ATMs used for payment redemption boosts security and tightens currency management
DAYTON, Ohio – Like many businesses, currency management and operational security are becoming increasingly important in the scrap recycling industry. TranAct recognized that individual scrap yard customers and management could be better served through automated self-service. Now an authorized NCR Corporation (NYSE: NCR) factory reseller, TranAct turned to NCR to help make its vision a reality, helping both companies enjoy solid market penetration in the scrap recycling market.
The TranAct Cash Payment System enables the scrap yard to pay its customers through the innovative and cost effective use of magnetic striped cards and an NCR automated teller machine (ATM). This removes the need to rely on cashiers to handle and manage cash, leading to significant improvement in security and operational efficiency. Management also gains additional accountability in currency management.
Ken Gruber, founder and president of TranAct, said, “We recognized that in many locations, scrap metal is typically purchased from small peddlers who require payment in cash. About ten years ago, we started supplying ATMs to the yards and enabling payment via a magnetic striped card. As an NCR factory reseller we can take advantage of the newer technology and offer systems specifically configured for the scrap metal industry. The bar code reader, redundant cash dispensers and coin changers offer a wide variety of advantages previously not available. This can be accomplished using new, high-quality ATMs with capabilities similar to banks. This system is working very well for our customers and we look forward to expanding the offer globally.”
Currently, with an ATM as part of the scrap buying transaction, a magnetic striped card is issued with the payment information. Soon, instead of a plastic card, a bar-coded receipt will be generated. In both cases, the customer simply accesses the NCR ATM located at the site for immediate payment. A database, still image and video record is maintained for each transaction, increasing security and allowing for follow-up research when necessary. Tight controls assure that payments are made correctly and only once for each transaction.
Brian Pilla, NCR director of Financial Industry Marketing in North America, said, “Much like its banking industry counterparts, the use of an ATM self-service system also helped break down the traditional glass window barriers and subsequent physical security traditions that had grown up around this industry. Use of a cash-in-transit courier also means cash never touches an employee’s hands. This reduces attendant costs and cash shortages, while offering a secure environment for employees. This is another great example of how integrated, secure self-service technology can make a significant difference to business operations.”