Unless you're living under a rock, you may have noticed that the mobile phone industry has blown up over the past couple of years. With smarter technology being developed by the minute, having the "latest smartphone" means having to replace your phone at least once a year. Obviously not every consumer can afford to buy a new phone every year, but according to research, an estimated 130 million mobile phones are retired in the U.S. each year. eRecyclingCorps is a start-up company that is cashing in on helping customers get value out of their old phones.

The high demand for new phones means that there is an abundance of used phones out there which are either being sold, given away, or thrown away. Not only is throwing away electronic equipment a terrible waste of money, but it's also toxic to the environment. Often, people can't be bothered to look into different ways to recycle their mobile phones. According to eRecyclingCorps' website, a mere 10 percent of mobile devices are recycled. There are various avenues online to sell a used mobile phone, but finding a buyer can be a hassle and take weeks or even months. eRecyclingCorps makes it easy for customers to get instant credit from their old phone to put towards a new one.

eRecyclingCorps is based in Irving, Texas and launched its services in 2009. Over the last two years, the company has bought back 2.5 million mobile phones. The company is currently being used at 3,000 Sprint stores and 500 Verizon outlets. While in the store, customers can check the value of their phones, and turn them in for immediate store credit. If preferred, the customer can log on to eRecyclingCorps.com and download an application from their homes and mail the phone for store credit. It is an option for customer convenience, but most people prefer the instant credit, in-store method.The money can be used towards a new phone or accessory.

Recently, eRecyclingCorps successfully raised an impressive $35 million from Kleiner Perkins Caufield & Byers, which will be used to expand services. Environmental groups and government regulatory organizations have recognized the problem of an abundance of electronic waste. eRecyclingCorps is taking the lead in phone buyback services, and uses the environmental argument to encourage more retailers to offer their service. eRecyclingCorps CEO, David Edmondson, who also happens to be the former CEO of Radio Shack, released a statement that the company would use the investment funds to complete more deals with carriers and retailers.

In addition to deals reached with carriers and retailers, such as Sprint and Verizon, eRecyclingCorps turns a profit by renewing and selling the used phones. The devices traded in are wiped clean of data and renewed. The phones are thoroughly checked for quality before being listed for sale at discounted prices. With more affordable, high-quality, used phones on the market, the resources of this technology becomes more accessible to everyone around the world. Any phones that cannot be resold are recycled appropriately, and not dumped in a landfill.