The scrap metal industry is one of the most money-making industries at present. But there are a lot of dishonest dealers that operate by criminal activities, theft and mean practices. To avoid such fraudulent characters, it is important to be in touch with metal merchants that are transparent, in terms of the procedures they operate within and the prices involved.
There are merchants who build long-term relationships with clients, by sheer dint of honesty and patience. But, if you’re in the scrap metal industry, there are things that common metal merchants don’t want you to know.
Here are a number of tips you need to be mindful of if you’re dealing with metal merchants
Be well-versed with alloys, so that you know to which alloy your scrap metal belongs to: Metal merchants usually purchase brass as brass alloy and pay you a minimum average price, but if you’re well versed with the different types of alloys these metals have, you’d know brass has several varieties and some of them yield greater prices than the common ones. A good idea of the alloys allows you to receive the best price for your scrap metal.
Be acquainted with the prevalent market price: Though your metal merchants would want you to take their word for the price of different metals, it is wise to not. Do your research online to find websites that publish local average prices and national minimum prices, on a weekly basis, and avail yourself the best price.
Be assured to deal with metal merchants who have certified scales: Scales are the most common bone of contention between scrap dealers and you. They can be programmed to reflect the values your dealers want them to. To ensure whether they are operating right, you can stand on the same and confirm your weight. For larger scales, ask for inspection stickers awarded to them by government-sponsored departments. Avoid dealers who don’t let you have a look at scale read-outs, because they’re surely cheating you out of your money.
Be mindful of hidden payments and fees: Your metal merchants can deceive you with surprised hidden fees. The price quote must be an exact quotation, with no increments, unless in case of an emergency. This flat price should be inclusive of administrative jobs, renting of the container or its transportation, standard managing and handling and any surcharges of fuel.
Be aware of all deductions: Review the pricing reasonably by being up-to-date with all deductions being carried out, and bar them! Wherever possible, ask for accurate verification and proof. If you’re selling a barrel, know its weight before loading, emptying its contents. A double-check is usually the answer to accuracy.
Be insistent for a settlement receipt: If your metal merchants are honest in their dealings, they wouldn’t shudder from providing you with an itemized transcript of every transaction you exchange. Having proper receipts further ensure you can never be scammed.
If you’re someone who is considering starting a scrap metal business of their own, your knowledge in dealing with scrap metal merchants are going to pay off in the terms of profits for your business, in the long run. Coupled with proper technical knowledge, you’re good to go! Always have your licenses in place, before venturing into the broad spectrum of business.
Always have your protective gear with yourself, as that is indispensable in the field you’re venturing towards. It is a time-consuming business that needs proper dedication and requires you to work on a planned schedule. Be a little careful of existing metal merchants initially and once settled, you’ll never run the risk of being robbed.
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