The wastepad should be replaced to avoid the small possibility of a little ink spilling from the printer if it gets too full.
Enter service mode so the waste ink counter can be reset:
  1. With the printer power connected, turn off the printer if on.
  2. Hold down Resume button and press Power button at the same time.
  3. Keep holding down Power button and release the Resume button.
  4. Next, press the Resume button five times then release both buttons.
  5. The Alternate Blinking error should disappear to signify the printer is in Service Mode.
Download the service tool program: Service Tool (it's in the RAR compression format, and the website that holds this program has an annoying pop up that you'll need to close to get to the download button).
After the service tool is downloaded, extract the exe and run servicetool.exe and reset the waste counter as follows:
  1. In ServiceTool select the Main Button,
  2. Press EEPROM Clear button. If a pop-up message appears, click OK
  3. Power off the printer. It may require pressing the power button twice to turn it off.

Turn on the printer and it should be working again.