Merchant Innovation

Facebook’s Small Business Hub

Facebook is making a more active play for the small business marketplace as the firm has announced a handful of new programs aimed at that segment, particularly the subset that advertises on Facebook. However, while shunting those extra goodies at companies that advertise, Facebook also maintains that they are a value provider even for firms who don’t buy ads.

And if Facebook’s internal numbers are right, small business owners agree, as the number of active small business pages keeps growing. As of right now, it’s up to 40 million, according to FB – this represents a 10 million company pick-up to the 30 million that were measured last June. And yet, of that 40 million, only 2 million (5 percent) are active advertisers on the platform.

“Creating a presence on Facebook … is a powerful asset in its own right,” said Jonathan Czaja, Facebook’s director of small business for North America, when explaining to TechCrunch why a FB page represents more than just a chance for a firm to push posts on their customers.

For those firms that do advertise, Facebook will be holding more events for small businesses around the country. FB is also adding chat support for advertisers.

“We’ve got hundreds of reps worldwide providing both email and chat support,” Czaja said. “We intend to grow that dramatically in the coming years.”

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LIVE PYMNTS ROUNDTABLE: MODERNIZING & SCALING FOR THE NEW NORMAL

The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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