To address the issue of metal theft, the government has amended various bills to implement a cashless system for purchasing in the scrap metal industry. Here I look into the implication of this and how companies need to focus on their IT systems to make it happen, particularly in light of key exceptions.
Metal theft has rapidly become a scourge on our industry, with public sympathy focusing on the victims and eyeing anyone involved in the industry with distrust. The recent amendments to the Bill announced in May and due to come into force in August are generally welcomed in the industry as they offer scrap metal merchants the opportunity to confirm their honesty and integrity. However, the system won’t be foolproof as the Government has had to provide exemptions for itinerant scrap metal collectors who often have no way of receiving payment via any other means than cash. Continue reading