Did you know that if you don’t make an effort to protect your brand name (which may or may not be your business name) and embark on a domain name strategy, you could lose your rights to trademark it or to enforce it once it’s been trademarked?
Many businesses often overlook this crucial aspect, focusing solely on building their brand’s reputation.
That means you might not be able to prevent others in the future from profiting from your brand or confusing consumers about your brand. This can lead to diluted brand value and potential revenue losses.
Steps to Protect Your Brand and Domain
The first step to protect your brand is to federally trademark it, so you can legally enforce your rights to it. This process involves more than just registration; it requires ongoing vigilance to detect and address any potential infringement.
Trademarking serves as a legal barrier, granting you exclusive rights to operate, promote, and distribute products or services under your brand name.
Another critical step is developing and implementing a domain name strategy. This extends beyond merely owning a website. It’s about securing relevant domain names and variations to prevent misuse and confusion.
Proactively managing your online identity helps in preserving your brand’s integrity and reputation in the digital space.
Additionally, consider acquiring common misspellings of your brand name to redirect traffic to your legitimate site, further protecting against potential cybersquatting.
Understanding Domain Name Strategy
When conducting online business, it’s imperative to have a domain name strategy to safeguard your brand’s virtual footprint effectively.
What is a Domain Name Strategy?
The purpose of a domain name strategy is to proactively protect your brand online by reducing the chance for others to use your brand name in their online activities, specifically in their website URLs. This strategy encompasses not only ‘.com’ domains but also other extensions.
The Importance of Broad Domain Coverage
For example, Nike owns Nike.com. Imagine if another company began selling sportswear at Nikes.com or Nike.biz. The similarities could mislead consumers, leading them to believe they’re engaging with the original brand.
In an era where online scams and counterfeit products are rampant, maintaining brand authenticity is paramount. Only diligent consumers who research thoroughly would discern the difference.
Brands must, therefore, be vigilant in preventing misrepresentation or imitation online.
Enforcing Trademark Rights
Of course, Nike would want those confusing sites taken down, and since Nike is a trademarked name, the Nike Company can enforce its trademark rights and require that the confusing sites be removed from the Web.
This approach is not just about preventing lost sales but also about preserving the trust and authenticity of the brand in the eyes of consumers.
Domain Strategy for Small Businesses
Small businesses should follow a similar path. First, trademark your brand name. Second, implement your domain name strategy. Third, monitor your brand online (and offline), and fourth, enforce your rights to it under U.S. trademark laws.
Simplifying Strategy for Smaller Brands
A domain name strategy can be very complex. While large companies like Nike might own hundreds of domain names, small businesses, which often have limited budgets, should focus on securing key domain variations.
It’s crucial to take at least the basic steps to protect your brand’s online identity and presence. This proactive approach is essential in building and maintaining the integrity and recognition of your brand in the digital marketplace.
How to Develop a Domain Name Strategy
Following are five essential first steps you should take to protect your brand with a small business domain name strategy:
If you do nothing else, be sure to register domains that include your brand name with the most common extensions, including .com, .net, .org, .us., .info, and .biz.
Common Misspellings and Obvious Variations
Register domain names that include your brand name with obvious mistakes or variations using the most common extensions referenced in no. 1 above.
For example, if your jewelry brand is Snowcone, register snowcone.com and snocone.com as well as snocone.net, snocone.biz, and so on.
It’s also important to register domain names that are phonetically equivalent to your brand name.
For example, a company with the brand name WearsLikeNew would register WearsLikeNew.com and WaresLikeNew.com using the common extensions.
This is particularly important for brands that include numbers. A brand like 4TheWin.com should also be registered as ForTheWin.com and FourTheWin.com using the common extensions.
Plural and Singular Variations
If your brand name is singular, register the plural version as a domain name, too. If your brand name is plural, secure the singular domain name as well.
For example, InnovationToProfits.com is also registered as InnovationsToProfit.com. These variations should be secured for each common extension.
The final step in the most basic domain name strategy is registering hyphenated versions of your brand name.
For example, CircleLegal.com should also be registered as Circle-Legal.com. As with the four steps above, do this for each common extension.
Below is a handy comparison table illustrating various domain name variation types and their corresponding examples for clearer understanding:
Variation Type
Example Brand Name
Domain Variation
Common Misspellings
Snowcone
Snocone.com
Phonetic Equivalents
WearsLikeNew
WaresLikeNew.com
Numbers in Brand Name
4TheWin
ForTheWin.com, FourTheWin.com
Plural and Singular Variations
InnovationToProfits
InnovationsToProfit.com
Hyphenated Variations
CircleLegal
Circle-Legal.com
Protect Your Brand and Business
With the introduction of hundreds of new top-level domain extensions this year, including the controversial .sucks domain, and anticipating the introduction of hundreds more in the near future, it’s critical that you develop and implement a domain name strategy to protect your brand and business.
The notion that a similar domain won’t emerge or impact your business is risky. You might not think anyone will ever launch a website using a domain name that is similar to your brand name. Similarly, the assumption that such a site won’t sell products or services similar to yours and that consumers won’t be confused about the authentic site is a gamble.
However, this kind of situation occurs in businesses like yours every day, and I have the client list to prove it.
Don’t put your business and brand at risk. Instead, take the necessary steps to protect your brand today proactively. Trust me, acting now to safeguard your brand is far more cost-effective and efficient than rectifying issues later.
Potential Consequences of Not Protecting Your Brand Name:
Loss of rights to trademark your brand.
Inability to enforce your rights once it’s trademarked.
Risk of others profiting from your brand.
Possibility of consumer confusion about your brand.
If you want to secure your WordPress site from malicious actors and keep your users’ data safe, you must get an SSL certificate and enable HTTPS on your site.
The Internal Revenue Service (IRS) has released the standard mileage rates for 2024, reflecting an adjustment in the reimbursable costs of operating an automobile for different use cases. The new rates show an increase from the previous year, adapting to the evolving economic landscape and vehicle operating costs.
2024 IRS Mileage Reimbursement Rates
The updated rates for 2024 are as follows:
Business Use: The rate has been set at 67 cents per mile, a 1.5-cent increase from the 2023 rate. This rate is applicable for automobiles used for business purposes, including cars, vans, pickups, and panel trucks.
Medical or Moving Purposes: For qualified active-duty members of the Armed Forces, the rate is 21 cents per mile for medical or moving purposes. This reflects a decrease of 1 cent from the 2023 rate.
Charitable Organizations: The rate for miles driven in service of charitable organizations remains unchanged at 14 cents per mile, as this rate is statutorily set and does not typically fluctuate annually.
These rates are applicable to electric and hybrid-electric vehicles, in addition to traditional gasoline and diesel-powered vehicles.
Understanding the Mileage Rate
The standard mileage rate for business use is determined based on an annual study of both fixed and variable costs involved in operating an automobile. The rate for medical and moving purposes primarily considers the variable costs.
Changes in Tax Deductions
Under the Tax Cuts and Jobs Act, certain changes affect taxpayers’ ability to claim deductions related to vehicle use:
Moving Expenses: Deductions for moving expenses are no longer available, except for members of the Armed Forces on active duty who are moving under orders to a permanent change of station.
Options for Taxpayers
Taxpayers retain the choice of either using the standard mileage rates or calculating the actual costs of using their vehicles. However, if opting for the standard mileage rate, it is typically required to choose this method in the first year the car is available for business use. For leased vehicles, if the standard mileage rate is chosen, it must be used for the entire lease period (including renewals).
Using the IRS Mileage Rate 2024
The IRS mileage rate for 2024 is designed to support individuals who use their personal vehicles for work-related activities and bear the associated costs independently.
Self-Employed Individuals: If you’re self-employed, you can claim your business mileage for 2024 when filing taxes with the IRS at the start of the subsequent year. This provision allows you to get reimbursed for the miles driven for business purposes. Learn more about how self-employed individuals can claim mileage from the IRS.
Employed Individuals: The situation is slightly more complex for those in employment. Due to the Tax Cuts and Jobs Act, employees cannot deduct mileage expenses from the IRS, even if their employer does not compensate them for business-related travel. Therefore, the only financial recovery for any business mileage expenses incurred personally would be through your employer.
While employees are generally recommended to adhere to the official IRS mileage rate for 2024, employers are not legally required to follow this rate. They may reimburse at a lower rate or cover actual expenses, provided that you can furnish appropriate receipts as proof.
This update reflects the latest policies and rates set by the IRS for the year 2024, catering to both self-employed and employed individuals who use their vehicles for business purposes.
Official Documentation
The details of these changes, including the maximum automobile cost for calculating allowances under a Fixed and Variable Rate (FAVR) plan and the fair market value for employer-provided automobiles, are outlined in Notice 2024-08 PDF.
These adjustments in mileage rates are a response to the ongoing changes in the economy and the cost of operating vehicles, ensuring that the rates remain fair and reflective of actual expenses incurred by taxpayers.
If you buy something through our links, we may earn money from our affiliate partners. Learn more.
The world of technology is constantly evolving, and mobile payment apps are no exception. With more and more businesses turning to digital payments, small business owners need an effective and secure way to accept payments quickly and easily. In this article, we’ll be looking at the 10 best mobile payment apps for small businesses in 2023. Let’s get started!
What are mobile payment apps?
Mobile payment apps are digital platforms that allow customers to make payments to businesses using their smartphones. These apps provide a secure and convenient way for customers to send money and receive money without having to use cash. Many of these apps also offer additional features like loyalty programs, discounts, and rewards that make them even more attractive to small business owners.
After reading the article, you may find this video by Merchant Maverick useful. In it, they discuss the top credit card processing apps for small businesses. Discover how these apps can provide affordable and convenient solutions for accepting payments on your smartphone or tablet.
How do mobile payment apps work?
Mobile payment apps use your smartphone’s camera or Near Field Communication (NFC) technology to securely and quickly transfer funds. To use a mobile payment app, customers open the app on their phone and choose which payment method they’d like to use. They may need to scan a QR code provided by the business or enter their payment information into the app. Once the transaction is finalized, both parties receive a notification that confirms the payment was successful.
Benefits of Using Mobile Payment Apps in Business
Mobile payment apps offer a convenient, secure, and fast way for businesses of all sizes to accept digital payments. Here are five reasons why you should consider using them in your business:
Increased Payment Security: Mobile payment apps encrypt data and employ other security measures to ensure that personal and financial information is safe when transacting online.
Lower Fees: In comparison to traditional credit card processing fees, most mobile payment apps have lower rates and/or cost significantly less per transaction.
Improved Efficiency: With mobile payment apps, customers can pay faster at an electronic terminal or by simply scanning a QR code with their phone. This helps speed up the entire checkout process and gives customers more control over how they want to pay.
Enhanced Customer Experience: Mobile payment apps enhance customer experience by providing not just a convenient way to pay but also a range of features like loyalty programs, discounts, rewards, and more that customers can take advantage of.
Real-Time Data Analysis: Mobile payment apps give businesses access to real-time insights about where their revenue is coming from and what kind of products are selling well so they can make informed decisions about their operations going forward.
The Best Mobile Payment Apps: Our Methodology
In today’s fast-paced market, the convenience brought by mobile payment apps cannot be overstated. They not only streamline the transaction process for customers but can also significantly impact the operational efficiency and profitability of a small business.
To assist users in selecting the most suitable mobile payment apps for their financial transactions, we’ve considered a range of factors. These criteria are rated on a scale from 10 (most important) to 1 (least important), ensuring that our recommendations cater to security, functionality, and user experience.
Security and Fraud Protection: Importance 10/10
Strong security measures to protect user data and transactions.
Fraud detection and prevention mechanisms.
Compliance with financial industry security standards.
Ease of Use and User Interface: Importance 9/10
Intuitive and user-friendly interface.
Simple setup and registration process.
Clarity in transaction processes and history tracking.
Compatibility and Integration: Importance 8/10
Compatibility with a wide range of devices and operating systems.
Integration with banking systems and other financial apps.
Support for different currencies and international transactions.
Transaction Fees and Limits: Importance 7/10
Transparency in fee structures for transactions.
Reasonable transaction fees and competitive rates.
Limits on transaction amounts and frequency.
Speed and Efficiency of Transactions: Importance 7/10
Quick processing and completion of transactions.
Real-time transfers and immediate notification systems.
Efficiency in handling high volumes of transactions.
Customer Support and Service: Importance 6/10
Availability of responsive and helpful customer support.
Resources like FAQs, tutorials, and community forums.
Assistance with troubleshooting and resolving issues.
Additional Features and Functionality: Importance 5/10
User reviews and feedback on performance and reliability.
Endorsements or certifications from reputable organizations.
By weighing these criteria based on the specific needs and context of your business, you can select a mobile payment app that is not just a tool but a strategic asset for growth and efficiency.
10 Best Mobile Payment Apps
Explore the top 10 business mobile payment apps in a concise comparison table. Scan through the features, platforms, and costs to find the ideal app for your needs before launching into the detailed list below:
#
Mobile Payment App
Platforms
Cost
1
Square
iOS, Android devices, Online, or In Person
2.6% + 10¢ per transaction when a card is present, 2.9% + 30¢ per transaction when it isn’t, and 3.5% + 15¢ per manually keyed-in transaction
2
Venmo
iOS, Android, Online, or In Person
3% when using your credit card to send money, 1.9% + $0.10 to receive payments in your business or charity profile, or for goods and services
3
Google Pay
Android devices that have an NFC (near field communication) chip
Free + usual credit/debit card transaction fees
4
Cash App
Android, iOS, Windows, and Mac
Free to send and receive money and standard bank deposits, 0.5% -1.75% fee for instant deposits to your debit card
5
Apple Pay
iOS, iPadOS, watchOS, or macOS
Free + usual credit/debit card transaction fees
6
Samsung Pay
Compatible Samsung devices
Free + usual credit/debit card transaction fees
7
PayPal
Android, iOS, In Person, or Online
From 1.9% to 3.5% per transaction, plus a fixed fee of between 5 and 49 cents, as well as a bank account instant transfer fee of 1.75% ($25 maximum)
8
Zelle
Mobile banking or Zelle® mobile apps, participating bank and credit union websites
Free
9
Stripe
Android, iOS, In Person, or Online
2.9% + 30¢ per successful transaction
10
Quickbooks GoPayment
Windows, Mac, iOS, and Android
(QuickBooks Payments fees) Range from 2.4% to 3.4% + 25 cents per transaction
The proliferation of smartphones and mobile devices has made it easier than ever to accept payments on the go. Whether you’re looking for an all-in-one app that can cover different payment types or a straightforward way to take contactless payments, there is a mobile payment app to suit your needs. Here are the 10 best mobile payment apps for businesses of all sizes:
1. Square
Square Mobile is a payment company that provides a mobile-first, integrated payments platform. This platform enables customers to accept payments through their mobile devices and the internet with features such as virtual terminals, invoicing, and recurring billing.
Platforms: iOS, Android devices, Online, or In Person
Cost: 2.6% + 10¢ per transaction when a card is present, 2.9% + 30¢ per transaction when it isn’t, and 3.5% + 15¢ per manually keyed in transaction
2. Venmo
Venmo is a payment app owned by PayPal. It’s easy to use and allows users to quickly send and receive money instantly using their phone or computer. Venmo also allows users to easily split bills, making it popular among friends, family, and roommates.
Platforms: iOS, Android, Online, or In Person
Cost: 3% when using your credit card to send people money, 1.9% + $0.10 to receive payments in your business or charity profile, or for goods and services
3. Google Pay
Google Pay is a mobile payment and digital wallet service developed by Google, so it comes with a strong reputation and powerful features. It allows users to make payments in-store, online, and within apps using their credit and debit cards linked to their Google accounts. It also enables users to store loyalty cards, offers, and more for easy access when making purchases.
Platforms: Android devices that have an NFC (near field communication) chip.
Cash App is a mobile payment service owned by Block Inc. It allows users to send money to friends and family, pay bills, and purchase goods online. Cash App also provides users with an optional debit card. These debit cards can be used to withdraw cash from ATMs as well as make purchases in-store and online.
Platforms: Android, iOS, Windows, and Mac
Cost: Free to send and receive money and standard bank deposits, 0.5% -1.75% fee for instant deposits to your debit card
5. Apple Pay
Apple Pay is a mobile payment and digital wallet service created by Apple Inc. It allows users to make payments using their iPhone, iPad, Apple Watch, or Mac. With Apple Pay, users have access to a secure, private way of paying for goods and services securely online with their devices.
Samsung Pay is a mobile payment and digital wallet service created by Samsung Electronics. It allows users to make payments using their compatible Samsung devices. The service supports a wide range of payment methods, including NFC payments at contactless terminals, QR codes, magnetic stripe cards, and select credit card or loyalty programs.
Platforms: Samsung Pay works with Compatible Samsung devices
PayPal is an online payment system that enables users to receive and send money electronically. PayPal is used for online purchases, peer-to-peer (P2P) payments, and in some cases offline retail purchases. It comes with a strong reputation and security features.
Platforms: Android, iOS, In Person, or Online
Cost: From 1.9% to 3.5% per transaction, plus a fixed fee of between 5 and 49 cents, as well as a bank account instant transfer fee of 1.75% ($25 maximum)
8. Zelle
Zelle is a digital payment service that allows users to quickly send money directly to another person or business. It operates through any participating bank or credit union and is available in the US.
Platforms: Mobile banking or Zelle® mobile apps, participating bank and credit union websites
Cost: Free
9. Stripe
Stripe is a payment processing platform that provides an easy-to-use interface to process credit cards, debit cards, and other digital payments with minimal setup. Stripe also offers strong security with fraud protection and supports over 135 different currencies.
Platforms: Android, iOS, In Person, or Online
Cost: 2.9% + 30¢ per successful transaction
10. Quickbooks GoPayment
Quickbooks GoPayment is a payment processing service that integrates seamlessly with QuickBooks accounting software, making it easier for small business owners to track their finances. It’s free to download but requires QuickBooks Payments to process any transactions.
Platforms: Windows, Mac, iOS, and Android
Cost: (QuickBooks Payments fees) Range from 2.4% to 3.4% + 25 cents per transaction
How to Choose the Best Mobile Payment App for Your Business
Choosing the right mobile payment app for your business can be tricky. With so many options, it can be difficult to know which is best suited for your needs. Here are three key factors to consider when selecting a mobile payment app:
Security
Mobile payment security is of utmost importance. Make sure that you select an app that includes encryption and other safety measures to keep customer data safe.
Fees
Compare various apps’ fees and charges before making your choice. Some may have higher per-transaction costs while others may offer better value in exchange for a monthly subscription.
Features
Consider features like loyalty programs, discounts, rewards, and other ways to enhance your customer experience when choosing a mobile payment app for your business.
Are payment apps worth the cost?
Yes, payment apps are worth the cost. They offer convenience, security, and improved efficiency for businesses, allowing them to process payments quickly and with less hassle. On top of this, many payment apps come with additional features that can help to boost customer engagement.
Is Zelle safer than Venmo?
Both Zelle and Venmo have robust security features in place to protect user data. Zelle is connected to banks and credit unions, which means it requires a greater level of authentication before users can transfer money. This makes it slightly more secure than Venmo. Ultimately, both payment apps offer reliable security measures, so choosing one over the other comes down to personal preference.
Can you accept mobile payments without a bank account?
It is possible to accept mobile payments without a linked bank account by using services such as Cash App which offer a free, customizable debit card linked to your balance. Transactions can be made directly with the card, allowing you to quickly and easily access and use profits.
What is the most-used payment app in the United States?
Apple Pay is the most widely used payment app in the United States, with over 43 million people having used it at least one time. It’s an easy and secure way to make payments and transfers on mobile devices.
What is the best mobile payment app for international payments?
PayPal is one of the best mobile payment apps for making international payments. It offers a simple and secure way to send money to over 200 countries and regions, and you can use it for both payments and transfers. It also allows you to pay in many different currencies, making it ideal if you need to make payments overseas.
What is the safest mobile payment app?
When it comes to ensuring the safety of your mobile payments, Zelle stands out as one of the most secure options. With its robust security measures, Zelle provides users with a fast and reliable platform for sending and receiving funds. The app offers a seamless setup process, ensuring convenience for users while also maintaining a high level of protection against fraudulent activities.
Furthermore, Zelle’s commitment to industry-leading fraud protection ensures that all transactions are safeguarded, providing users with peace of mind while conducting their financial transactions. Additionally, Zelle does not impose any additional fees or charges, making it a cost-effective and safe choice for mobile payments.
What is the best mobile payment app for small businesses?
When it comes to determining the best mobile payment app for your business, there are several factors to consider. Here are some key criteria to look for:
Security: The top priority is finding a mobile payment app that offers robust security measures to protect your transactions and sensitive financial information.
Reliability: Choose an app that provides a reliable platform for seamless and efficient fund transfers, ensuring that your business transactions are smooth and uninterrupted.
Low or No Additional Fees: Look for a mobile payment app that offers competitive pricing, with low or no additional fees for transactions, allowing you to maximize your revenue.
Customer Service: Opt for an app that provides excellent customer service and support, ensuring that any concerns or issues you encounter are promptly addressed.
Fraud Protection: Select a mobile payment app that incorporates strong fraud protection mechanisms to safeguard against unauthorized transactions and fraudulent activities.
Ease of Setup and Use: Consider an app that is easy to set up and user-friendly, allowing you and your customers to navigate the platform effortlessly.
By considering these factors and evaluating mobile payment apps based on their performance in these areas, you can identify the best solution that meets your business’s unique needs and requirements.
When it comes to launching a website or web page, you could spend years trying to build the perfect experience. However, you’re probably not able to wait that long. You’ll likely need to get your work out more quickly. That’s where an agile approach to the user experience comes in.
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