-money technology and has been designed and built to comply with U.K law. We have had years of consultations and testing with engineers and solicitors along with help and funding from local Government and the EU Regional Development Fund and practical hands on advice and guidance from the GC Growth Hub to ensure that our Kiosks comply with the SMDA 2013.

 

Our system utilises the highest level of KYC checks and falls into the categories 9.4 and 9.5 outlined by the SMDA 2013 supplementary guidance which can be found here:   Scrap Metal Dealers Act 2013: supplementary guidance (publishing.service.gov.uk)

 

9.4 Re-loadable Electronic-Money products which are issued to a named account (which verifies the customers identification) and undertakes full customer due diligence and “Know Your Customer” checks under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (‘the Money Laundering Regulations’) are permitted.

 

9.5 The payment methods listed above ensure compliance with the Act. The list is not, however, exhaustive. The electronic payments market is rapidly evolving with new products regularly entering the market.
 

 

 

 

Check out our testimonial page to see the legal testimonies.

Supported By:

Alistair Webster KC.

Martin Rutherford KC.

James Reilly Senior Solicitor.

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