Here’s a highlight of some of the top local-business-related news of the week:
[Mobile Payment News] Square Gets Rid of Flat-fee Monthly Payment Option
News Source: The Wall Street Journal
Mobile payments company Square announced this week that it is eliminating its monthly flat-fee credit processing option for small businesses. All customers will now pay a per-swipe fee of 2.75%.
Previously, small businesses with transactions of $21,000 or less per month could choose to pay a monthly flat fee of $275 for the service.
Square stated that the change in payment options was prompted by customers who said the “caps and limits” of the flat fee were “inhibiting growth,” according to spokeswoman Lindsay Wiese.
Key Takeaway: Small businesses using Square may find it difficult to keep using the product with this change in pricing. However, Square’s decision isn’t too surprising—the majority of competitors in the payment processing space have historically only offered percentage-based fees. For smaller merchants, accepting credit payments from customers may still be a ways off.
[Social Media News] Pinterest Adds New Place Pins
News Source: Read Write
Pinterest announced on Wednesday the introduction of a new type of rich pin called Place Pins. This pin type allows users to add Foursquare data to new or previously pinned images in order to tie them to a location. Users can add maps to their boards and add pins to specific locations.
Place Pins are the latest in a slew of rich pins developed for recipes, products, articles, and movies.
Key Takeaway: With this new Foursquare integration, it’s more important than ever for your small business to be present on both Pinterest and Foursquare. Make sure consumers can find you wherever they’re looking, and make it easy for them to share your business with others in a way that takes advantage of the latest social media features. Your business will reap the rewards in social word-of-mouth marketing.
[Social Media News] LinkedIn Adds Showcase Pages for Companies
News Source: TechCrunch
LinkedIn unveiled a new feature this week called Showcase Pages. This feature allows companies to create individual pages focused on a specific product or service, rather than having all of their items grouped together on the Products tab of their Company Page.
With this change, users now have the ability to follow specific Showcase Pages for products or services they’re interested in, rather than receiving all updates published by an entire company.
Companies can create up to 10 Showcase Pages. The feature comes at no extra cost, although the hope is that companies will pay to promote their new Showcase Pages with sponsored updates or ads on LinkedIn.
Key Takeaway: If your business has several products or services, this new Showcase Pages feature will help you provide more detailed information to prospective customers. It will also give you the ability to post updates for users interested in a particular product or service, allowing you to tailor communications to your LinkedIn followers in a more sophisticated way.
Other news catch your eye this week? Leave a comment and let us know!