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General Data Protection Regulation (GDPR): What you need to know to stay compliant

by  on  in Business Information Companies

Who within my company is responsible for compliance?

The GDPR defines several roles that are responsible for ensuring compliance: data controller, data processor, and the data protection officer (DPO).

The data controller defines how personal data is processed and the purposes for which it is processed. The controller is also responsible for making sure that outside contractors comply.

[Related: GDPR requirements raise the global data protection stakes]

Data processors may be the internal groups that maintain and process personal data records or any outsourcing firm that performs all or part of those activities. The GDPR holds processors liable for breaches or non-compliance. It’s possible, then, that both your company and processing partner, such as a cloud provider, will be liable for penalties even if the fault is entirely on the processing partner.

The GDPR requires the controller and the processor to designate a DPO to oversee data security strategy and GDPR compliance. Companies are required to have a DPO if they process or store large amounts of EU citizen data, process or store special personal data, regularly monitor data subjects, or are a public authority. Some public entities such as law enforcement may be exempt from the DPO requirement.

What is GDPR in cybersecurity

Many of the GDPR requirements do not relate directly to cybersecurity, but the processes and system changes needed to comply could affect existing security systems and protocols.

The GDPR might also change the mindset of business and security teams toward data. Most companies see their data and the processes they use to mine it as an asset, but that perception will change, says Lewis. “Given GDPR’s explicit consent and firms needing to be much more granular in their understanding of data and data flows, there’s a whole set of liabilities that now exist with

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‘He gave us our most valuable science’: Industry pays tribute to Daniel Kahneman

by  on  in Advertising & Marketing
Feature

Marketing experts remember psychologist Daniel Kahneman, who pioneered insights into how consumers really make decisions.

It’s hard to overstate just how influential Daniel Kahneman was on the modern advertising industry.

The Israeli-American psychologist, who died on 27 March, pioneered behavioural studies into economics and psychology and did more than any academic to add rigour to what advertising creatives have whispered into marketers’ ears for decades: you need to reach people through their hearts and bypass their rational minds.

After the 2011 launch of Kahneman’s seminal work, Thinking Fast and Slow, then ZenithOptimedia head of insight Richard Shotton (now a prominent marketing consultant and Kahneman adherent), said of Kahneman’s core insight: “The idea of consumers making fully reasoned decisions is finally being debunked. Events like the financial crisis and fresh research have successfully challenged the idea that rationality is at the heart of our choices.”

Core to Kahneman’s argument is that humans have two distinct modes of thought: “system 1” is fast, instinctive and emotional; “system 2” is slower, more deliberative and more logical.

According to renowned effectiveness guru Peter Field, Kahneman’s contribution is nothing short of being “the most valuable science that it has”.

“His death leaves a large Daniel-shaped gap in the scientific mosaic of marketing that will not be filled,” Field told The Media Leader.

For another academic who has led the way in making sense of the “attention” that attends to how people consume marketing messages through media, Professor Karen Nelson-Field refers to Kahneman as “attention royalty”.

The Media Leader asked some of the industry’s leading effectiveness researchers and analysts to tell readers why Kahneman made such an impact on media, advertising and marketing.

Peter Field: He revolutionised market research

“I will mourn the loss of Daniel Kahneman immensely and always remain grateful for

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Cheapest Credit Card Processing Companies of April 2024

by  on  in Business Card Companies
To find the cheapest credit card processing company, you’ll want to consider your business’s industry, sales volume, typical transaction size and whether you process payments in person, online or both. Because credit card processing companies often have different pricing structures, no single provider is the cheapest option for all businesses, but these factors can help you estimate and compare credit card processing fees.

In addition to the processing fees themselves, remember to factor in monthly subscription costs and hardware expenses if you plan on accepting card payments in person. To further narrow down options, you can make a list of extra tools and capabilities your business requires.

Here are some of the cheapest credit card processing companies and why they stand out.

Our picks for cheapest credit card processing companies

Helcim: Best for volume discounts

Why we like it: Helcim is a fantastic choice for small businesses looking for low rates and no monthly subscription fees. Its interchange-plus fee structure is a cost-effective option, especially for businesses with high sales volumes, and its website makes it easy to find pricing information. The company’s volume discounts, which are applied automatically as the amount you process increases, are a nice perk to have as your business grows. Read our full Helcim review.
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Average Credit Card Processing Fees and Costs in 2023

by  on  in Business Card Companies

KEY POINTS

  • FEES ON THE RISE: Credit card companies earned $126.4 billion from processing fees in 2022, with plans to increase fees further.
  • PROCESSING FEE VARIANCE: Credit card processing fees for merchants range from 1.3% to 3.5%, depending on the card and transaction type.
  • CONSUMER IMPACT: Higher merchant fees may lead to increased prices for consumers, amidst ongoing debates over swipe fee regulations.

Key findings are powered by ChatGPT and based solely off the content from this article. They are reviewed by Jack Caporal, our research director. The author and editors take ultimate responsibility for the content.

In 2022, credit card companies in the U.S. earned $126.4 billion from processing fees charged to merchants. The money they made from these fees increased at a faster rate than the actual money spent on purchases — and recent reporting suggests that Visa and Mastercard intend to raise fees further in 2023 and early 2024.

Those numbers add fuel to the already fierce debate between credit card companies and businesses that complain about so-called swipe fees.

Businesses claim that raising interchange fees, which are paid by merchants on each transaction made with a credit or debit card, worsen inflation and pinch consumers because businesses could opt to pass the cost of higher interchange fees onto consumers.

Most merchants need to accept credit card payments, which makes credit card processing fees a cost of doing business. For more on how much those costs can be — and how they vary among credit card companies — we’ve collected all the latest data.

What are the average credit card processing fees for merchants?

The average credit card processing fee, sometimes referred to as a “swipe fee,” is 2.24%, according to the Merchant Payments Coalition.

Credit card processing fees for merchants equal approximately 1.3% to 3.5% of

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Local business woman indicted for financial crimes

by  on  in Business Financial News

A woman arrested from her Little Rock home on Thursday, has been indicted on 8 counts of financial crimes. 31-year old Chandler Wilson Carroll is the CEO and founder of WilCarr Innovations LLC along with two other companies. The government alleges she used PPP loans to buy a house, jewelry and two Ford cars.

Carroll founded WilCarr Innovations in February of 2020. In an interview with Little Rock Soiree magazine, she claimed the company serves “the regulatory needs of medical device and health insurance companies across the U.S.” The company does not appear to have a website, and the secretary of state’s office lists its license as “revoked.” The government indictment lists two other companies she owned: Wilson Carroll Research Services (WCRS), founded in 2017 and Brook Haven Lodge also founded in 2020.

In January of 2020, Carroll took out a Covid EIDL or Economic Injury Disaster Loan for her WCRS company. The indictment said she was lying to get the money. On her 2022 tax form, Carroll claimed WRCS made about half a million for the year with zero employees. On her loan application she claimed it made over $90 million in gross revenue. She was eventually granted $150 thousand in loans. The complaint says she used the money to buy a Ford car and jewelry from Sissy’s Log Cabin.

Later in April 2020, she is alleged to have done the same thing with Paycheck Protection Program (PPP) loans for her WCRS company. These were federal loans designed to help payroll costs during the pandemic, millions were eventually forgiven. Carroll applied for two PPP loans, one for over $188 thousand and another for over $190 thousand. On the loan application she said she had 13 employees. Again, this money was used for another car and jewelry purchases.

In May

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Demandbase Recognized on G2’s Best Marketing & Advertising Products 2024 List and Named #1 in 11 G2 Spring Reports

by  on  in Advertising & Marketing

Company recognized with 42 G2 Leader badges including account-based advertising, account-based orchestration platforms, account data management, and more

SAN FRANCISCO, March 29, 2024 /PRNewswire/ — Demandbase, the leader in AI-driven account-based go-to-market (GTM), today announced that it has not only been recognized as a leader in numerous G2 Spring Reports, it has also achieved a highly coveted placement on G2’s Best Marketing & Digital Advertising Software Products 2024 list. The G2 annual Best Software lists are awarded to less than 1% of vendors listed on G2 and rank the world’s best software companies and products based on authentic, timely reviews from real users.

“Being recognized is always an honor, but it’s especially rewarding when the recognition comes directly from our customers,” said Kelly Hopping, chief marketing officer at Demandbase. “We don’t take these reports and lists lightly. We’ll continue to innovate and provide the best possible support to help our sales and marketing customers succeed and reach their revenue goals.”

In the G2 Spring Reports, Demandbase took the top spot in 11 reports and received 60 badges overall. The main categories the company was recognized for include account-based advertising, account-based analytics, account-based orchestration platforms, account-based web & content experiences, account data management, attribution, buyer intent data providers, demand-side platform (DSP), marketing account intelligence, and sales intelligence.

“B2B software buyers, just like consumers, start their purchasing journey with research,” said Sara Rossio, chief product officer at G2. “As the world’s largest software marketplace, G2 attracts more than 90 million buyers to our site each year — more than any other B2B marketplace — reaching those from companies of all sizes, in all industries. Based on their authentic feedback, we’re proud to announce the 2024 Best Software Award winners. Congratulations to the less than 1% of vendors

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How to Decide if an MBA Is Worth it | Applying to Graduate School

by  on  in Best Business Newspaper

Key Takeaways

  • Earning an MBA is always a significant time investment.
  • Consider career goals and costs before enrolling in an MBA program.
  • An MBA may lead to salary, promotion or job market benefits.

An MBA is a game changer for many professionals – a way to build specialized skills, make salary gains and valuable professional connections, or even change careers.

But it’s not the right fit for everyone. Before committing to graduate business school to pursue a master of business administration degree, it’s important to consider the time commitment, costs, potential return on investment and your personal career goals, experts say.

“You don’t do it because you don’t have anything else to do,” says Sue Oldham, associate dean of MBA operations at Vanderbilt University’s Owen Graduate School of Management in Tennessee. “You are doing it because you really want this career pivot and you want to be doing something different.”

What to Consider Before Applying to an MBA Program

Time Commitment

A full-time MBA program typically takes two years, although accelerated full-time programs can take a single year. Executive and part-time MBA programs, designed for professionals who are attending school while working a full-time job, vary in length depending on how many credits a student takes each semester. Online and hybrid programs are also options, but every pathway to an MBA is a significant time investment.

Students should consider whether it’s the right “season of life” to commit to an MBA program, Oldham says.

“Are you at a place in your life where you can step out of the workforce for two years (for a full-time MBA) and invest in yourself like that?” she says. “I think that’s why part-time MBA programs are a much better option for people that are like, ‘Listen, I can’t take two years off. I’ve

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Nationwide deems ad ban an ‘opportunity’ as creative revised

by  on  in Advertising & Marketing
A still from the Nationwide refresh
A still from the disputed Nationwide campaign.

Nationwide claims the Advertising Standards Authority’s (ASA) decision to ban a series of its adverts for misleading consumers over its branch closure claims presents an opportunity to strengthen its pledge to keep branches open.

The  TV, radio and press ads featured conversations between staff at the fictional A.N.Y Bank. Fronted by Dominic West and Sunil Patel, the TV ad showed a bank boss discussing branch closures and noting how different his institution is to Nationwide, which is keeping its branches open.

The regulator received 281 complaints, including from rival Santander, questioning whether the ads were misleading because Nationwide had closed several branches and switched to reduced trading hours in others.

Nationwide ads banned for ‘misleading customers’ over branch closures

Following today’s (3 April) ruling from the ASA that the content is indeed misleading, Nationwide will now update its Branch Promise adverts with a refreshed commitment to keep branches open in current locations until at least the start of 2028.

Introduced in 2019, the Branch Promise originally committed not to close branches in existing locations until the start of 2026.

A Nationwide spokesperson told Marketing Week: “We recognise the ASA’s decision and are delighted to have the opportunity to make even clearer our now extended Branch Promise to keep every branch open until the start of 2028.”

“The investment we have made to keep branches open means we now have more than any other brand and are the last one standing in more than 90 communities.”

We recognise the ASA’s decision and are delighted to have the opportunity to make even clearer our now extended Branch Promise.

Nationwide

The campaign, developed by New Commercial Arts, was the cornerstone of Nationwide’s biggest rebrand for nearly 40 years. The project spanned new brand platform ‘A good

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Spring spruce-up: Changes to the Hilton Honors Amex Business Card

by  on  in Business Card Companies

Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more. 

The Hilton suite of cards continues its makeover mania with the latest refresh, this time to The Hilton Honors American Express Business Card. Just like the October 2023 redesigns of both the Hilton Honors American Express Surpass® Card and the Hilton Honors American Express Aspire Card‘s, Hilton’s only small business card is swapping out the low annual fee and adding in new use-it-or-lose-it credits. 

Here’s what’s changed on The Hilton Honors American Express Business Card:

  • The annual fee is now $195, up from $95.
  • The welcome offer is now 175,000 Hilton Honors Bonus Points after you spend $8,000 in purchases within the first six months of card membership (Offer Ends 6/5). The most recent welcome offer was 130,000 points after spending $3,000 in the first three months of opening the card.
  • The rewards rate is still 12X Hilton Honors Bonus Points on eligible Hilton purchases, but other spending has changed to 5X Hilton Honors Bonus Points on other purchases made using the Hilton Honors Business Card on the first $100,000 in purchases each calendar year, and 3X on all other eligible purchases. Terms & Limitations Apply. Previously, non-Hilton purchases earned 6X at U.S. gas stations, on U.S. purchases for shipping, on wireless telephone services purchased directly from U.S. service providers, on flights booked directly with airlines or with Amex Travel, on car rentals booked directly from select car rental companies, and at U.S. restaurants and 3X on all other eligible purchases. 
  • The card now offers up to $240 back each year on eligible Hilton purchases made on the card, with up to $60 in statement credits per quarter. There were no Hilton credits previously.
  • Priority
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Moelis & Company to Announce First Quarter 2024 Financial Results and Host a Conference Call on April 24, 2024

by  on  in Business Financial News

NEW YORK, April 03, 2024–(BUSINESS WIRE)–Moelis & Company (NYSE: MC), a leading global independent investment bank, will release its first quarter 2024 financial results after the market closes on Wednesday, April 24, 2024.

Ken Moelis, Chairman and Chief Executive Officer, and Joe Simon, Chief Financial Officer, will also host a related conference call at 5:00pm ET on the same day (April 24, 2024) to review the financial results. Following the review, there will be a question and answer session.

Investors and analysts may participate in the live conference call by dialing +1 (888) 300 4150 (domestic) or +1 (646) 970 1530 (international) and using access code 8014191. Please dial in 15 minutes before the conference call begins. The conference call will also be accessible as a listen-only audio webcast through the Investor Relations section of the Moelis & Company website at www.moelis.com.

For those unable to listen to the live broadcast, a replay of the call will be available for one month via telephone starting approximately one hour after the live call ends. The replay can be accessed at +1 800 770 2030 (domestic) or +1 609 800 9909 (international); the conference number is 8014191.

About Moelis & Company

Moelis & Company (“Moelis”) is a leading global independent investment bank that provides innovative strategic advice and solutions to a diverse client base, including corporations, governments and financial sponsors. The Firm assists its clients in achieving their strategic goals by offering comprehensive integrated financial advisory services across all major industry sectors. Moelis’s experienced professionals advise clients on their most critical decisions, including mergers and acquisitions, recapitalizations and restructurings, capital markets transactions, and other corporate finance matters. The Firm serves its clients from 23 locations in North and South America, Europe, the Middle East, Asia and Australia. For

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