Better URL formatting with Custom Post Types and Taxonomies

I'm using Toolset Types and wondering how easy it is to set up the URL's how I want.

I have a custom post type of venues and I have a custom category taxonomy of location.

Currently the urls are coming out like

http://ift.tt/1NA72Ca
http://ift.tt/1NA73WP

But I want the URL's to be structured like

http://ift.tt/1NA73WR
http://ift.tt/1NA72Ce

Where do I need to look to make these changes?

Is this all .htaccess work or can something be done within the permalinks section?

Thanks in advance

via Chebli Mohamed