Frequently asked questions for Merchants…

How do I now the buyers and sellers I am trading with are legitimate?

All buyers and sellers are independently verified before being allowed to join the platform.

When creating an account all users are required to go through Know Your Customer (KYC) onboarding.

Before being able to bid on any listings all scrap dealers are required to upload their scrap dealer’s license for manual review. They are deemed access to buy until the licenses have been reviewed and approved.

How do I know my money is secure?

When you are requested to pay the full amount of the transaction that money is paid into escrow that money is not in the hands of the seller.

The money is only sent to the seller when the metals have been received by the buyer and that both parties are happy with the final agreement.

Only at that point is the money released from the escrow account and paid into the account of the seller.

Who is handling the money?

We have partnered with Stripe to facilitate all payments and financial transactions on the platform.

They’re a global 8,000 staffed company worth £75 billion and they facilitate payments for brands such as; Deliveroo, Amazon, Twitter.

How do I knock a load during an exchange?

Once the metals are received there is a period of time in which the buyer and seller can contact each other and there is an option to amend the transaction for any knocks as you would do when you trade now. You can amend the price per tonne you are paying or the weight of the material.

Once both parties confirm the changes to the new agreement the seller will upload a credit note and money is then delegated according to the new transaction amount.

What if I haven’t got time to watch an auction all day?

That’s why when you place a bid, you place what we call your ‘Maximum bid’.

This is where you add the maximum amount you are willing to pay for a listing and then the app bids for you automatically in £1 increments ensuring that you win the bid for the lowest price within range of your maximum bid.

It’s only when someone bids higher than your maximum bid that you will have to place another maximum bid. You’ll get a notification through your mobile so you can re-bid.

What if the price for my metal does not sell at the price I want?

You have the ability to set a ‘Reserve Price’ meaning your listing won’t sell under that price.

If your reserve price is not met you will have the option to ‘Re-list’ your material.

ScrapBays
The App for Scrap

Home  |  About  |  Contact