Apps – SmallBusiness.com https://smallbusiness.com Small business information, insight and resources | SmallBusiness.com Sat, 21 Nov 2020 23:49:18 +0000 en-US hourly 1 https://wordpress.org/?v=6.3.2 Apple Launches Small Business App Store Program https://smallbusiness.com/apps/apple-launches-small-business-app-store-program/ Thu, 19 Nov 2020 21:28:44 +0000 https://smallbusiness.com/?p=41464
An illustration representing the App Store ecosystem.

Engaged in a battle over video game commissions, Apple yesterday announced that on January 1, it will start a new developer program for small businesses. Apple currently charges a 30% commission on paid apps and for sales made within apps running on iOS on iPhones and iPads. The new program will now charge a 15% commission up to $1 million. At the same time, Epic Games, the maker of Fortnite, is taking Apple to the Australian federal court over its practice of taking a share of up to 30% of revenue from apps after it was banned for using direct billing instead.


Apps have taken on new importance as businesses adapt to a virtual world during the pandemic. Many small businesses have grown their digital presence in order to continue to reach their customers and communities, according to Apple.


“Small businesses are the backbone of our global economy and the beating heart of innovation and opportunity in communities around the world. We’re launching this program to help small business owners write the next chapter of creativity and prosperity on the App Store, and to build the kind of quality apps our customers love. The App Store has been an engine of economic growth like none other, creating millions of new jobs and a pathway to entrepreneurship accessible to anyone with a great idea. Our new program carries that progress forward — helping developers fund their small businesses, take risks on new ideas, expand their teams, and continue to make apps that enrich people’s lives”

Tim Cook, CEO
Apple Inc.


The essentials of the program’s participation criteria:

  • Existing developers who made up to $1 million in 2020 for all of their apps, as well as developers new to the App Store, can qualify for the program and the reduced commission. 
  • If a participating developer surpasses the $1 million threshold, the standard commission rate will apply for the remainder of the year.
  • If a developer’s business falls below the $1 million threshold in a future calendar year, they can requalify for the 15 percent commission the year after.

Apple said that developers of all sizes have built successful businesses while benefitting from the App Store’s global reach encompassing users of the

1.5 billion | Apple devices (global)
175 | Countries where devices can be found
40 | Languages
180 | Local payment methods
45 | Accepted currencies

$519 billion | (2019) | App Store ecosystem facilitated in commerce worldwide — with over 85 percent of that total accruing solely to third-party developers and businesses of all sizes.


Images | Apple, Inc.

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Google Maps Adds Some Waze-Inspired Features https://smallbusiness.com/apps/google-maps-adds-some-waze-inspired-features/ Wed, 23 Oct 2019 17:50:12 +0000 https://smallbusiness.com/?p=40438 Road-warrior small business owners and employees (especially, over-the-road truckers) were among the earliest participants in the traffic-data sharing community, Waze.

Unlike other mapping apps that help you find a destination (a “where?” app), Waze is a “why?” app. It provides drivers (but preferably passengers), the ability to learn why they are in a traffic jam.

Waze was acquired by Google in 2013, but some of its most popular community-oriented features had not made it to iPhone’s Google apps — until now. (Android’s Google Maps app received the “why” features earlier.)

Here are features coming to Google Maps that are Waze-inspired.

iPhone Google Maps users will now have the ability to monitor reported up-coming auto crashes, speed traps, and traffic slowdowns — all right from your iOS device.

Google Map iPhone users (see caution, below) will be able to report the following types of incidents

  • Construction
  • Lane closure
  • Disabled vehicles
  • Objects on the roadway

If you see the appearance of an icon representing one of those potential obstructions, you can use it to make alternative driving plans.

“Waze-like” features that have made it to Google Maps’ iOS app.

How it works | To report an incident, tap on the + sign and then on “Add a report.” 


Notes of Caution | Drivers should not interact with mapping apps while operating a moving vehicle. That’s what helpful passengers are for. Please, don’t update driving conditions from behind the wheel. Here are the Waze terms of service with lots of information and warnings about using technology while driving. Also, U.S. law enforcement has been critical of using this type of technology to report checkpoints to identify those under the influence of alcohol or drugs, and other types of police presence, something they say heightens safety risks on the road.

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How to Extend the Battery Life of Your Smartphone | 2018 https://smallbusiness.com/apps/battery-life/ Thu, 19 Jul 2018 18:54:03 +0000 https://smallbusiness.com/?p=32247

Previously, we’ve suggested ways to extend the battery life of your laptop. We’ve also taken looks at extending your smartphone’s battery life and here. But it’s travel time and batteries keep evolving, so here are some tips from TechAdvisor.co.uk  for extending your smart phone’s battery life during the summer of 2018.


Portable power banks | While not a battery life extender, portable power banks (Amazon.com) have dropped in price and size so much, buying one should be the first tactic in your power saving strategy. However, remember to keep them charged.


| Dim the screen

Most phones now include an auto-brightness feature that automatically adjusts the screen’s brightness to the level of ambient light.

| Set your screen timeout to the shortest available time

Look for the phone’s display settings and find “screen timeout.” You don’t need to light up the inside of your pocket for two minutes.

| Turn off Bluetooth

If you aren’t using bluetooth, turn it off.

| Turn off Wi-Fi

If you aren’t using Wi-Fi, turn it off. On an iPhone, swipe up from the bottom of the screen and turn off Wi-Fi from the Control Center.

| Actively manage your location services and GPS

Like Wi-Fi and Bluetooth, the GPS in your phone can use the battery for location services. If you are trying to save power, turning off “location” should be on your to-do list.

 

| Don’t run apps in the background

Geek alert: Some apps don’t use up battery life if left on in the background. Others do. If you can’t remember which do and which don’t, play it safe.

  • In Android, tap the multi-tasking button – usually the right-most of the three icons at the bottom of the screen – and you can swipe away apps to close them.
  • In iOS, double-tap the Home button so the multitasking screen appears, then swipe upwards to close the app.

| Don’t use vibrate
Instead, turn off all notifications and leave the phone in view so you can see when a new call is coming in without annoying the guy sitting next to you at the movie.

| Turn off non-essential notifications

You should do this anyway. Do you really need to be notified every time a friend posts to Instagram?.

| Disable push email

Instead of allowing email to be pushed to your phone constantly, set it to check mail every 15 or 30 minutes.

| Enable power-saving modes

Some phones have ultra power saving modes. These turn everything off except those necessary for making phone calls and sending text messages (even turning the screen to black and white) and can add anything up to 24 hours of emergency use, even if your battery is down to 15 or 20 percent.


For a more detailed version | TechAdvisor.co.uk

Also on SmallBusiness.com

How to Extend The Charge of Your Smartphone’s Battery | 2016

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How to Bookmark a Tweet (Privately) | 2018 https://smallbusiness.com/apps/tweet-bookmarks-how-to/ Mon, 16 Apr 2018 18:37:57 +0000 https://smallbusiness.com/?p=31447

Recently, Twitter added a new “share” icon that provides more options to, well, share — and, finally, to save — tweets. Actually, the book-marketing feature is the only thing that’s actually new, but an interface tweak related to the bookmark feature makes some previous features seem more intuitive to use.


Note: Bookmarks are available for Twitter for iOS and Android, Twitter Lite and mobile.twitter.com. (In other words, not on a desktop.)


How Twitter Bookmarks work

A desire to save content for later reading is something people have asked for a long time, according to product manager Jesar Shah. Because so much news circulates on Twitter, often including links to longer articles, you don’t have time to read in the moment., she said. “Twitter users sometimes found it uncomfortable to use the Favorite button for saving tweets because of the nature of the tweet’s content.”

Twitter users have previously come up with private workarounds to bookmark tweets, like:

  • DM’ing tweets to yourself
  • Saving them in Notepad or similar apps
  • Emailing them to yourself
  • Opening them in a new tab

A better (and private) way to save a tweet: Bookmarks

To use the new feature, click on a new “share” icon that’s found to the right of the heart icon (the “favorite” button.” share the tweet in a variety of ways – including by bookmarking it, DM’ing it, or via other methods – as had been previously available through the top-right drop-down menu.

  • When you want to view your saved tweets, tap Bookmarks from your profile icon menu.
  • To remove a saved bookmark, tap the share icon from the Tweet within your bookmark timeline and select Remove Tweet from bookmarks.

Click the GIF to watch how it works


Images: iStock, Twitter

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An RSS App is the Best Way to Keep Up With The News You Need or Want | 2020 https://smallbusiness.com/tech/rss-news-apps-small-business/ Tue, 24 Oct 2017 14:37:28 +0000 https://smallbusiness.com/?p=29561

If you were ever a user of the now defunct Google Reader, you may believe that the end of Google Reader meant the end of RSS  (Really Simple Syndication). However, that would be like believing electricity dies when you turn off the lights. Google Reader may be gone, but each day and night, tens of millions of articles, blog posts, podcasts, photos, etc., still flow into RSS reader apps and podcast players. Even better, the newsreaders available in 2017 are greatly improved over what Google Reader was for catching and organizing content flowing through the internet via RSS.


It was via an RSS feed from Gizmodo that I was reminded how dependent I am on RSS to keep up with the various types of news and information important to my work (and play). I agree with Gizmodo: “RSS is far better for following the flow of news than any alternative source, including and especially social media…It is faster, more efficient, and you won’t have to worry as much about accidentally leaking your news reading habits to all your Facebook friends.”

What is RSS?

I’ve been trying to answer this question for almost two decades. For some reason, the initials RSS scare off many small business owners and others who would greatly benefit from using an RSS reader app. So let’s forget the technical explanation. Just think this: Every time a blogger, podcaster (or online publisher of nearly anything digital) clicks the “publish” button, the content is sent out to anyone who has subscribed to an RSS feed of that sender. The “syndication” metaphor refers to the kind of syndication the Associated Press (AP) or Reuters provide when they constantly send articles and photos to their subscribers. Like the rest of the web, most of the content distributed via RSS is free to the users, but not all. For example, most media companies that have a paywall on the web will also have a “truncated” RSS feed, meaning you’ll only see the introduction of a story and must click through to the story itself — and log-in with your subscription.

How do you subscribe to a news feed?

The easiest way (if it works and you are wanting to subscribe to SmallBusiness.com, say,) is to type this URL into your newsreader app (which we’ll get to in a moment): SmallBusiness.com/feed. Or, you just click on the word “subscribe” at the top of any page on SmallBusiness.com.

Another way is to look for the RSS icon somewhere on any page of a website:

  • Right-click on the RSS icon
  • Select Copy Link Location to copy the URL of the feed
  • Go to your RSS Feed Reader
  • Paste the URL into your Feed reader

Just what you want, when you want it

One reason RSS is so helpful is that it catches everything a site publishes—not just the trending or curated articles or the tweets an editor decides to promote. RSS also gives the user control of what’s not in their news feed — it’s not based on an algorithm or machine learning or artificial intelligence (although some, like Newsblur, make suggestions for feeds you may want to follow, based on analyzing user data).



“There’s no rush with RSS, you don’t miss out on a day’s worth of news–It’s all waiting for you when you get back.”

“It’s like putting a recording schedule in place for the shows you know you definitely want to catch rather than flicking through the channels hoping you land on something interesting. There’s no rush with RSS, you don’t miss out on a day’s worth of news–It’s all waiting for you when you get back. And if you’re on holiday and the unread article count starts to get scarily high, just hit the mark all as read button and you’re back to a clean slate.”

–Gizmodo

 


Feedly screen-shot

A roundup of RSS reader apps

If you once used an RSS reader app and have stopped, it’s time to go back. Check out how they’ve changed. Check out how some are more specialized than others. Check out how new features provide a wide array of options for how you view and organize content.

Or if a RSS reader has never been a part of your digital toolset, get ready to save hours each week.

This list includes the cost of premium versions, however, almost all of the reader apps have free trial versions. (For a longer, more detailed list, visit Zapier.com.)

Feedly (web, iOS, Chrome)

Best for: Building a personalized newsfeed

Feedly is the pick of SmallBusiness.com. Its seamless integration with Evernote makes it a great way to grab and organize articles and push them to a folder for later use. It integrates with most social media apps, so sharing interesting things you find is simple.

Price: Free; from $7/month Pro plan for unlimited feeds, search and filtering, third-party integrations, and more. (We pay for the pro version because it’s worth it.)

Panda (Web, iOS, Chrome)

Best for: A custom reading layout

Panda lets you read RSS feeds in several ways: via a three column layout or tap the layout switcher button, and you can add multiple columns to view all of your favorite sites’ stories at once. You can even switch to the different layouts with keyboard shortcuts to jump from a dashboard with all of your feeds to a clean reading view. You can bookmark articles to read later or switch to a night mode to make it easier on your eyes when reading in the dark.

Price: Free; $4.99/month for no ads, unlimited feeds, and integrations

Feedbin (Web)

Best for: Advanced search

According to Zapier, Feedbin‘s killer feature is search. Not only can you search all your content by keyword, but you can also save search criteria. That way, you can set up a dynamic folder that gives you a quick overview of a specific topic. Feedbin even creates a saved search API, in case you want to do something more with the data than just view it in the reader.

Price: $5/month

NewsBlur (Web, iOS, Android)

Best for: Predictive article filtering

NewsBlur’s most interesting feature is its sophisticated filtering, which can automatically highlight or hide stories based on certain criteria. If you spend some time “training” your filters, the system will learn your preferences and try to surface the stories that interest you most. That way, you can subscribe to as many sites as you want, and still only see the content you’re interested in.

Price: Free for subscribing to 64 sites; $24/year premium account for unlimited sites, saved searches, and more; free open-source server version.

Feed Wrangler (Web, iOS)

Best for: Advanced feed organization

Feed Wrangler organizes your blog or podcast feeds into “streams.” Streams can be simple: you can create a stream and assign different subscriptions to it. Or, you can build advanced streams by applying topic-based search criteria to your feed. If you’re overwhelmed by content, Feed Wrangler can clean things up and empty out your reading queue.

Price: $19/year

VIA: Gizmodo | Zapier


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How to Use New Twitter Tools For Muting Trolls https://smallbusiness.com/apps/twitter-troll-control/ Mon, 10 Jul 2017 22:14:56 +0000 https://smallbusiness.com/?p=28304

When internet trolls barge into a person’s Twitter notifications with offensive replies, legitimate users soon stop coming back to Twitter. Today (7.10.2017) the company rolled out new tools to help silence such abusive users. They’ve added new options to mute notifications from the most likely sources: newly registered accounts, people you don’t follow and people who don’t follow you.


Responding to a long term problem Twitter has had with abusive users who jump into tweet threads with taunting, hate speech and threats, the company has finally started taking more active measures to silence such abusers. But as Josh Constine of TechCrunch points out, Twitter’s new features merely “hide the abuse from victims, rather than exterminating the trolls that spew hate speech and threats.”

Advanced filter settings

Still, the new Twitter filters enable you to screen out obvious trolls without having to take more aggressive actions like requiring customers to request permission to access to your tweet feed. And the features are easier to manage than manually blocking accounts.

Here are the types of accounts the new filters will allow you to mute, according to Twitter.

  • Accounts that are new (that you don’t follow).
  • Accounts that don’t follow you (that you don’t follow).
  • Accounts you don’t follow.
  • Accounts with a default profile photo (that you don’t follow).
  • Accounts without a confirmed email address (that you don’t follow).
  • Accounts without a confirmed phone number (that you don’t follow).

How to set the advanced filters using a mobile app (GIF)

To set filters on the web:

  1. Go to your Notifications timeline.
  2. To filter your notifications, click on Settings.
  3. Check the box of your preferred filter(s) to turn on.

To set filters using Twitter for iOS:

  1. Go to your Notifications timeline
  2. Tap on the gear icon
  3. Tap Advanced filters.
  4. Drag the slider next to your preferred filter(s) to turn on.

To set filters using Twitter for Android:

  1. Go to your Notifications timeline
  2. Tap on the gear icon
  3. Tap Advanced filters.
  4. Check the box of your preferred filter(s) to turn on.

istock


VIA: TechCrunch and Twitter Support

 

Also on SmallBusiness.com

How to Hit the Mute Button on Unwanted Tweets, Hashtags and Users

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Three Things We Like About the Evernote iOS App Upgrade | 2007 https://smallbusiness.com/apps/three-things-like-evernote-ios-app-upgrade-2007/ Wed, 18 Jan 2017 18:23:33 +0000 http://smallbusiness.com/?p=25130

Evernote is one of the tools we use to manage SmallBusiness.com. For that reason, we take notice whenever they update their apps or desktop software. Yesterday (January 17, 2017) was a big day for the information organizing platform as they released a major upgrade of their iOS app, Evernote 8.0 for iPhone, iPad and iPod touch.

Here are three things we like about the upgrade


1 | Faster ways to find notes


The home screen has been removed giving the user immediate access to the most recently updated notes. A quick tap of the alarm clock located at the top of any note list brings up all the notes you’ve set up with reminders. To see only those notes associated with particular tags, tap the tag button located at the top of any note list and select the tags you want to filter for.

2 | Faster ways to take notes


The “+” button is used to let Evernote know you want to take a note. Long press the same button and slide your finger to record audio, capture images (such as business cards, whiteboards, and receipts), and set up notifications to remind you to take action on a particular note. (See animated gif above.)

3 | More color

Evernote 8.0 provides more ways to style your text. Use different colors and sizes to create headers and subheaders, call attention to key points, or make it easier to recall information.


8.0 video via Evernote


 

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Apple App Editors Choose Their Favorite Business Apps of 2016 https://smallbusiness.com/apps/top-apps-for-work-2016/ Mon, 12 Dec 2016 08:00:10 +0000 http://smallbusiness.com/?p=24583

Apple editors who review mobile apps for iPhones and iPads have announced their top-ten work-related apps for 2016. While most of their selections are free to download, note that many require you to pay for certain “pro” features or are extensions of cloud-based software platforms that require some form of subscription. That said, they are excellent examples of how mobile apps are rapidly providing serious operational features that can fit in your pocket or bag.

Here are the choices of Apple’s editors along with their comments or descriptions.


screen-shot-2016-12-11-at-8-22-33-amPDF Viewer

pspdf

(Apple editors’ comments appear in quotations.) “PDF Viewer impressed us right out of the gate with a streamlined interface packed with powerful features. Organizing, editing, and annotating documents is a snap thanks to toolbars that emphasize just the functions we need. Combined with Apple pencil support, bookmark syncing over iCloud, and other modern capabilities, it’s like having a desktop quality PDF toolkit wherever we go.”

Invoice by Alto

screen-shot-2016-12-11-at-8-45-48-am

“Invoice by Alto makes it easy for freelancers and business owners to live, invoice and accept payments anywhere. If you’re a plumber, electrician, web designer or even a pet store, Invoice by Alto will meet your invoicing needs.”

Force Manager Mobile CRM

screen-shot-2016-12-11-at-8-46-17-am

“Force Manager is a simple, reliable and effective sales CRM with a pipeline that gives you a real-time estimation of your sales opportunities.”

Notebook

screen-shot-2016-12-11-at-8-46-50-am

“Take notes, create checklists, record audio, and capture moments using Notebook. All your notes are instantly synced across your devices and to the cloud.”

Scrivener

screen-shot-2016-12-11-at-8-47-12-am

“Users of the desktop version of Scrivener already know how seamlessly Scribner binds your inspiration, outlines, and writing. The iOS app packs the same rich complexity and syncs flawlessly so you’re never tied to just one device.”

Annotable

screen-shot-2016-12-11-at-8-47-40-am

“The most full-featured all-in-one image annotation tool.”

join.me

screen-shot-2016-12-11-at-8-48-04-am

“The mobile version of the desktop video conferencing platform, join.me includes audio and video conferencing by phone or the internet so you can see and hear anything in real time, on your time. Share documents, presentations or mobile whiteboards instantly with participants on audio and video at the same time.”

Shopify

screen-shot-2016-12-11-at-8-48-32-am

“The mobile app for the popular e-commerce platform allows you to manage orders and products, connect with staff, and track sales.”

Scanbot 6

screen-shot-2016-12-11-at-8-48-52-am

“A robust and intuitive document scanner that can automatically capture pages of text, aligns them perfectly and saves them as PDFs to a wide variety of cloud storage services. With the pro upgrade, you can search and copy text using its optical character recognition (OCR) feature.”

PlanGrid

screen-shot-2016-12-11-at-8-49-20-am

“The number one construction app allows you to reduce repeated trips to the trailer minimize rework, and find answers faster through instant collaboration. You can use it to share construction plans, markups, photos and reports with your entire project team, from desktop or mobile.

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Facebook Launches Workplace, Its Response to Collaborative Platforms Like Slack https://smallbusiness.com/apps/facebook-workplace-launch/ Mon, 10 Oct 2016 19:25:28 +0000 http://smallbusiness.com/?p=23665

In 2014, we wrote that you’d be hearing lots about Facebook for Work in 2015. At that time, we said it sounded like a great platform with a terrible name. Why? “The brand Facebook is perceived by many as a distraction from work, not a tool for work,” we wrote. As described at the time, the Slack-like, Yammer-like product sounded like Facebook with new metaphors that suggest workflow instead of avoiding workflow.


We were wrong about one thing: We’ve heard nothing about Facebook for Work for nearly two years. Until today, that is. It launched today.

We were right about another: Their research must have uncovered what we warned. For whatever reason, they’ve changed the name to Workplace by Facebook and launched it today.


Workplace now works

Workplace is now available to any company or organization that wants to use it. There is a signup page that indicates a “sales team” will work with a company or organization “to understand your needs and help launch Workplace across your organization.”

workplace-by-facebook
Facebook, Plus New Features

Workplace retains Facebook’s basic structure. You’ll  recognize the News Feed and the ability to create and share in Groups or via chat. Other recognizable Facebook features include Live, Reactions, Search and Trending posts.

The new product also includes some new features such as a dashboard with analytics and integrations with single sign-on, in addition to identity providers that allow companies to more easily integrate Workplace with a company’s existing IT setup.

Collaborate with Clients and Other Companies

Workplace also has a new feature not found in Facebook called Multi-Company Groups. These are shared spaces that allow employees from different organizations to work together–
“to extend collaboration beyond one company in a safe and secure way,” says Facebook. (Note: Rolling out later.)

The Workplace Partner Program

For Workplace, Facebook has developed a network of IT consultants called the Workplace Partner Program. This is a network of independent technology and professional service organizations that Facebook has created over the past year.

For more information | Workplace.fb.com or Facebook.com/workplace

02-chat-live

Pricing

Free 3-month trial period

$3 per month per user | Up to 1k monthly active users
$2 per month per user | 1,001 – 10k monthly active users
$1 per month per user | 10,001+ monthly active users

  • Free for Non-Profits and
  • Educational Institutions

Specifications

  • Unlimited file, photo, and video storage
  • Unlimited team and project groups
  • Live video streaming
  • Monitoring tools for IT teams
  • 1:1 support for administrators
  • Secure collaboration between companies
  • Single-sign on (SSO) support
  • Integration with
    • G Suite (formerly Google Docs for Work)
    • Okta
    • OneLogin
    • Ping
    • Windows Azure AD

Photos: @Workplace

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Regulations Issued for U.S. Pre-paid Credit Cards and Related Apps | 2016 https://smallbusiness.com/payments/prepaid-credit-card-regulations/ Thu, 06 Oct 2016 12:27:41 +0000 http://smallbusiness.com/?p=23607

Yesterday (September 5, 2016), the U.S. Consumer Finance Protection Bureau (CFPB) put into motion the process of issuing final rules and regulations related to pre-paid credit cards and new forms of digital payments, including transactional apps like Paypal’s Venmo and Google Wallet. The new rules will generally apply to prepaid accounts starting Oct. 1, 2017, though the requirement for submitting agreements to the (CFPB) takes effect in October 2018.


The use of prepaid cards has exploded over the last decade
Amount consumers put on pre-paid money cards annually

$1 billion | 2003
$65 billion | 2012
$121 billion | 2018 (projection)

In the U.S., the cards and their smartphone app equivalents are facilitating the long-envisioned cashless society. Pre-paid cards are used today for:

  • Person-to-person payment platforms (i.e., Venmo)
  • Payroll cards
  • Student financial aid disbursement cards
  • Tax refund cards
  • Government benefit cards (i.e., unemployment insurance and child support)

Because the role of prepaid credit cards and transaction smartphone apps is rapidly becoming as ubiquitous as other forms of money cards (credit, debit, etc.), the CFPB’s new rules stem from the Electronic Fund Transfer Act. “Our new rule closes loopholes and protects prepaid consumers when they swipe their card, shop online, or scan their smartphone. And it backs up those protections with important new disclosures to let consumers know before they owe.” CFPB director Richard Cordray said.

Industry support

According to Pymnts.com, most of the industry players in pre-paid card products are  supportive of clear rules as a legitimizing force in their industry. According to the CFPB’s report, these protections are derived from Truth in Lending Act and the Credit Card Accountability Responsibility and Disclosure Act (CARD Act) and will in some sense treat prepaid cards much like credit cards.

Industry opposition

Also according to Pymnts.com, the new rules — despite both Google and PayPal’s objections — cover “digital wallets capable of person-to-person transfers and storing funds.” Analysts also suspect that Square Inc.’s Square Cash and Dwolla’s payment tool will also fall under the new rules. (Wallets like Apple Pay — which simply store payment credentials issued by banks — will not fall under the new rule.)

What the new regulations cover

The new rule gives prepaid account consumers  protections under the Electronic Fund Transfer Act, which are similar to those for checking account consumers. They include:

  • Free and easy access to account information: Financial institutions must make certain account information available for free by telephone, online, and in writing upon request, unless they provide periodic statements. Unlike checking account customers, prepaid consumers typically do not receive periodic statements by mail. The rule ensures that consumers have access to their account balances, their transaction history, and the fees they’ve been charged.
  • Error resolution rights: Financial institutions must cooperate with consumers who find unauthorized or fraudulent charges, or other errors, on their accounts to investigate and resolve these incidents in a timely way, and where appropriate, restore missing funds. If the financial institution cannot do so within a certain period of time, it will generally be required to provisionally credit the disputed amount to the consumer while it finishes its investigation.
  • Protections for lost cards and unauthorized transactions: The new rule protects consumers against withdrawals, purchases, or other unauthorized transactions if their prepaid cards are lost or stolen. The rule limits consumers’ liability for unauthorized charges and creates a timely way for them to get their money back. As long as the consumer promptly notifies their financial institution, the consumer’s responsibility for unauthorized charges will be limited to $50.

VIA | Pymnts.com | ConsumerFinance.gov (Final Rule PDF)

 

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