Massive demand for iPhone 5 stresses the importance of e-cycling

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iPhone 5

The smartphone market was once dominated by California’s Apple. But there’s now fierce competition from other players like Samsung and Nokia. And for tech junkies out there, staying fresh with the latest technology means wondering what to do with your old phone.

But a San Diego-based company makes getting rid of your phone as easy as using the ATM.

ecoATM is a company known for its innovative kiosks. You dump in your old phone and out pops cash. Literally.

This week, the start-up announced it is quickly expanding into malls across the United States. And its timing couldn’t be better. The company says it’s currently installing kiosks along the east coast in time to help consumers cash out their older phones to trade up to the new iPhone 5.

By the end of the year, ecoATM will have installed about 300 kiosks nationally.

“There are going to be millions of people buying the new iPhone 5. When they do, we want there to be an ecoATM nearby for them to cash in or recycle their old phones,” said Tom Tullie, Chairman and CEO of ecoATM. “With ecoATM, you don’t have to ship your phone off or wait to get a check in the mail. We pay cash on the spot. Our ecoATM kiosks recognize thousands of different devices and we take them in any condition, even if they’re broken or don’t work. Plus we pay more on average than any of the mail-in options — up to $250 for some phones. That’s enough to pay for your new iPhone 5.”

“There are many attractive buyback options emerging today that allow consumers to get value for their old electronics. Of these, ecoATM’s system is currently the only one that provides immediate monetary incentive,” said Kate Pearce, Research Strategist and Consultant, Compass Intelligence. “In addition, ecoATM’s kiosks currently offer buyback on a fairly broad range of mobile phones while some of the other buyback options may be more selective in what they will buy.”

The company was founded in 2008. Since then, ecoATM says it has paid out millions of dollars to hundreds of thousands of customers. In the process, it has saved landfills from hundreds of thousands of potentially toxic devices. The company says it finds a second life for 75 percent of the devices it collects and responsibly recycles the rest. Best part is that the consumer immediately gets the cash … And has the luxury of forgetting about the details that follow.