Chase’s New Mobile Card Reader Takes Aim At Square & 5 More Small Business News Stories You Need To Know
-
Expert Analyst & Reviewer
- No comments
- Updated on:
Advertiser Disclosure: Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity.
Welcome to another week of Merchant Maverick’s essential news roundup for small business owners.
This week, JPMorgan Chase announced its own mobile payments reader while a survey hinted that office spaces will shrink in the future. Read on through for the week’s top five must-know stories for small business owners.
Table of Contents
JPMorgan Chase Announced A Mobile Card Reader
In an effort to broaden its business services, JPMorgan Chase announced the launch of a new card reader that can take payments on the go. Dubbed QuickAccept, this mobile payments platform will allow merchants to ring up credit card payments via a mobile app or a contactless card reader — much like tools offered already by Square and PayPal. Unlike those other services, however, Chase’s new platform will deliver merchants the money made from sales on the same day for free (Square, for comparison, charges ~1.5% for instant transfers).
To work alongside the new payments platform, Chase also announced a business checking account called Business Complete Banking. Nothing is really special about this checking account, although you will need to open one if you want to take advantage of QuickAccept.
Why this matters to you: Competition is almost always welcome, and Chase’s new platform could provide some spark to the world of mobile payments. If QuickAccept’s free same-day funding takes off, merchants might wind up with more avenues for taking credit card payments cheaply in the future. In a survey of 171 CEOs across America, Fortune magazine and Deloitte found that 76% of those polled expect their company will need less office space in the future. Growing acceptance of smaller office space could be because many are finding remote work isn’t so bad after all — 40% of CEOs in the survey said employee productivity has gone up due to remote work. Interestingly, Fortune/Deloitte’s survey comes on the heels of a different study about returning to work by workplace technology startup Envoy. That survey found that 73% of US-based employees worry about their health and safety at work. So even if some companies are ready to fully return to the office, most employees may be less keen to follow suit. Why this matters to you: The COVID-19 pandemic will almost certainly shape how humans work together in the future. And while shrinking office spaces will impact commercial real estate negatively, there are some benefits to smaller office footprints worth noting. For instance, Americans are still driving less on the roads, even as more and more places are reopening. Remote work can also help reduce overhead costs. In an effort to squeeze money out of its WhatsApp messaging platform, Facebook is set to make several additions to the business side of the service. To start, businesses will be able to sell products to customers within chats. Facebook didn’t say how exactly the in-chat shopping feature might be implemented, but it is supposed to work alongside businesses’ “existing commerce and customer solutions.” Facebook is also launching a hosting service in “the coming months” that will include the ability for businesses to manage their WhatsApp messages. Finally, Facebook noted that some WhatsApp services for business customers will cost money, although specifics haven’t been revealed yet. Why this matters to you: WhatsApp is a messaging platform that reaches over two billion people worldwide. The upcoming features for WhatsApp will especially be a boon for small businesses that sell online — in fact, Facebook says that the in-chat shopping experience is meant to “help many small businesses who have been most impacted in this time.” Further reading: Has Facebook Finally Broken WhatsApp—Radical New Update Now Confirmed, Forbes Despite the damage the pandemic has done to restaurants, there is hope yet. Moody’s moved its outlook rating for the restaurant industry from “negative” to “stable” last week. The investor service predicted that there will be “slowly improving business conditions” during the next 12 to 18 months and that the industry’s operating profit will grow by around 15% in 2021. However, restaurants aren’t out of the woods yet. A recent Bloomberg report discussed restaurants that have opened up outdoor dining during the pandemic must innovate once again to survive the cold winter months. For many, winterizing an outdoor space may be too expensive — outdoor headers often cost between $1,000 and $1,500 a pop. Why this matters to you: A glimmer of hope for the restaurant industry shines a beacon across the entire economy — businesses that serve food have been hit hard during lockdowns. Still, it’s important to stay vigilant. COVID-19 remains a deadly virus, and coming up with safe protocols while remaining profitable will be a tall order for many small businesses, including those beyond the restaurant space. Further reading: Off-Premise Sales and Non-Traditional Payment Options are Top of Mind for Restaurant Franchisees in COVID-19 Landscape, TD Bank Alongside a rise in joblessness has come a rise in entrepreneurship. According to data by the U.S. Census Bureau, new businesses filed 1.5 million Employer Identification Number applications in the third quarter of this year — an 82% jump year-over-year. The Midwest and the South both saw steep rises in particular. MBA applications are also soaring as people look to boost their professional skill set. A survey of the top 25 US business schools by Poets & Quants found that the number of applications is up an average of 22.6%. USC’s Marshall School of Business leads the pack with a 66.4% increase in applications. Why this matters to you: The drastic unemployment stemming from the COVID-generated recession is almost certainly encouraging more and more to try their hand at running a business. If you’ve recently started your own business, or are seeking an MBA to help with a business venture, you are not alone. There are plenty of others out there who will (hopefully) succeed right along with you. Further reading: Entrepreneurship Is the Vaccine for Urban Economies, Bloomberg The Paycheck Protection Program and Economic Injury Disaster Loans struggled to adequately help many small businesses during the early stages of the pandemic. Learn what exactly went wrong from our readers’ perspectives: A Texas farm has been in the news recently for helping special-needs children play and hang out with animals that require special needs, too. Run as a non-profit organization called Safe in Austin, the farm is home to over 150 animals who are injured or need some type of additional support. Among the residents include a rescued turkey born with a claw abnormality and a calf with a birth defect that fused its legs and spine together. “There is something absolutely magical about watching a child with differences come out here and say, ‘They’re just like me,’ ” said Safe in Austin founder Jamie Wallace-Griner. She added: “We have animals that are blind or deaf, have diabetes, cerebral palsy, deformities, missing limbs, broken spines … they all become part of our family.”Over 75% of CEOs Expect Office Space To Shrink In The Future
Facebook Revealed Plans To Beef Up WhatsApp Business
Outlook For Restaurant Isn’t As Bleak As Previously Thought
Entrepreneurship Is On The Rise
The Latest From Merchant Maverick
Something Good…
Jared Beilby
Expert Analyst & Reviewer at Merchant Maverick
A credit card analyst and expert in neobanking, Jared has been researching and writing about small business finance since 2018. His data studies have been cited in a number of media outlets, including Forbes, MSN, and NBC. He holds a Bachelor of Arts in Journalism from George Fox University.
View Jared Beilby's professional experience on LinkedIn.
Latest posts by Jared Beilby (see all)
- The 10 Best States For Women-Led Startups In 2022 - January 4, 2022
- Rho Review - September 29, 2021
- What Is Spend Management & Can It Help My Small Business? - September 22, 2021
- What Are Corporate Credit Cards & How Do They Work? - September 7, 2021
- Best Practices For Managing Your Corporate Credit Card - August 19, 2021
No Comments
Responses are not provided or commissioned by the vendor or bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the vendor or bank advertiser. It is not the vendor or bank advertiser's responsibility to ensure all posts and/or questions are answered.