SmallBusiness.com https://smallbusiness.com Small business information, insight and resources | SmallBusiness.com Tue, 25 Jul 2017 22:51:38 +0000 en-US hourly 1 https://wordpress.org/?v=4.8 The New Zoho One Platform Combines 30+ Apps (And Now Must Battle on 35+ Fronts) https://smallbusiness.com/software/zoho-one-business-software-applications/ https://smallbusiness.com/software/zoho-one-business-software-applications/#respond Tue, 25 Jul 2017 22:38:57 +0000 https://smallbusiness.com/?p=28493

Today (June 25, 2017), the cloud-based business software company, Zoho, redefined a suite and pricing of business software with its launch of Zoho One, a platform and licensing model connecting 35+ mobile, native, and web software apps. Google, Apple and Microsoft each have a cloud-based suite of business-focused software applications. Each offers a subscription model and provides the basics: word processing, presentation, spreadsheet, calendar, and contacts, along with some data and file storage options. Unlike their subscription model where a company pays a few dollars per employee per month (for a few software applications), Zoho One is priced at $30 per employee for the entire 35+ collection of software.


Previously, Zoho has focused primarily on the small business market and has created independent software and business service apps. But in a project lasting four years, Zoho has combined all of those independent apps onto one data platform with a plan to expand its market beyond small businesses. Raju Vegesna, Zoho’s chief evangelist, said the company wanted to make its entire business operating system available in a buffet. “We think this will expand the market,” said Vegesna. “We initially thought Zoho One would appeal to smaller companies, but we’re seeing mid- to large-enterprise beta customers.”

Zoho will now be competing with software in nearly all business categories, including Google, Microsoft, Oracle’s NetSuite, Salesforce and Intuit. “We are targeting anyone who does work. This isn’t a traditional way of looking at the business market,” said Vegesna.

Zoho One’s Challenge

A challenge going broad with a 35+ application suite of software services are the eco-systems already developed around the software that entire industries are built upon, like Intuit or Salesforce. In military terminology and strategy, the expression “two-front war” describes a situation in which a country finds itself fighting enemies from two directions (e.g., Germany in World War II). In choosing to offer 35+ different software categories, Zoho will find itself engaged in a 35+ front war. According to Zoho, it has 1,000+ implementation and training partners who are available to help customers whenever needs arise.

Zoho One Applications

The array of software categories and applications in the Zoho One suite in impressive. Here is a list of the categories and applications in each.

Sales

  • CRM
    A multichannel approach to modern sales processes. (Customer relationship management.)
  • Motivator
    Gamification-enhanced sales performance.
  • Reports
    A business intelligence platform.
  • ContactManager
    A small business app to manage contacts and deals until you graduate into the full-blown CRM.

Marketing

  • SalesIQ
    Engages website visitors.
  • Campaigns
    Create, send, and track email campaigns.
  • Social
    Post content, interact with followers, and monitor conversations across social networks, from one place.
  • Survey
    Helps make decisions using feedback from surveys.
  • Forms
    Forms for lead generation and customer engagement.

Support

  • Desk
    A multi-channel help desk that helps prioritize support requests.
  • Assist
    Troubleshoots customer issues remotely for quick resolutions.

Productivity & Collaboration

  • Mail
    Securely hosted, ad-free email.
  • Cliq
    Quick and informal messaging for team communication.
  • Connect
    A private social network for team discussion and sharing resources.
  • Writer
    An online word processor for collaborative work.
  • Sheet
    A collaborative cloud spreadsheet.
  • Show
    Create slide decks with ideas from multiple collaborators.
  • Showtime
    Present slide decks to audiences anywhere and interact with them.
  • Docs
    Store and share files and documents with teammates, partners, vendors, or customers.
  • Projects
    Plan, track, and collaborate on projects across teams.
  • Meeting
    Browser-based web conferencing for demos and presentations.
  • Vault
    Securely store and manage passwords.
  • Notebook
    A simple note-taking app.
  • Sign
    Sign documents digitally and request signatures.

Finance

  • Books
    Online accounting software.
  • Invoice
    Professional invoices.
  • Subscriptions
    Bills customers on a recurring or subscription basis.
  • Expense
    Turn receipts into expense reports for quick approvals.
  • Inventory
    A centralized inventory management system for distributed sales channels like retail stores, online shops, or marketplaces like Amazon or eBay.
  • Checkout
    Simple one-time and recurring online payments solution.

Human Resources

  • People
    Manage your employees, including managerial approvals, performance management, and more.
  • Recruit
    Designed for both in-house recruiters and staffing agencies.

Business Process

  • Creator
    Turn unique processes into custom applications.
  • Reports
    Business intelligence platform that provides useful insights about your business.

 

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Mid-Summer Tax Tips From the IRS: Review Your Withholding or Estimated Tax | 2017 https://smallbusiness.com/taxes/small-business-tax-tips-from-irs/ https://smallbusiness.com/taxes/small-business-tax-tips-from-irs/#respond Tue, 25 Jul 2017 14:43:25 +0000 https://smallbusiness.com/?p=28485

In the U.S., the federal income tax is a pay as you go system. Employers typically withhold tax from workers’ wages. But there are other reasons taxpayers may want to have taxes withheld from other income sources, including, pensions, bonuses, commissions and gambling winnings.


Estimated tax

Some people do not pay tax through withholding. For instance, various types of small business owners, including a one-person business (self-employed) pay estimated tax. In addition, those who earn income such as dividends, interest, capital gains, rent, and royalties are usually required to make estimated tax payments.

Life events that may require a mid-year adjustment in withholding or estimated tax payments

Each year, because of life events like changes to household income or family size, some people get a larger refund than they expect while others find they owe more tax.  To prevent a tax-time surprise, the IRS offers these tips:

1 | Review how a new job or change in employment will impact your withholding

When starting a new job, an employee must fill out a Form W-4, Employee’s Withholding Allowance Certificate. Employers use this form to calculate how much federal income tax to withhold from regular pay, bonuses, commissions and vacation allowances. The IRS Withholding Calculator tool on IRS.gov is easy for taxpayers to use to figure how much tax to withhold to avoid surprises.

2 | Review how a change in business income may impact your estimated tax

People who have income not subject to withholding may need to pay estimated tax. Those expecting to owe $1,000 or more than taxes withheld from their wages may also need to make estimated tax payments to avoid penalties. The worksheet in Form 1040-ES, Estimated Tax for Individuals, helps to figure the tax.

3 | Review how a life event may change your withholding or estimated tax

A change in marital status, the birth of a child or the purchase of a new home can change the amount of taxes a taxpayer owes. The Managing Your Taxes After a Life Event page on IRS.gov provides resources to explain the tax impact of these changes. In most cases, an employee can submit a new Form W–4 to their employer anytime.

Related IRS Resources

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What Exactly is a Small Business? Why SBA Size Standards Matter to Obtain a Government Contract | 2017 https://smallbusiness.com/government-contracts/government-contracts/ https://smallbusiness.com/government-contracts/government-contracts/#respond Mon, 24 Jul 2017 13:07:38 +0000 https://smallbusiness.com/?p=27379

In the U.S., almost every government entity is required by law to include small business suppliers, vendors or other types of product or service providers when making purchases that are a part of the programs they administer. But what exactly is a small business? The legislation that established the Small Business Administration states that unless specifically authorized by statute, no other federal department or agency may prescribe a size standard for categorizing a business concern as a small business concern unless such proposed size standard meets certain criteria and is approved by the Administrator of SBA. 

Therefore, the first step for a business to become a government contractor is to accurately meet the legal (or statutory) definition of “small business” for your specific industry.

(Note: This entry focuses specifically on size standards, not on the process of applying for a contract.)


To qualify as a small business government contractor, you must adhere to industry size standards established by the U.S. Small Business Administration. For most industries, the SBA defines a “small business” either in terms of:

1 | Average number of employees over the past 12 months
2 | Average annual revenue over the past three years

In addition, the SBA defines a small business as a concern that:

  • Is organized for profit
  • Has a place of business in the US
  • Operates primarily within the U.S. or makes a significant contribution to the U.S. economy through payment of taxes or use of American products, materials or labor
  • Is independently owned and operated (i.e., not a subsidiary of a larger company)
  • Is not dominant in its field on a national basis
  • Is a sole proprietorship, partnership, corporation, or any other legal form of ownership

In determining what constitutes a small business, the definition will vary to reflect industry differences, such as size standards.


North American Industry Classification System (NAICS)

The SBA uses the North American Industry Classification System (NAICS) as the basis for its size standards.  Visit the official NAICS website to find the code(s) that apply to your industry, then use the SBA’s Size Standards Tool  to determine if your business qualifies.

SBA Numerical Definitions of Small Business

The SBA has established numerical definitions of small businesses, or “size standards,” for all for-profit industries.

  • Size standards represent the largest size that a business (including its subsidiaries and affiliates) may be to remain classified as a small business concern.
  • In determining what constitutes a small business, the definition will vary to reflect industry differences.

Links to the Most Recent SBA Updates Related to Size Standards

Size standards change. But those changes are not across-the-board. For that reason it is important to seek the most recent information from the SBA regarding standards in your industry. The following links go to SBA online resources that are updated when changes are made in specific industries

What’s New with Size Standards

  • Get updates on small business size standards news.

Comprehensive Review of Size Standards

  • Find information on the recently completed comprehensive review of size standards in accordance with the Small Business Jobs Act of 2010.

What are the Small Business Size Standards?

  • Your business might be eligible for programs reserved for small business concerns. To qualify, your business must satisfy SBA’s definition of a business concern and small business size standards.

Affiliation

  • When you calculate the size of your business, you must include the annual receipts and the employees of your affiliates.

Small Business Size Regulations

  • The Small Business Act was created, in part, to help small businesses compete in our economic market. The act has made it necessary to establish standards of identifying small businesses.

Size Standards Methodology

  • For its ongoing comprehensive size standards review and future regulatory actions relating to size standards, SBA has developed a “Size Standards Methodology White Paper.”

Table of Small Business Size Standards

  • To help small business owners assess their small business status, SBA has established a Table of Small Business Size Standards.

Summary of Size Standards by Industry Sector

  • Size guidelines define the maximum size that a firm (including its affiliates) can be to qualify as a small business for most SBA programs. Learn about the common standards for a small business.

Size Protests, Size Determinations & Appeals

  • Learn about size protests, size determinations, and appeals.

Guide to Size Standards

  • This guide can help you understand how SBA defines a small business and how it establishes its small business size standards.

istock


Also on SmallBusiness.com

Answers to 20 of the Most Frequently Asked Questions About U.S. Small Business | 2016

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5 Things to Stop Doing That Will Help You Do More https://smallbusiness.com/productivity/how-to-save-time/ https://smallbusiness.com/productivity/how-to-save-time/#respond Thu, 20 Jul 2017 17:10:00 +0000 https://smallbusiness.com/?p=28426

Are you overwhelmed with too much to do? If you are an owner or manager of a small business, we know the answer: “Yes, but I need to do more.”  Rather than suggesting ways to do more, the Dropbox.com blog recently shared five ideas for doing less. While these suggestions are directed towards those who work in corporate team settings, perhaps they can inspire you to think of ways in your workplace to apply a “do less” approach for re-focusing how you spend your time.


1 | Stop editing your own presentations

Focus on the first draft. Don’t spend too much time on wordsmithing or formatting. Get your raw ideas down, then ask others to help you refine them. In the process of proofreading and revising your work, they’ll bring an important outside perspective that will strengthen not just the style, but the substance.

2 | Stop solving problems in hallway conversations

Management by walking around may sound like a good concept, but according to some studies, “drop-bys” from co-workers can take up nearly a quarter of a manager’s time. Establish a formal process for face-time.

3 | Stop attending meetings without an agenda

Beyond being a fast way to reach consensus on the key decisions that keep projects moving, team meetings help you build camaraderie and stay aware of what’s happening and what’s ahead. But without a specific agenda, that are a time sink.

4 | Stop answering instant messages

To prevent the back-and-forth of an IM conversation from derailing your train of thought, set a three-response limit for any text exchange. After that, suggest moving the thread to email (or better, a project management platform).

5 | Stop Checking email every minute

Dedicate blocks of time to check all your email at once. You might even add it to your calendar to let your team know this is how you’ll manage your email, so they have a clear idea of when to expect a response.


VIA |
Dropbox Blog, “These are the 5 tasks you should stop doing today


Do you have suggestions for things to “stop” doing? Send them to Tips@SmallBusiness.com.


Photos: Pexels

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Google’s Mobile App Gets Personal, Local | 2017 https://smallbusiness.com/digital-marketing/google-mobile-app/ https://smallbusiness.com/digital-marketing/google-mobile-app/#respond Wed, 19 Jul 2017 20:22:27 +0000 https://smallbusiness.com/?p=28411

Google’s new personalized feed utilizes machine learning algorithms designed to anticipate what’s interesting and important to a specific user. The user will see graphical “cards” with content like sports highlights, top news, engaging videos, new music, stories to read and more. “A feed will not only be based on your interactions with Google, but also factor in what’s trending in your area and around the world,” according to Thakur.

The new feed design allows users to chose to let Google collect preference and location data across all of its products like search and maps. From this information, the Google feed will recommend content choices, including retail shops, restaurants, and other local businesses.
longer-tap.gif

The new feed design is available in the Google app for Android (including the Pixel Launcher) and iOS, (currently in the U.S. and rolling out internationally in the next couple of weeks).


via: Google
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Small Business Administration (SBA) Contact Information | 2017 https://smallbusiness.com/resources/sba-contact-information/ https://smallbusiness.com/resources/sba-contact-information/#respond Tue, 18 Jul 2017 21:59:40 +0000 https://smallbusiness.com/?p=28395

Established with the passage of the American Small Business Act in 1953, the  U.S. Small Business Administration (SBA) was created as an independent agency of the federal government to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and to strengthen the overall economy of the U.S. Simply stated in the SBA’s mission statement, ” The SBA helps Americans start, build and grow businesses.”


The SBA delivers its services through an extensive network of field offices and partnerships with public and private organizations. Here are phone numbers and links to the various offices and locations where you can reach the appropriate SBA office.

There are three types of offices in this list:

   I. District (typically, the  SBA office closest to you)
 II. Regional
III. National Headquarters


 I. District Offices

SBA’s District Offices are responsible for the delivery of SBA’s many programs and services throughout the country. Services available and administered through SBA District Offices include:

  • Free counseling, advice, and information on starting a business through SCORE.
  • Financial assistance for new or existing businesses through guaranteed loans made by area bank and non-bank lenders.
  • Free consulting services through the network of Small Business Development Centers. SBDCs also conduct training events throughout the district – some require a nominal registration fee.
  • Assistance to businesses owned and controlled by socially and economically disadvantaged individuals through the Minority Enterprise Development Program.
  • Women’s Business Ownership Representatives are available to advise women business owners.
  • Special loan programs are available for businesses involved in international trade.
  • Guaranteed loans are available for credit-worthy veterans.

1 – The Seattle District Office serves Benewah, Bonner, Boundary, Clearwater, Idaho, Kootenai, Latah, Lewis, Nez Perce, Shoshone counties in Idaho.

2 – The Wichita District Office serves all of Kansas except the following counties, which are served by the Kansas City, Missouri District Office: Anderson, Atchison, Bourbon, Brown, Cherokee, Coffey, Crawford, Doniphan, Douglas, Franklin, Jackson, Jefferson, Johnson, Labette, Leavenworth, Linn, Marshall, Miami, Montgomery, Nemaha, Neosho, Osage, Pottawatomie, Shawnee, Wilson, Woodson and Wyandotte.

3 – The Washington, DC District Office serves Montgomery and Prince George’s counties in Maryland and Arlington, Fairfax and Loudoun counties in Virginia.

4 – The Boise District Office serves Baker, Grant, Harney, Malheur, Union and Wallowa counties in Oregon.

5 – The Portland District Office serves Clark, Skamania, Cowlitz and Wahkiakum counties in Washington.


II. SBA Regional Offices

  • Region I 
    SBA New England | Serving Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont
  • Region II 
    SBA Atlantic | Serving New York, New Jersey, Puerto Rico, and The U.S. Virgin Islands
  • Region III 
    SBA Mid-Atlantic | Serving Delaware, Maryland, Pennsylvania, Virginia, Washington, DC, and West Virginia
  • Region IV 
    SBA Southeast | Serving Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, and Tennessee
  • Region V 
    SBA Great Lakes | Serving Illinois, Indiana, Michigan, Minnesota, Ohio, and Wisconsin
  • Region VI 
    SBA South Central | Serving Arkansas, Louisiana, New Mexico, Oklahoma, and Texas
  • Region VII 
    SBA Great Plains | Serving Iowa, Kansas, Missouri, and Nebraska
  • Region VIII 
    SBA Rocky Mountains | Serving Colorado, Montana, North Dakota, South Dakota, Utah, and Wyoming
  • Region IX 
    SBA Pacific | Serving Arizona, California, Guam, Hawaii, and Nevada
  • Region X 
    SBA Pacific Northwest | Serving Alaska, Idaho, Oregon, and Washington


III. SBA Headquarters, Washington, DC

Advocacy, Laws & Regulations

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Shopify Adds Ebay to Ecommerce Sales Channels Available to its Merchants https://smallbusiness.com/ecommerce/shopify-ebay-channel/ https://smallbusiness.com/ecommerce/shopify-ebay-channel/#respond Mon, 17 Jul 2017 10:00:17 +0000 https://smallbusiness.com/?p=28367

In September, Shopify, an e-commerce platform popular with small business online retailers, will provide its merchants the ability to list and sell their products on Ebay, directly from their Shopify account.

  • The Ebay channel is similar to existing Shopify sales channel integrations, including Amazon, BuzzFeed, Facebook, Pinterest, among others.
  • Shopify competitor Bigcommerce Inc. has a similar integration with Ebay.

With the new integration, Shopify merchants will be able to market and sell their products to Ebay’s 169 million active buyers. According to the Shopify announcement, EBay and its shoppers will benefit from added selection and choice from Shopify merchants.

The integration will enable Shopify merchants to sync inventory information such as product titles and descriptions, item specifics, price and quantity, from Shopify to Ebay. Customer orders will also be imported to Shopify and allow merchants to fulfill orders from both platforms in one location. Messages from buyers on Ebay will also be visible within Shopify so their sellers won’t miss any customer communications.

According to Shopify, its EBay integration initially will be available only for U.S. customers selling in U.S. dollars.

istock


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GoDaddy Upgrades, Expands its Small Business Ecommerce Service

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How to Help a Frustrated Customer https://smallbusiness.com/customers/help-angry-customer/ https://smallbusiness.com/customers/help-angry-customer/#respond Fri, 14 Jul 2017 16:15:27 +0000 https://smallbusiness.com/?p=28355

How much does it cost your business to acquire a customer? How much do you spend on advertising, lead generation, and social media to acquire just one customer? How much time does your sales team spend in nurturing that lead and closing the sale? It is important to consider because, as we’ve explained before, a company generates far more profit from existing customers than it does from newly acquired ones.

If so much is invested in developing a customer relationship, why do so many companies reward customer service representatives for keeping customer complaint calls as short as possible? We don’t understand that either. That’s why we were glad to see on the Hiver Blog, an “exhaustive guide” for helping angry customers. Here are just a few helpful suggestions from Hiver’s much longer guide.


5 Tips for helping a frustrated customer

1 | Approach stressful situations with a Zen mind and compassion

You have to let go of the idea that you have to fix a situation. This is not the same as not caring. It is simply a realization that you can only do your best and it might or might not solve the problem. A simple ‘I understand this must be frustrating for you’ goes a long in pacifying the customer when they are at their worst.

2 |  Ask questions to the customer

It may be your natural tendency to argue with the customer and call their beliefs unfounded. Research reveals you cannot change even a relaxed person’s mind, let alone an infuriated one. Arguing with the customer will only make the situation worse even when their claims are actually unfounded. A better approach is to ask questions. Being listened to will make the customer feel that you take them seriously. The act of talking and explaining the problem brings their minds to a rational state. They will be calmer than they were when they initially called.

3 | Apologize for the situation

More often than not, the customer will be angry for something that was never under your control. You may be tempted to suggest it is the customer’s fault. All this does is shake the faith the customer has in your company. An apology tells your customer that you regret them having to interrupt their day to make that call.

4 | Reinstate trust and resolve the problem

Once you have managed to calm your customer, start working on the resolution. Your customer wants to know that you are willing to work on the problem and aren’t going to run for the door. Start with a positive statement such as ‘We’re going to solve this together’. It will help them feel reassured about the resolution process. If you can’t resolve the issue immediately, tell the customer exactly what you’ll do, and indicate how much time will that take. Be specific, like, “I will have to reach out to my product engineers for this. Allow me to call you in two hours.” If you do not have a solution within the next two hours, call them anyway and tell them that you are working on it.

5 |  Express gratitude

The measure of success is whether you have been able to preserve the investment your company has made in acquiring the customer. Ask your customer a very straightforward question: Are you satisfied with the solution? It goes a long way in showing that you care. Do not expect your customers to thank you. They did pay for your product which failed to perform as expected. They did spend a lot of time trying to get a resolution for a problem they should not have encountered. However, they have helped your team discover a way the product did not perform as it is supposed to – thank them for that.

VIA | Hiver Blog: The exhaustive guide to dealing with angry customers

istock

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How a Small Business Should Respond to a Mistake

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Where Does Your State Rank Among America’s Top States for Business? | 2017 https://smallbusiness.com/economy/top-states-for-business-2017/ https://smallbusiness.com/economy/top-states-for-business-2017/#respond Fri, 14 Jul 2017 14:35:47 +0000 https://smallbusiness.com/?p=28344

The state of Washington ranks #1 in CNBC’s 11th annual America’s Top States for Business ranking. Here are just a few reasons why:

  • Its economy grew 3.7% in 2016, (2 1/2 times the national rate)
  • It is home to the nation’s largest concentration of STEM (science, technology, engineering, and math) workers
  • Only California ranked above Washington in the number of patents filed last year
  • Its economy is both new and old: Amazon and Costco, Boeing and Expedia

For the past 11 years, CNBC has been scoring states to see how they rank in competitiveness. In its study, they score all 50 states on more than 60 measures of competitiveness developed with input from a broad and diverse array of business and policy experts, official government sources, the CNBC Global CFO Council, YPO and the states themselves.


CNBC’s 2017 ranking of top states for business

State

Overall

Workforce

Infra-structure

Cost of Doing Business

Economy

Quality of Life

Tech and Innovation

Education

Business Friendly

Access to Capital

Cost of Living

Washington

1

5

32

32

3

5

3

19

31

8

37

Georgia

2

3

4

26

1

28

23

33

19

9

14

Minnesota

3

16

10

36

6

3

5

2

33

16

31

Texas

4

1

1

15

25

37

11

34

24

3

9

North Carolina

5

7

20

9

15

28

6

32

8

9

19

Colorado

6

4

28

38

13

14

7

12

8

12

32

Virginia

7

2

25

35

20

17

16

13

7

13

28

Utah

8

18

9

24

4

20

18

34

16

18

17

Tennessee

9

19

2

6

5

42

30

37

4

23

7

Massachusetts

10

6

41

45

14

10

1

1

20

7

47

Michigan

11

13

19

24

9

33

9

23

25

17

3

Florida

12

22

7

30

2

24

28

40

17

4

27

Nebraska

13

20

26

13

27

10

33

5

6

41

13

Indiana

14

35

3

2

10

45

26

29

8

24

2

Iowa

15

42

23

10

21

9

25

9

11

30

15

Ohio

16

31

5

22

17

40

15

15

37

14

18

Oregon

17

30

20

28

10

12

14

27

41

22

39

New Hampshire

18

14

49

39

22

6

21

8

1

32

30

North Dakota

19

12

17

29

40

4

39

13

4

47

26

Idaho

20

33

32

11

8

18

36

44

3

41

6

Wisconsin

21

28

26

22

28

24

17

15

27

25

24

Missouri

22

43

11

17

18

46

22

15

23

20

11

Pennsylvania

23

21

38

34

34

30

10

10

28

5

34

South Dakota

24

39

37

14

22

14

41

25

2

34

34

Maryland

25

11

43

48

7

26

4

25

33

15

44

Arizona

26

7

14

37

19

31

24

49

14

18

25

Wyoming

27

17

14

26

43

16

40

11

13

50

15

California

28

10

22

49

22

21

2

28

50

1

48

South Carolina

29

23

30

16

15

36

35

40

29

28

29

Montana

30

44

30

11

35

8

37

22

26

35

30

Illinois

31

24

24

30

45

27

12

24

47

5

21

New Jersey

32

26

46

45

31

13

18

4

42

9

41

Connecticut

33

7

47

43

41

23

13

3

32

20

45

Kansas

34

33

12

21

46

35

31

18

15

36

8

Kentucky

35

47

6

3

29

41

38

30

44

27

10

Vermont

35

45

29

41

37

2

29

7

30

46

43

Alabama

37

36

18

7

26

50

31

47

33

29

12

New York

38

39

45

47

33

19

8

5

45

2

49

Nevada

39

41

8

18

10

34

50

50

18

26

36

Delaware

40

15

36

40

39

37

18

36

22

38

33

Arkansas

41

37

12

7

32

47

48

38

39

32

4

New Mexico

42

32

16

19

44

42

27

45

45

38

22

Oklahoma

43

38

32

20

42

48

44

43

12

36

5

Louisiana

44

28

39

4

49

49

47

48

40

31

20

Rhode Island

45

27

50

43

29

31

34

20

37

44

42

Maine

46

50

48

32

38

7

41

20

36

40

38

Alaska

47

25

35

42

48

22

41

42

20

49

46

Mississippi

48

46

41

1

47

44

46

46

43

44

1

Hawaii

49

48

40

50

35

1

45

30

47

41

50

West Virginia

50

49

44

4

50

39

49

39

49

47

22

 

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While Bitcoin’s Value Goes Up and Down, Retailers Remain on the Sidelines https://smallbusiness.com/money/bitcoins-value-goes-retailers-remain-sidelines/ https://smallbusiness.com/money/bitcoins-value-goes-retailers-remain-sidelines/#respond Thu, 13 Jul 2017 16:51:56 +0000 https://smallbusiness.com/?p=28333

As we’ve shared many times, getting small businesses to accept bitcoin as a mainstream payment method is going to be an uphill struggle for backers of the cryptocurrency. According to Bloomberg, that acceptance challenge is taking place among big businesses, as well. Despite a recent surge (and then, fall) in the value of bitcoin, the number of major online merchants accepting Bitcoin is still less than one percent. 


“Retailers were already skeptical about letting customers pay with bitcoin before the cryptocurrency’s price underwent an astronomical rally this year,” reported Bloomberg. “That rapid surge hasn’t made retailers any more accepting. In fact, it may have done the opposite.”

0.6% | Percentage of the top 500 online merchants that accept bitcoin

Only 3 of the top 500 online merchants tracked by the e-commerce publication, Internet Retailer, accept bitcoin. Last year, the number was five, according to Morgan Stanley payments analyst James Faucette.

Quote | James Faucette from a Morgan Stanley report (July 11, 2017)

“Bitcoin owners are reluctant to use the cryptocurrency given its rate of appreciation, more evidence that bitcoin is more asset than currency. It is way easier to trade speculatively than convince new merchants to accept the cryptocurrency.”

Bitcoin’s challenge among retailers

The hesitance among retailers may also be linked to bitcoin’s scaling challenges, as transactions become slower and more costly, Faucette added.

Some users of the cryptocurrency no longer see the point in using bitcoin for small purchases given increased transaction fees, Atlantic Financial founder Bruce Fenton said in an interview last month. “There’s a problem with the fees being so high — it does price out certain things,” said Fenton, who is a board member of the Bitcoin Foundation. “There are some micro transaction uses cases — a cup of coffee is the big analogy everybody uses — that are being priced out just because bitcoin is going up so much.”


Bitcoin ≠ Blockchain

As in our previous coverage of bitcoin, we will remind readers that bitcoin is a non-regulated currency (asset) while Blockchain is the software and encryption approach that enables it. Blockchain can be used for other cryptocurrencies. Many companies are springing up that use Blockchain. Our coverage of cryptocurrencies does not imply any endorsement of investments involving cryptocurrencies. We are tracking this issue because small business owners continue to be approached about accepting cryptocurrencies for payments.


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