SmartDebit responds to a change in scrap metal trading
November 11, 2012 --
(PRWEB UK) 11 November 2012
The Home Office have released revised guidelines on how scrap metal dealers should manage their transactions stating that they should not break the law by trading in cash. The guidelines explain: The changes aim to remove the rewards that make metal theft such a low risk criminal enterprise for metal thieves and unscrupulous dealers. The revised legislation creates a new criminal offence which prohibits scrap metal dealers from paying for scrap metal in cash, only permitting electronic payment or payment by cheque.
Direct Debits, BACS payment, credit transfers and mobile banking are all encouraged as are cheques and reloadable electronic money products correctly issued. Any type of payment and process that cannot be traced is not permitted.
The legislation also states that scrap metal dealers should keep a printed copy of any electronic payments as well as a copy of the cheque or face offences under the Scrap Metal Dealers Act.
From 3rd December 2012, local authorities and police will be implementing the scheme and making unplanned and unexpected checks on scrap metal dealers nationwide, in accordance with the cashless trading provisions.
Direct Debit provider, SmartDebit, commented on the changes to the law, Direct Debit is the perfect alternative to cash within the trading world. Each payment can be tracked, recorded and traced if need be, ensuring all transactions are in accordance to the new cashless trading laws. Scrap metal theft is becoming an increasing problem with such offences soaring over the recent year causing delays, inconveniences and in fact deaths. The easiest way to prevent this is to ensure all transactions are recorded.
SmartDebit will be closely watching the developments that unfold on the 3rd of December.
SmartDebit® is the UKs leading Direct Debit service providers, specialising in payment processing services since 1998. A Bacs approved Bureau, scoring Excellent in all five categories of the Bacs audit, and ISO 27001 compliant. Providing a complete range of services: Outsourcing; SmartDebit-Admin cloud based portal; SmartDebit-Online payer sign up; SmartDebit-API integrated solution and SmartDebit-Contingency.
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