Facebook Location Based Business Recommendations

Facebook Location Based Business Recommendations
Key Payment Factors to Ensure a Successful Future
Holiday Marketing Tips That Work All Year Round
Fiscal Cliff Causes Miserable Christmas for Small Businesses

Posted: 25 Dec 2012 01:00 PM PST

Facebook recently launched a revamped Nearby section of its mobile apps, which includes a guide to restaurants and other local businesses that are ranked based on Likes from friends, check-ins, and similar social data.

The updates to the new iOS and Android apps include the ability to browse and search for local businesses, as well as share those businesses with Facebook friends.

When opening the Facebook mobile app, users can choose "Nearby" from the main menu, and then view a selection of local businesses based on their current location. Users can also choose categories such as restaurants if they are looking for a particular type of business.

The screenshots above show both the page where users can browse different local businesses, and the details they see when they select a business to view. When browsing businesses in the app, users can see the business name, type, location, which friends like the business on Facebook, and its rating out of five stars.

The business suggestions in the Nearby section can become more personalized to each users as they (and their Facebook friends) rate, recommend, and check into different locations.

The new features aren't anything consumers haven't seen before from services such as Foursquare and Yelp. But since Facebook has such massive collections of data from its users, both individuals and businesses, the app could offer advantages over such competitors.

And since so many consumers are already on Facebook constantly, it seems likely that many of these people will prefer to use Facebook's Nearby features rather than opening up another mobile app to find local businesses and read reviews, especially since Facebook can offer recommendations from their actual friends and connections.

Because of these changes, it's important for businesses on Facebook to keep all information such as category listing, location, hours, contact information, and other parts of the About section up to date in order to take advantage of the potential mobile app traffic.

The updated app just began rolling out to a small amount of users, and should be available to all users soon.

The post Facebook Location Based Business Recommendations appeared first on Small Business Trends.

Key Payment Factors to Ensure a Successful Future

Posted: 25 Dec 2012 11:00 AM PST

There's no doubt that commerce is undergoing a complete and rapid transformation. Whether examining changes to the regulatory business landscape or innovations in point-of-sale (POS) solutions, 2012 was a landmark year for the payments industry.

While many factors continue to contribute to the evolving payments ecosystem, there are key trends and requirements that are essential to small businesses' success in 2013 and beyond. For example, non-cash payments continue to be a significant component of most business' receivables. Beyond traditional debit and credit, transactions made by mobile devices and contactless cards continue to gain popularity.

According to our First Data study, 60 percent of consumers believe contactless payments translate into faster transactions, with 36 percent saying mobile purchasing is more convenient than using a credit or debit card in person at the store. Small businesses must respond quickly as more empowered consumers expect an integrated buying experience that's quick and consistent everywhere.

Fortunately, smaller companies are nimble enough to adapt quickly and cater to today's tech savvy customers, but they must be mindful of new technologies and processes that can help contribute to the company's bottom line.

To stay relevant and remain competitive, business owners and decision makers should consider:

Integrating Payments Solutions

Most would agree that 2012 was the year of "Universal Commerce" – where increased information, technology sophistication and access transformed commerce. As payments, social networking, and commerce continue to intersect through smartphones, tablets, personal computers, and brick-and-mortar stores, consumers seamlessly blend and coordinate their shopping activities across online, offline, and mobile channels in pursuit of value, convenience, and a personalized buying experience.

Consumers are especially interested in how this can help save them time and money — for instance, self-checkout using a mobile phone, receiving special offers when near a store, or using mobile apps and web browsers on tablets to interact, review, browse, compare, manage, and buy — whether in a store, at home or on the go.

Research shows that one-third of consumers would like a seamless shopping experience — meaning any transaction, on any device, at any time. This creates both opportunities and challenges for small businesses.

Retailers that proactively invest in smart point-of-sale (POS) solutions can help future-proof themselves by ensuring they are prepared for inevitable changes in the industry. However, planning is a challenge as the market is still evolving and quite fragmented. There are many different approaches to eCommerce and mobile payments based on a variety of technologies, and the market has no clear winners yet.

Small businesses need a single point of integration with access to all payment types, all industries, and all platforms – anywhere. For example, some new solutions provide online test environments and readily available support resources, and offer accessible online certification management, tailored developer toolkits, and immediate access to innovative payment technologies, all through a simple Web portal. Payments partners can help small business owners identify these solutions and new technologies.

Layering Data Security Solutions

Payment experiences must be efficient, secure and reliable for both the customer and the small business owner. That's why businesses that accept credit or debit payments need to comply with the Payment Card Industry Data Security Standard (PCI-DSS).

While small businesses have a responsibility to protect their customers' data, they do not have to do it alone. In fact today's payments providers offer solutions that help achieve and maintain PCI compliance much easier and faster.

Solutions that combine the flexibility of software or hardware based encryption with random number tokenization technology help by removing the need for small businesses to store card data. Instead, data is replaced with a randomly assigned number called a token. This protects payment card data and prevents it from entering the merchant environment. As a result, systems never hold the actual card numbers from the transactions processed. These solutions can help business owners stay PCI compliant while securing their customers' data.

In addition, payment providers can help small businesses stay up-to-date with emerging data security trends and technologies such as Europay, MasterCard and Visa (EMV) standards and smart card adoption that are becoming more important than ever. Small business owners should start considering what a smart card implementation might mean to their businesses and look into options for accepting new chip-based credit and debit cards to their customers. Implementing technologies like chip-based security, including EMV, can protect card-present transactions for both physical cards and virtual wallets.

Complying with IRS Regulations

The regulatory landscape for the payments industry continues to change at a rapid pace. Section 6050W of the Internal Revenue Code containing revised transaction reporting and withholding requirements began impacting merchant transactions in 2011. Obligated reporting entities (the processors and financial institutions responsible for managing merchants' payment authorizations) must report merchants' payment card and third party network transactions, based on validated tax identification numbers (TIN) and tax filing names.

Beginning in 2013, non-compliance will result in backup withholding being subtracted from merchants' daily deposits, which are based on the current IRS withholding regulations (currently 28 percent). The new standards require businesses to track and report gross dollar sales amounts for payments made with credit and debit cards, some gift and stored value cards, as well as payments handled by a third-party network payments provider. In addition to federal backup withholding, there are now a few states that are also requiring backup withholding, including California and Maine.

These requirements do not bring small business additional time to prepare. While the IRS has introduced a new document – the 1099-K – to support this change and serve as the reporting document officially used to report these results, small businesses should seek out a regulatory package to assist with compliance on such timely regulations as the IRS Tax Reporting requirements.

Ensure a Successful Payments Future

Developing a strategic plan to address the challenges and opportunities that come with today's evolving payment landscape requires a careful evaluation of a wide variety of factors.

Fortunately, small businesses are not alone in this endeavor. They can work partners that have relationships across the full Universal Commerce ecosystem and take advantage of today's opportunities to thrive by providing a consistent, seamless consumer engagement experience.

Credit Card Photo via Shutterstock

The post Key Payment Factors to Ensure a Successful Future appeared first on Small Business Trends.

Holiday Marketing Tips That Work All Year Round

Posted: 25 Dec 2012 08:00 AM PST

Wanting to close the year out strong and benefit from the massive holiday spending that shoppers dive into, businesses tend to step up their marketing from October to December. It makes sense, if people are shopping, then why not shop with you?

Consequently, many companies make the bulk of their money in the fourth quarter.

So here's another question: if you find a strategy that works during this holiday season, why not use it all year?

Holiday Lights in May

You know how some people hang up holiday lights . . . and 3 months after Frosty the Snowman has melted and the Christmas trees have returned to the Earth and Santa has long been on vacation – their lights are still up? And it seems out of place?

I'm not talking about trying to have a black friday sale in the middle of Valentine's Day (though there is a way to do just that if you wanted to). But there are some holiday marketing tips that, with a few adjustments, can work for your small business all year round.

Speak the Holiday Language

Understand the holiday, your audience and the language and then dive into the conversation. Engage your people with holiday sales, guides, special holiday-only products if you want to.

But why not stay relevant all year round?

Don't stop at Christmas. Celebrate Valentine's Day, Labor Day or the First Day of Spring with your clients and prospects. Retail businesses already do this pretty well. They remind you that Mother's Day is coming, and then offer a solution to your problem with gift ideas. Of course, those gifts are in their shop and that's smart.

But why leave season-based marketing to the retail industry?

A service company could to the same thing.

Offer a labor day package, where "you rest and leave the work to us." Whether your service is house cleaning, car wash or repairs, virtual assistant, you can celebrate the season with your audience and simultaneously spread the message about your brand.

Every small business can benefit from weaving the season and relevant current affairs into their marketing strategy. Besides being relevant gives your business a heart beat which brings us to the next year-round, holiday strategy.

Spread the Love

The most powerful marketing messages tend to have a pulse behind them. Apple's "think different" beats to their consumers' need to feel savvy and innovative. While Samsung is playing to the same emotions with it's Galaxy S3 marketing message, "the next big thing is already here."

Christmas and the other holiday's around it are full of meaning and emotion. If you pause to tap into it, you can weave that meaning into your marketing, but it doesn't have to stop as the clock strikes midnight and ushers in another year. There's meaning all year.

Business is about what you can do for others. Your marketing message is about making that benefit clear and engaging. The emotional element in marketing is everything. It's not about having a nice, short phrase like "think different."

It's about how the product/service and the message surrounding that product or service makes your target audience different — and better and smarter because of that difference.

Emotion Drives Sales

Don't wait for Thanksgiving to give your business a pulse. Start now and keep that spirit all year round.

Lights In Summer Photo via Shutterstock

The post Holiday Marketing Tips That Work All Year Round appeared first on Small Business Trends.

Fiscal Cliff Causes Miserable Christmas for Small Businesses

Posted: 25 Dec 2012 02:30 AM PST

If U.S. leaders wanted to give small business owners a great Christmas gift, the looming fiscal cliff issue would already be resolved. But instead they left for their holiday break, leaving U.S. job creators in the lurch with less than a happy holiday in store. U.S. small businesses must still plan for year’s end and make the tough decisions small business owners and entrepreneurs always do. Here’s the latest news and some tips for finishing out your year.

Uncertain Future

See ya. Wouldn’t want to be ya. With time ticking away until tax increases and spending cuts take effect at the end of this year, U.S. leaders have left for the holiday break. Some remain optimistic, but small business leaders are left guessing without the certainty they need to plan for hiring, expansion, and growth in the new year. ABC News

Bah Humbug. Without a deal in place to avert the fiscal cliff, small businesses looked to as the key job creators to shore up economic recovery won’t have a very Merry Christmas, writes Mike Whalen, a member of the Job Creators Alliance and CEO of Heart of America Group, owner of 27 restaurants and hotels in 10 metropolitan areas across six Midwestern states. U.S. News & World Report

Be Prepared

Time is money. Small businesses must face the fiscal cards dealt them by the economy and policy gridlock in Washington, while at the same time, never forget the employees who day in and day out help build a great brand, provide great customer service, and deliver great products and services consistently. This year, with a tight budget and uncertainty looming, small business owner Cynthia Kay decided to give the gift of more time with family. Washington Post

Count it up. There are a number of things companies must do toward the end of the year. And for businesses with considerable stock, year-end inventory is one of those necessities. Here is a brief overview of what you need to perform an effective inventory. Don’t procrastinate. The end of the year is coming. It’s time to get started. The Bottom Line

Stormy Weather

Tax truths revisited. Another deadline is coming at the end of this year. It’s time for year-end tax planning and those decisions to contribute to your retirement fund, give charitable contributions, make major purchases, accelerate expenses, defer income, take advantage of the healthcare tax credit, and more. Grow Smart Biz

Blow me down. While you figure out your year-end tax planning, don’t forget about the perfect storm. We’re talking about super storm Sandy, here. There may be tax relief for businesses that were affected and tax benefits for those that wish to help the victims. If you want to know more about the options available and whether they apply to your business, check out this post by attorney Barbara Weltman. SBA.gov

Online effectiveness. Businesses outside the U.S. will also have plenty to focus on in the new year. Take e-commerce companies in the U.K., for example. A survey commissioned by Rakuten's Play.com, says 83 percent of U.K. customers now shop regularly online. In fact, U.K. e-commerce is expected to hit £77 billion in revenue by the end of 2012. Business Review Europe

The post Fiscal Cliff Causes Miserable Christmas for Small Businesses appeared first on Small Business Trends.