New legislation passed in the state of Texas will change how metal recycling entities (MREs) pay sellers for their materials. The goal of this law is to improve industry regulation and help law enforcement officials monitor those who buy and sell regulation materials. The law was passed in June, and is set to go into effect on September 1, 2015. You can find more information, including the full text of the law, on the Texas Department of Public Safety’s website.
What does this mean for your MRE business?
You’ll need to start issuing cash transaction cards (CTCs) to any sellers who want to be paid by cash or debit card. Any seller who hasn’t received a cash transaction card can only be paid by check, money order, or electronic transfer.
Before you issue a cash transaction card to a seller he/she must submit an application to your company. There is a downloadable version of the application available at the Texas Department of Public Safety’s website: http://dps.texas.gov/internetforms/Forms/RSD-44.pdf.
In addition to basic information like name and address, the application must also include a digital photograph, a fingerprint and a signature. These items can be electronically captured with a data capture device, or can be added manually after the application is printed.
After you approve the application you must mail the seller’s cash transaction card to the address on the application, and your business must keep a copy of the card and of the application for two years.
What is a Cash Transaction Card?
A cash transaction cards is a physical plastic card issued by MREs to sellers, enabling them to be paid in cash for regulated materials. All cash transaction cards must include the following:
- The name and address of the seller
- A digital photograph of the seller that accurately depicts the seller’s entire face
- An indentifying number that is unique to the individual card
- The expiration date of the card, which may not be later than two years from the date the card was issued or renewed
How to make Cash Transaction Cards
To make your own cash transaction cards, you’ll need a complete ID card system which includes an ID printer, software, digital ID camera, and supplies. You may also want to consider a data capture device to collect digital fingerprints and signatures for the application. AlphaCard’s all-in-one solutions make it easy to get started, and come with a free hour of training as well as free lifetime support.
If you’re looking for an entry level card printing system the Magicard Pronto ID Card System is extremely affordable, starting at just $898. This system comes with a professional printer and supplies, and you can upgrade it to include a digital photo ID camera, or database functionality if you want to store records in the software.
For a more robust system consider the Premium Secure ID Card System with Signature and Fingerprint Capture. In addition to printing professional grade cards it is designed to take clear cardholder photos and collect signatures and finger prints. It comes with AlphaCard ID Suite Professional software, which has an unlimited database so you can easily store your records for as long as needed.
Get Help from a Card Printing Expert
Not sure what your MRE will need for issuing cash transaction cards? Our ID experts are up to speed on the new regulations and would love to provide a free system recommendation for your business. Contact us today to get started – you can call toll-free at (800) 717-8080, or email us at email@example.com.