Tuxedo Money Solutions has partnered with EMR, one of the world’s leading scrap metal recyclers, to provide them with a prepaid MasterCard solution to enable them to meet changing government legislation.

As of December 2012, the Government imposed a cash ban across the metal recycling industry in England and Wales meaning that cash can no longer be paid for scrap metal. EMR has responded quickly by working with Tuxedo to offer its account holders an alternative method of payment.

Tuxedo Money Solutions is one of the UKs leading e-money solutions providers, supplying a broad range of MasterCard and Visa prepaid payment options for some of the world’s most respected companies.

Through the partnership with EMR, Tuxedo has created a scheme which enables the company to provide their scrap metal customers who would have previously been paid in cash, a prepaid card.  Tuxedo has integrated its card issuing and loading platform into the EMR core business systems so that scrap can be weighed, purchased, payment cards issued and money loaded to them all in real time. The card holder is then able to use the card anywhere they see the MasterCard symbol – including ATMs.

The same card can also be reloaded and used repeatedly for up to 3 years.

Paul Smith from Tuxedo Money Solutions said: “EMR and Tuxedo have worked in harmony to ensure that the new legislation passed by the government is complied with. In line with the requirement for recording the identity of the customer, Tuxedo has also electronically linked into EMR’s core IT platform”.

Graeme Carus from EMR said: “We have been very pleased with the experience we have had with Tuxedo. They have moved really quickly and provided us with an excellent service. The Tuxedo pre-paid card is a very important part of our range of flexible, convenient and above all legally compliant payment methods and has been well received by our customers.

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For more information please contact Megan Woods at Rave Communications on 01675 467462 or 07919 536866.

Email mwoods@rave-communications.com

Notes to editors

Tuxedo is one of the UKs leading e-money solutions providers.

From providing a white-labelled travel or general spend prepaid card for consumer focused brands to a range of business payment solutions offering convenience and control, Tuxedo develops the right solution for any business. Tuxedo delivers cost savings on administration and drives additional revenue for its clients including Phones4U, STA Travel, Sainsbury’s, The AA, Endsleigh Insurance and Tesco.

Central to Tuxedo’s solutions is it’s unique platform – the Tuxedo eccount^® – providing customers with a secure online master account that can facilitate the use of one or multiple Tuxedo prepaid cards.

A new “spend and reward” card scheme from Tuxedo Money Solution is giving charitable organisations the opportunity to maximise their income by encouraging supporters to change the way they make purchases. The MasterCard or Visa branded cards are loaded with the cardholders own money, without surcharges, and then used in participating retail outlets.

Tuxedo Money Solutions is one of the UKs leading e-money solutions providers, supplying a broad range of MasterCard and Visa prepaid payment options for some of the world’s most respected companies.

Working with a wide range of businesses, Tuxedo offers a straightforward solution to small and medium sized charities looking to provide benefits to their supporters whilst earning the charity a rebate from their shopping. This has historically been offered via credit cards with a cashback rate of between 0.5% and 1% but Tuxedo is generating cashback of 5% to 15% for its existing charity partners.

Tuxedo has developed a community of national retailers including Sainsbury’s, M&S, B&Q, Halfords and Comet that have agreed to pay cashback which can either be shared with the cardholder or retained as additional income for the charity. Cashback can be used to incentivise consumers to keep loading and using their card, therefore earning  benefits for themselves as well as raising funds for the organisation.

A card payment solution that everyone is eligible for

The Apprenticeship Trust is a charity set up to bring young people and young offenders back into the work place, and has benefited from Tuxedo’s general use prepayment card.

Apprentices are provided with a Tuxedo’s “eccount money” and card product into which their wages are paid. By doing this, The Trust has the ability to educate staff on modern financial management and more importantly, take them out of the cash society in which they are trapped and into financial inclusion.  The Trust also earns cashback on card spend which can assist the charity in helping even more young people.

Pradip Daya of The Apprenticeship Trust said: “Our investment in Tuxedo Money Solutions has ensured that our apprentices are able to improve their money management skills whilst providing a safe and secure method of payment from our perspective.

Paul Smith of Tuxedo Money Solutions commented: “Our relationship with The Apprenticeship Trust clearly demonstrates how the Tuxedo scheme benefits all stakeholders. The charity sector can take advantage of much higher income generation by working with the most appropriate scheme provider.

To find out more about Tuxedo Money Solutions and how it could help your business, visit www.tuxedomoneysolutions.com or call 020 3219 3100.

Ends

For more information please contact Megan Woods at Rave Communications on 01675 467462 or 07919 536866.

Email mwoods@rave-communications.com

Notes to editors

Tuxedo is one of the UKs leading e-money solutions providers.

From providing a white-labelled travel or general spend prepaid card for consumer focused brands to a range of business payment solutions offering convenience and control, Tuxedo develops the right solution for any business. Tuxedo delivers cost savings on administration and drives additional revenue for its clients including Phones4U, STA Travel, Sainsbury’s, The AA, Endsleigh Insurance and Tesco.

Central to Tuxedo’s solutions is its unique platform – the Tuxedoeccount^® – providing customers with a secure online master account that can facilitate the use of one or multiple Tuxedo prepaid cards.

Reuters’ Business Traveller has blogged about the benefits of using a prepaid card as a corporate expense solution. The article outlines the difficulties for professionals who are not given company credit cards and find themselves out of pocket when entertaining clients and travelling for work. Tuxedo CEO John Sharman explains the advantages for companies and their employees of using a pre-paid card pre-loaded with company cash, to manage corporate expenses.

Read the article in full here.

BBC Radio One’s Newsbeat has featured a report on Near Field Communications and how mobiles will soon replace cash as a means of paying for low-cost goods. Tuxedo even gets a nod in the video clip, highlighting how the e-wallet provider is crucial to the future progress of this pioneering payment system. See the article in full here

John Sharman gives his top tips to the Financial Times Global Traveller supplement on how to avoid costly card charges abroad using a prepaid travel card. Find out what he had to say here

Tuxedo Money Solutions were named Best Pre-Paid Card Provider at the prestigious Consumer Moneyfacts Awards following a survey conducted with over 1.4 million consumers. 

“We are thrilled that consumers have awarded Tuxedo this accolade, the award for best prepaid card provider puts the company in a good position to lead the exciting evolution of the prepaid industry,” comments John Sharman, CEO of Tuxedo Money Solutions. 

Tuxedo Money Solutions have started 2011 with this prestigious award, a number of brand collaborations and a new website with enhanced functionality and ease to navigate.