Are you looking to streamline your payment processes and increase security for your Microsoft Dynamics 365 F&SCM system? Look no further than Red Maple’s revolutionary payment solutions. With Clever Division Customer Portal, Advanced Credit Cards for F&SCM, and Counter Sales for non-traditional retail, Red Maple offers a comprehensive suite of tools to help you seamlessly integrate payment capabilities into your F&SCM system. Say goodbye to the hassle of managing multiple payment systems and hello to a more efficient and secure payment experience. Whether you need to accept credit cards, ACH, or handle multiple transactions, Red Maple has got you covered. Trust in our 20 years of experience as a Microsoft partner and join the 70,000+ users worldwide who have already revolutionized their payment processes with Red Maple’s solutions for Microsoft Dynamics 365 credit cards. Get ready to take your payment capabilities to the next level and schedule a free demo today.

Why Choose Red Maple for Your Dynamics 365 F&SCM Payment Solutions

Choosing Red Maple for your Dynamics 365 F&SCM payment solutions positions your business at the forefront of payment processing technology and security. Unlike other solutions that rely on Software Development Kits (SDKs), Red Maple’s offerings are natively developed using X++, the programming language of Dynamics 365. This ensures a deeper integration with F&SCM, enabling more robust and reliable functionalities directly within your business system. The native approach not only streamlines the implementation and management of payment solutions but also significantly enhances the security and flexibility of your transactions. With Red Maple, you can effortlessly adapt to evolving payment methods and compliance requirements, ensuring your business remains competitive and secure in the dynamic financial landscape. This choice delivers an unmatched level of control and efficiency, making Red Maple the premier choice for businesses seeking to upgrade their Dynamics 365 F&SCM payment processing capabilities without compromising on quality or security.

The Benefits of Integrating Red Maple’s Solutions into Your Business Workflow

Integrating Red Maple’s solutions into your Dynamics 365 F&SCM business workflow brings a host of benefits designed to enhance efficiency. One significant advantage is the automation of payment reauthorizations tailored to various workflows. This includes re-authorization at critical stages such as pick/pack/release to the warehouse, periodic re-authorizations for long back-order scenarios, and re-authorization for the remainder of orders when part of the authorization has already been captured. These automated processes ensure that payment authorizations are always up-to-date, reducing the risk of transaction failures and enhancing customer satisfaction. Additionally, the feature of periodic “Auto pay” of invoices streamlines the payment process for recurring charges, minimizing manual intervention and ensuring timely payments. The auto-authorization at confirmation further simplifies transactions, allowing for a smoother and faster checkout process. Moreover, the flexibility to pre-define your payment capture event offers unparalleled control over when funds are captured, allowing for better cash flow management and alignment with your business’s operational needs. These features collectively contribute to a more flexible payment processing workflow, making Red Maple’s solutions an invaluable asset for your Dynamics 365 F&SCM system.

Advanced Credit Cards for Enhanced Security and Flexibility

Red Maple’s Advanced Credit Cards for F&SCM offers a cutting-edge solution that not only streamlines your credit card processing needs but also bolsters security and provides unprecedented flexibility. With PCI 4.0 validated solutions, you are equipped with the highest standard of security, ensuring that your transactions are secure and compliant. Additionally, the system simplifies financial management by consolidating multiple transactions into a single AR journal or deposit, enhancing the efficiency of your financial operations. Moreover, detailed logging of each transaction is available to help you quickly investigate and resolve any issues, offering you peace of mind and saving valuable time.

Elevating Payment Processing with Clever Division Customer & CSR Portal

The Clever Division Customer and CSR Portal is Red Maple’s innovative solution designed to elevate the payment processing experience for both businesses and their clients. By providing 24/7 access through a seamless integration with Microsoft Dynamics F&SCM and/or CE, this portal transforms how payments, including credit cards and ACH, are managed and processed. Customers gain the ability to effortlessly check and pay their recurring invoices, manage multiple transactions, add various payment methods, and track their billing history, all through an easy-to-use dashboard. This level of accessibility and convenience not only enhances the customer experience but also significantly reduces the workload on customer support teams. For CSRs, the internal portal offers a streamlined interface to view customer activities, process payments, and manage inquiries efficiently, further improving operational efficiency. The dual functionality of the Clever Division Customer and CSR Portal ensures that both end-users and businesses benefit from a simplified, secure, and efficient payment process, marking a significant leap forward in financial transaction management.

Streamlining Retail with Counter Sales for Dynamics F&SCM

Red Maple’s Counter Sales solution transforms the way non-traditional retail businesses manage point-of-sale (POS) transactions within the Microsoft Dynamics 365 F&SCM environment. By integrating directly with your existing F&SCM sales order tools, this unique solution enables you to accept payments effortlessly through a payment terminal, streamlining the checkout process for both your staff and customers. Counter Sales stands out by offering the simplicity and security of face-to-face transactions, crucial for businesses that prioritize direct customer interaction and want to mitigate the risks associated with more complex retail POS systems. This approach not only enhances control over the payment process but also improves the overall transaction efficiency, allowing businesses to focus more on customer service rather than managing payment complexities. Ideal for enterprises looking for a straightforward, reliable POS solution, Counter Sales by Red Maple delivers an unparalleled combination of ease, security, and functionality, catering specifically to the needs of non-traditional retail sectors within the Dynamics 365 F&SCM ecosystem.

How to Get Started with Red Maple’s Payment Solutions

Initiating your upgrade with Red Maple involves a simple, beneficial step: scheduling a complimentary demo. This opportunity showcases how our payment solutions, designed for Microsoft Dynamics 365 F&SCM, can meet your unique needs. Following the demo, we tailor an implementation plan for you and provide full support to ensure a seamless transition. With Red Maple, you secure both advanced payment processing and a team dedicated to your financial success. Contact us to start your journey.

About Red Maple

Red MapleTM has specialized in expanding the capabilities of Microsoft Dynamics 365 since 2003. Globally deployed by 500+ companies, Red Maple’s solutions offer native extensions and additions for F&SCM and Business Central (BC) users. Additions such as card present, card not present, ACH, Level II/III processing, surcharging, PCI 4.0 validated, and omnitoken capabilities are a few of the robust features.

FAQs

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The recent Visa Mastercard anti-trust settlement has sent shockwaves through the credit card industry, with potential major implications for both merchants and consumers. This landmark settlement, which ended a 13-year legal battle, will have an impact on the way credit card companies operate and how merchants process payments. As businesses and consumers alike rely heavily on credit cards for transactions, it’s important to understand the changes that this settlement will bring and how it will impact credit card processing for both parties involved. In this blog post, we will explore the effects of the anti-trust settlement on secure credit card processors and how it will ultimately affect consumers.

Understanding the Visa Mastercard Anti-Trust Settlement

Visa and Mastercard reached a settlement agreement with U.S. merchants, promising to lower the processing fees charged for credit card transactions. This groundbreaking agreement, which emerged from lengthy litigation, introduces the possibility of surcharges on transactions made with premium credit cards, a move that could potentially reshape the landscape of credit card rewards programs. However, it’s important to note that the settlement is pending court approval and wouldn’t be implemented until late 2024 or 2025. Premium credit cards, such as the Chase Sapphire Reserve, are known for their high annual fees, offering a range of benefits and rewards to cardholders. For merchants, however, these cards come at a cost, incurring swipe fees that range between 2-4% of the transaction amount—significantly higher than standard cards. With the approval of this settlement, merchants might be empowered to pass these costs onto consumers by imposing additional charges for purchases made with premium Visa and Mastercard credit cards. This shift represents a pivotal change, potentially affecting the way consumers choose and use their credit cards for purchases.

The Immediate Effects on Secure Credit Card Processors

The Mastercard-Visa class action settlement is poised to have significant effects on secure credit card processors. Per Mastercard.com, “All rules practice changes will occur after approval of the settlement, most likely in late 2024 or early 2025.” This timeline indicates that credit card processors will need to adapt their systems and policies to comply with new regulations, potentially requiring updates in technology and security protocols. The settlement aims to address antitrust concerns, which could lead to increased competition and innovation within the industry. Greg Cohen, CEO of Fortis, envisions a future where businesses may adopt steering strategies similar to how Target incentivizes consumers to use their Red Card: “Overtime, I see a world where businesses attempt to do what Target did with their Red Card. They encourage their shoppers (in no way mandating it) to use their preferred tender (the Red Card) by offering discounts or surcharges to deter based upon incentives from networks or issuers.” Such changes could reshape consumer behavior and payment methods, emphasizing the importance of secure and efficient credit card processing solutions.

What It Means for Consumers: Pricing and Payment Options

The Visa class action settlement has considerable implications for consumers, particularly regarding potential surcharges for consumers using premium credit cards. When asked about this possibility, Greg Buzek, President/Chief AI Officer of IHL Group, stated, “I don’t think so, merchants’ highest income/most profitable customers use rewards cards. Merchants will not want to risk pushing them away from doing business with them. I, for example, have two credit cards I carry. Both are rewards cards. If the merchant I shopped at said you will need to use another payment type, I would walk away (and not come back) because those are the only two cards I have.” Buzek’s perspective underscores the importance of rewards cards to high-income consumers, who are a valuable demographic for retailers. He further highlighted Wal-Mart’s CEO’s observation that “higher-income customers are increasingly migrating to the retail giant’s stores in search of value as inflation persists.” This trend suggests that retailers like Wal-Mart are unlikely to implement policies that would alienate their affluent customers, such as restricting the use of reward cards, as it could jeopardize their relationship with this lucrative customer base.

The Future of Credit Card Transactions: Trends to Watch

The Mastercard/Visa settlement will likely influence future trends in the credit card industry, prompting both immediate and long-term changes. A critical question arises: Do you think businesses will negotiate with card brands annually on where they will route their payment card traffic? Greg Cohen replied believes, “I believe the largest businesses will negotiate and route transactions based on incentives – like they do today. These new rules allow them to just test new ways of steering transactions more blatantly at the point of sale using surcharges and discounts.” This suggests that businesses will continue to seek the most advantageous terms from card brands, leveraging surcharges and discounts to influence consumer behavior more directly. Another pertinent question is whether premium credit card issuers will reduce benefits to keep fees lower and avoid surcharging impacts. Cohen responds, “I don’t see this happening. High-end consumers love their rewards cards, and the card issuers do everything they can to attract these consumers. They also have non-premium cards if a consumer so chooses to step down on their own. But as I mentioned above – I don’t see multiple layers of surcharging at this precise of a level as this will create consumer confusion. Frictionless checkout is still paramount.” This indicates that premium card issuers are unlikely to diminish benefits, as rewards programs are a significant draw for high-end consumers. Instead, they may focus on maintaining a smooth and appealing checkout experience to retain their customer base.

Navigating the Changes: Advice for Stakeholders

As stakeholders navigate the evolving landscape of credit card processing, it’s crucial to stay informed and proactive. Merchants should consider consulting with payment processing experts to understand the specifics of the settlement and how it impacts their business model. Updating payment systems to accommodate potential surcharges and ensuring transparency with customers will be key. For secure credit card processors, investing in technology that allows flexibility in handling surcharges and discounts could set them apart in the market. Consumers, on the other hand, should stay vigilant about any changes to fee structures associated with their preferred payment methods and explore alternative options to maximize rewards without incurring additional costs. Finally, all parties must engage in open dialogue, fostering a payment ecosystem that benefits both merchants and consumers alike. Adapting to these changes may require effort, but by staying informed and responsive, stakeholders can navigate this new terrain successfully.

FAQs

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Uber, Target, Marriott, T-Mobile, Facebook. The list goes on and on of businesses breached and hacked in the last five years. Those cyberattacks have underscored the urgency for businesses large and small to safeguard their customer data from modern threats. They can do that by quickly implementing the new Payment Card Industry Data Security Standards (PCI DSS) and using Red Maple’s Microsoft Dynamics solutions that are PCI DSS 4.0 ready.

The old standard, v3.2.1, retires on March 31, 2024, making the transition to PCI DSS v4.0 essential for payment data security. Version 4.0 will go into effect on March 31, 2025, according to the PCI Security Standards Council.

With these updates, businesses processing payments should start preparing now. One of the first steps they can take is using software that is PCI 4.0 certified or in the process of being validated. Red Maple, a software company that maximizes Microsoft Dynamics 365 solutions with native extensions and additions, is ahead of the game. Red Maple’s Advanced Credit Cards for BC and F&SCM, along with Clever Division and Clever Division for CE already require multi-factor authentication and are in the process of being certified for other 4.0 standards.

PCI 4.0 allows businesses to tailor their security measures to their specific risks and environments. This means demonstrating control over sensitive data without being forced to follow rigid, pre-defined testing procedures. 4.0 also offers better Targeted Risk Analysis (TRA). Replacing the traditional self-assessment questionnaire (SAQ), the TRA encourages continuous evaluation of potential threats and their impact. This shift puts the onus on proactive risk management rather than static compliance exercises.

This new version also enhances payment data security in several other areas:

• Cloud computing environments – With more companies using cloud services, PCI DSS v4.0 lays out new guidance for securing payment data in cloud environments. This includes directives around proper configuration, encryption, access controls and monitoring of cloud environments.
• Mobile payments – The growth of mobile commerce is addressed with rules to secure mobile apps and limit sensitive data retention on mobile devices. App developers will need to validate compliance.
• Password management – Complex password requirements are now extended to internal company passwords for systems connected to payment processing. Multi-factor authentication for any personnel accessing payment systems is also mandated.
• Remote access security – The new standards will require multi-factor authentication for all remote access to payment systems, including third party access. System configurations must be inventoried, and tight controls put in place.

Cybercrime is an epidemic and cost businesses about $8 trillion last year. We at Red Maple are doing everything we can to limit Cybercrime for our D365 customers. Our products were built from the ground up to protect businesses and customers from theft, fraud and data breaches with two-factor authentication and secure methods to protect information.
– John Pleau, Partner Development Director at Red Maple

Microsoft is also proactively updating Dynamics to meet new compliance requirements. It is improving security
for cloud deployments of Microsoft Dynamics 365 solutions and Power Platform. New controls will enforce data encryption, restricted data access, activity monitoring and other safeguards required for cloud environments.

It’s also putting stronger mobile application security in place for Dynamics 365 apps. Data encryption, tokenization and other controls aimed at protecting payment card data on mobile devices are being implemented.

With measures like those, Microsoft is aiming to make compliance easier for the many merchants relying on Dynamics for payment processing and financial data management. Tight collaboration with partners like Red Maple also helps strengthen adherence to PCI standards.

Here are other steps businesses can take to get ready for the new PCI standards, according to the PCI Security Standards Council:

• Review new requirements and update compliance programs. Familiarize yourself with the updated requirements of PCI DSS v4.0, ensuring a comprehensive understanding of the changes.
• Educate your staff about the updated standards and their role in maintaining compliance. Awareness is key to a secure environment. The PCI Security Standards Council offers comprehensive resources, including guides, webinars, and training programs.
• Assess internal payment systems and security controls for gaps. Conduct a thorough assessment of your current security posture to identify gaps and areas for improvement.
• Evaluate cloud environments and mobile apps for required changes.
• Enhance logging, access controls, and monitoring of remote access. Implement tighter password policies and multi-factor authentication. Integrate security controls that align with the new standard, addressing vulnerabilities and enhancing data protection measures.
• Employee Training. Educate your staff about the updated standards and their role in maintaining compliance. Awareness is key to a secure environment.

As the digital landscape continues to evolve, embracing PCI DSS v4.0 is not just a compliance requirement but a strategic imperative. By staying informed, understanding the new standards, and leveraging tools within the Microsoft space, businesses can fortify their defenses and foster a secure environment for transactions.

FAQs

The post Getting Ready for PCI DSS 4.0: Microsoft D365 users of Finance & Supply Chain Management (Formerly Finance & Operations) and Business Central Steps to Protect Your Business and Customers<br/> <span class="kn-sub-title"><em>How to get ready for the new payment card industry data security standards</em></span> appeared first on Red Maple.

The holiday season is the most important time of the year for retailers, but experts are predicting a big slowdown in spending this year because of interest rates and inflation. Shoppers say they plan to spend 30% less this season, according to the 2023 Holiday Shopping Report. So, many retailers are turning to new artificial intelligence (AI) features to lure in shoppers with customized services and gifts to maximize revenue.

At the same time, Grinch lurks in the shadows – AI powered scams – which threaten to financially ruin retailers, put their customers at risk for identity theft, and tarnish the holiday spirit. The software company Red Maple can help stop the Grinch from stealing Christmas with its innovative, high-security solution called Clever Division. Below, we’ll tell you more about cyber security for businesses with Clever Division, the benefits of using AI in your business and what to watch out for.

AI Trends – Make Them Feel Special
One of the biggest trends in retail is the move toward hyper personalization. Consumers want a shopping experience tailored specifically to their needs and interests. AI makes it possible for retailers to provide that level of personalization at scale. For example, the clothing brand Stitch Fix relies on AI algorithms to select items for each customer’s unique style profile. This results in an 85% keep rate which is much higher than the industry average.

What to watch out for
AI runs on data, requiring retailers to gather more customer information to feed their algorithms. However, studies show that 60% of consumers have privacy concerns about how brands use their data. Retailers using AI could violate privacy laws or suffer backlash if customers feel their personal information is being misused or compromised. Using anonymized data, encryption, access controls and other security best practices is essential. Retailers should also be transparent with customers about what data they collect and how it will be used.

Personal Recommendations
Other retailers are using AI features to provide personalized product recommendations and custom digital experiences. According to Accenture, 91% of consumers are more likely to shop with brands that recognize them, remember their preferences, and provide them with relevant offers and recommendations.

What to watch out for
While AI can provide highly-customized recommendations, it can also unintentionally lead consumers down the wrong path. For example, AI algorithms designed to maximize sales could recommend redundant purchases or items that don’t align with a shopper’s values. Retailers should be careful not to aggressively push recommendations solely aimed at driving more sales. The focus should be on guiding consumers to useful products that improve their lives. Setting limits on repetitive recommendations and capping daily promotion emails can help avoid badgering shoppers.

A Spotify recommendation algorithm continued bombarding a user who had recently lost their child with suggestions for cheerful holiday music. The unaware AI system created a painful experience.

Marketing Campaigns
The flood of data from online and in-store interactions allows retailers to understand a shopper’s behavior better than ever before. With AI, retailers can analyze this data to optimize every aspect of their marketing campaigns. AI features, like machine learning, gives retailers the ability to predict customer churn, identify high-value segments, and estimate response rates for campaigns. This enables more strategic decision making and higher marketing ROI. For example, Starbucks saw a 10% lift in incremental sales from offers powered by AI.

What to watch out for
If not developed responsibly, AI systems can lead to discriminatory and unethical outcomes. Retailers must ensure their AI algorithms are making objective decisions without inherent racial, gender or age biases. This requires rigorous testing and mitigation of unfair results. Left unchecked, AI tools could perpetuate exclusionary practices that prevent equal access and harm underrepresented groups.

Supply Chain
AI is helping retailers smooth out supply chain operations, avoid out-of-stock situations and get the right products to the right place. Walmart’s intelligent inventory management system helps ensure popular holiday gifts are consistently in stock. By predicting demand and automatically reordering hot products, the AI system reduces the likelihood of disappointed customers missing out on must-have items.

Transportation and delivery costs are among the biggest supply chain expenses. AI-based route optimization systems can help retailers minimize delivery times and fuel spend. According to DHL, AI supply chain planning can reduce logistics costs by 10-40%. Amazon’s AI-powered store concept Amazon Go relies on computer vision and sensors to detect what products shoppers pick up or return to shelves. This provides convenience while eliminating checkout lines, without invading privacy by tracking individuals.

What to watch out for
AI systems can make mistakes or demonstrate biases that lead to problems. Retailers should have qualified humans monitoring AI results and conducting regular audits to catch issues early. Ethics boards can also help assess risks in how AI is deployed. While AI can enhance efficiency, human oversight is still critical.

Macy’s personalized promotions resulted in some minority shoppers receiving coupons for lower value than white shoppers due to biased AI algorithms. The company had to apologize and modify its AI to prevent discrimination.

Improved Customer Service
Providing quick, convenient customer service is crucial for retaining shoppers. Many retailers are now deploying AI chatbots and virtual assistants to augment human agents. When powered by natural language processing and machine learning, these bots can understand complex customer questions and provide helpful answers 24/7.

Home Depot’s in-house chatbot can field over 100,000 customer inquiries per week. While AI chatbots may not completely replace human agents, they are becoming an important first line of automated support.

What to watch out for
While AI chatbots can offer 24/7 automated support, they lack human judgment, empathy and problem-solving skills. Over-reliance on bots and robo advisors could result in unsatisfactory experiences during high stress holiday shopping. Retailers should be wary of removing the human touch completely and avoid use cases where AI cannot reasonably mimic human capabilities.

Lowes’ chatbots frustrated some customers by failing to understand complex customer service questions and providing repetitive or irrelevant answers during the busy holiday period. Over-reliance on AI left some problems unresolved.

Fraud Detection
AI algorithms have the ability to detect patterns and anomalies in transaction data, enabling retailers to identify fraudulent activities in real-time. This leads to a more secure shopping environment for customers and helps prevent losses due to fraudulent transactions. The retail store Target uses AI to detect fraud earlier, proactively stopping compromised accounts before customers become victims. This has reduced fraud by 50% protecting consumers during the busy holidays.

What to watch out for
While retailers can use AI to gain an edge over their competitors, cybercriminals are now using it to scam businesses and customers. This means businesses need to stay alert and invest in state-of-the-art security software to protect their data.

Clever Division by Red Maple is the most secure PCI platform on the market today. It prevents major financial loss and business disruption with a simple, fast and secure solution. Businesses don’t collect or store credit card numbers. Clever Division take over that job, safeguarding your customers’ credit card numbers by dividing them, locking them in separate vaults and replacing them with an encrypted token from your processor.  That means if criminals were to use AI to hack into your business, they won’t find anything worth stealing because all of the data has been scrambled and rendered useless.  

AI can offer many rewards for retailers, but they must keep in mind the bad guys are also using AI to try to put them out of business. That’s why we created Clever Division. It’s peace of mind that no matter how good the technology gets to hack into accounts, criminals won’t be able to use any data they find inside.
– Jennifer Robertson, General Manager of Red Maple.

Here are some of the biggest AI scams retailers need to watch out for:

Deepfake Voice Scams
Scammers can now deceive customers and business owners using AI deepfake voice technology. They impersonate a trusted person or create synthetic voices indistinguishable from the real person. In 2019, scammers impersonated the boss of a U.K. energy company with deepfake voice technology to scam it out of $243,000. A bank manager in Hong Kong was fooled by someone using voice-cloning technology into making hefty transfers in early 2020. At least eight seniors in Canada lost a combined $200,000 in 2022 in an apparent voice-cloning scam.

Phishing Attacks
Phishing attacks have become more sophisticated with the help of AI. AI algorithms analyze vast amounts of personal data from multiple sources, allowing scammers to create highly believable phishing emails. These emails can target customers, urging them to divulge sensitive information or make fraudulent purchases. AI-driven phishing attacks increased by 220% from 2019 to 2020, according to the Anti-Phishing Working Group.

Price Manipulation
AI-powered bots can manipulate online prices during the holiday season, preying on the urgency and excitement of shoppers. A consumer may add an item to their cart, only to find the price has suddenly increased. Such tactics lead to a loss of trust and can affect retailers’ credibility.

Inventory Scalping
Limited-stock, high-demand items are often the target of AI-driven bots. These bots buy up the coveted items in bulk and resell them at inflated prices on secondary platforms. This practice not only frustrates consumers but also damages the reputation of retailers. Scammers are also using AI to sell products or services that do not actually exist or perform as advertised. Consumers are lured into making purchases based on the promise of AI capabilities that aren’t delivered.

Fraudulent Returns
AI-driven scams generate false return requests, leading to financial losses and operational disruptions. The National Retail Federation reported that return fraud cost retailers an estimated $43.8 billion in 2020.

AI stands as a disruptive force to revolutionize the retail industry by boosting customer experiences and optimizing operations. However, retailers must be proactive and mitigate the risks associated with criminals exploiting AI. By bolstering security measures, purchasing software like Clever Division and educating consumers, the retail industry can embrace the benefits of AI while safeguarding customers from scams during the holiday season.

FAQS

The post How Retailers can use AI for a Happy Holiday Shopping Season<br/> <span class="kn-sub-title"><em>Red Maple’s Clever Division solution can help thwart cybercriminals also using AI</em></span> appeared first on Red Maple.

Did an AI program or a person write this article? A person. But it could have easily been an advertisement to your ideal customer or a newsletter to your subscribers written by artificial intelligence (AI). The technology is now empowering businesses to target their key audience like never before, with less manpower and money.  Experts say businesses that take advantage of the new technology will be empowered in incredible ways and set themselves apart from the competition.

“The development of AI is as fundamental as the creation of the microprocessor, the personal computer, the Internet, and the mobile phone. It will change the way people work, learn, travel, get healthcare, and communicate with each other. Entire industries will reorient around it. Businesses will distinguish themselves by how well they use it,” wrote Bill Gates, co-founder of Microsoft in a Gates Notes March 21, 2023.

AI is already out there, pervasive in your daily life from blocking spam emails to ranking Google searches to suggesting new movies to watch to getting you to your destination with maps. The dictionary defines it as a field which combines computer science and robust datasets to enable problem-solving. Others say AI is the “capacity of a machine to simulate human intelligence.”

In e-Commerce, the use of AI has transformed the way retailers operate by providing them with valuable insights, automating processes, improving pricing strategies, enhancing customer service, streamlining logistics and supply chain management, detecting fraud, and improving the online shopping experience. Here are other ways AI has changed e-Commerce:

• Personalized product recommendations.

  AI algorithms can analyze data collected from customer interactions, such as purchase history, social media posts, online reviews and browsing behavior to create personalized product recommendations.

  This improves the customer experience and leads to increased sales for the retailer. By suggesting products that are tailored to the individual customer’s interests, behaviors and preferences, retailers can increase customer satisfaction and loyalty.

• Dynamic pricing systems. AI algorithms can analyze competitor pricing, sales data, and market trends to recommend the best price for products. This helps retailers remain competitive and maximize their profits. AI-powered dynamic pricing systems can also adjust prices in real-time based on factors such as demand, seasonality, and customer behavior. This allows retailers to optimize their pricing strategies and ensure that their products remain attractive to customers.
• Chatbots and virtual assistants. AI-powered chatbots and virtual assistants can provide customers with instant support and assistance 24/7. This improves the customer experience by providing quick and efficient solutions to their queries and concerns. Chatbots can also handle a high volume of customer inquiries simultaneously, reducing the workload for customer support teams.
• Detection of fraudulent activities. AI algorithms can analyze transaction data to identify fraudulent activities and flag suspicious transactions for further investigation. This can help retailers to reduce the risk of financial losses and protect their customers’ data. By detecting and preventing fraud, retailers can build trust with their customers and improve their reputation.
• Optimization of delivery times and reduction of transportation costs. AI algorithms can analyze data on shipping routes, weather conditions, and traffic to optimize delivery times and reduce transportation costs. This can help retailers to improve their operational efficiency and enhance their delivery services. By providing faster and more reliable delivery, retailers can increase customer satisfaction and loyalty.
• Improved inventory management and supply chain optimization. AI-powered tools can assist retailers in streamlining their logistics and supply chain management. Retailers can now use AI-powered tools to forecast demand and adjust inventory levels accordingly. This reduces the risk of overstocking or understocking and ensures that products are always available when customers need them. By automating these processes, retailers can also save time and reduce costs.

Retail

Years ago, shopping was a tactile experience. You would physically hold and examine products in stores and browse through catalogs to make purchases. The shopping experience was limited by the size of the store, the selection of products available, and the sales staff’s knowledge of the products. But today, with the rise of artificial intelligence (AI), the retail landscape is vastly different.

In physical stores, AI-powered tools can enhance the customer experience by providing personalized recommendations and more efficient service. Smart mirrors, for example, can use AI to suggest complementary products based on what customers are trying on. Smart shelves can use sensors and AI to track inventory levels and alert staff when products need restocking. Additionally, AI-powered tools can optimize store layout and design, based on customer behavior and preferences.

The use of AI in retail has also transformed the way retailers approach marketing and advertising. AI-powered tools can analyze social media data to identify trends and improve marketing campaigns.

They can also analyze customer data to create targeted marketing campaigns that are more likely to resonate with customers. For example, AI-powered email marketing campaigns can be personalized based on customer behavior and preferences.

However, retails must ensure they’re collecting and processing customer data in a responsible and secure manner, and that they are transparent about how that data is being used. There is also a risk of data breaches and privacy violations if AI is used to collect and analyze personal data without proper safeguards in place.

AI Protecting Business

The software company Red Maple uses AI in several of its solutions to protect businesses and customers from cyberattacks and theft and to help businesses strengthen customer relationships and boost revenue.

Advanced Commissions a Microsoft Dynamics extension, uses algorithms to track contracts and warranties, handle flexible pricing, meet recurring billing needs and utilize flexible revenue recognition. The automated software allows owners to spend more time with customers than on complicated processes.

Other AI-powered tools in Red Maple’s Clever Division software protects businesses from credit card theft, breaches and employee theft.  It safeguards customer credit card information with technology that divides, scrambles and deletes key dating, making it worthless for cybercriminals to steal and use.

“We use algorithms in Clever Division to prevent major financial loss and business disruption from cybercrime,” says Jennifer Robertson, CEO of Red Maple. “It’s a $6 Trillion problem and has impacted nearly 60% of all Americans. It was imperative for us to tackle this problem for retailers and companies with Clever Division.”

Other AI-powered tools have automated certain cybersecurity tasks, such as threat detection and response. AI algorithms can monitor network traffic for suspicious activity and automatically block or quarantine threats as they arise. It can identify and prevent phishing attacks and detect malware. Predictive analytical tools analyze historical data and use machine learning algorithms to predict future cyberattacks. By identifying potential threats before they happen, cybersecurity professionals can take proactive steps to prevent them from occurring.

However, the use of AI to fight crime has some challenges. One of the main concerns is the potential for AI algorithms to be fooled by cybercriminals. Adversarial machine learning is a technique used by cybercriminals to manipulate AI algorithms and evade detection. To combat this, cybersecurity professionals must continually update and improve their AI-powered security systems.

There are also concerns about the impact of AI on jobs and the economy. Some worry that the increased automation of tasks will lead to job losses and a widening income gap. Others worry that the use of AI will only benefit large corporations, leaving smaller businesses and individuals behind.

Despite these concerns, AI has already transformed the way businesses and retailers operate, providing them with valuable insights, automating processes, enhancing customer service, streamlining logistics and supply chain management, and improving the online shopping experience.

The potential benefits of AI are enormous, and as technology continues to advance, businesses and retailers who embrace AI technology can gain a competitive advantage and position themselves for success.

“We should keep in mind that we’re only at the beginning of what AI can accomplish. Whatever limitations it has today will be gone before we know it,” says Gates.

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Retailers are always on the lookout for new and innovative ways to build better customer relationships and foster customer loyalty. With the rise of technology, there are now a plethora of tools and strategies that retailers can use to create a more enjoyable and engaging experience for their customers. In this blog, we’ll explore some of the latest tech trends that retailers can leverage to build better customer relationships and foster customer loyalty.

Digital Platforms

Digital platforms are becoming increasingly popular for retailers who want to engage with their customers.

By leveraging digital platforms, retailers can create personalized experiences for their customers and keep them engaged.

This can include tailored product recommendations, loyalty programs, and other rewards-based programs. This is an effective way to foster customer loyalty and encourage customers to return to the store.

Starbucks is just one company that’s grown a large and loyal fan base with its Starbucks Rewards loyalty program. The company told investors in November of 2022 that in the last quarter alone, its loyalty program grew 16% to 28.7 million active members in the U.S. It’s also trying new technology to win over new customers. It’s testing a Starbucks Odyssey loyalty experience with Web3 that integrates NFTs into its loyalty offerings.  Essentially, loyalty members play a game using an avatar and earn points and NFTs called “stamps” which can be bought and sold on the Odyssey marketplace.

Starbucks says it’s looking for ways to “recognize, surprise and delight” reward members. The founder and CERO of a Web3 agency, Lin Dai, told RetailBrew.com, “Fundamentally, Web3 technology enables community in a really beautiful way and has this very sticky engagement with consumers. Just about every brand would be interested in that.”

AI and Automation

Artificial Intelligence (AI) and automation are becoming indispensable for retailers who want to establish better customer relationships. By leveraging AI and automation, retailers can provide personalized recommendations and offers to their customers. This can help to build loyalty and keep customers engaged. AI and automation can also be utilized to help retailers make data-driven decisions about their customer base.

Social Media

Social media is a powerful tool for retailers to engage with their customers. Retailers can use social media to provide updates on their products and services, answer customer questions, and share customer reviews. This can help to foster customer engagement and loyalty over time.

Analytics

Analytics are essential for retailers who want to understand their customer base. By leveraging analytics, retailers can gain insights into customer behavior, preferences, and purchasing habits. This can help retailers to better understand their customers and create better experiences for them.

Security

Customers love businesses that take security seriously and protect their identification and credit card information.  A study by MAGNA Media Trials and Ketch found 74% of people rank data privacy as one of their top values. The study also found that they value it more than equality, sustainability, or any other ethical issue.

Even more troubling, Venture Beat reports 60% of customers believe businesses routinely “misuse” their data.

Only 21% of consumers say they’re confident their data is only used for proper purposes.

So, consumers don’t just think companies are careless, they believe companies are actively ignoring the promises they make when they collect the data.

That’s why businesses need to use the latest technology to win and keep customer trust.  Red Maple’s Clever Division can help you do that.

Clever Division’s revolutionary security software uses two-factor authentication to collect and confirm credit card numbers without ever writing the entire number to a database.  That means there is nothing for cybercriminals to steal.

That ultimately reduces employee theft, hacks and breaches because all the sensitive information is scrambled, incomplete and useless to criminals. Best of all, Clever Division also lets your clients manage their own invoices 24/7 through a convenient and secure portal.

Mobile Applications

Mobile applications are becoming increasingly popular with retailers. By leveraging mobile applications, retailers can provide updates on their products and services, offer rewards and discounts, and provide personalized recommendations. This can help to create a more enjoyable and engaging experience for customers and build customer loyalty. For example, a mobile app can provide data that’s more individualized, and comprehensive than a desktop because the user is driven to stay loyal with personalized experiences like early access to products, coupons, sales, and invitations to special events.

Voice Commerce

Voice commerce, which is a type of e-commerce that allows customers to make purchases by speaking, is also becoming a popular trend with retailers. While it’s still in the early stages of development, many companies are investing in it because they can provide customers with a more convenient and engaging experience. For example, a customer might say, “I want to buy some new shoes.”  The voice assistant can understand they want to buy shoes and send them to a relevant page on your website.

The technology uses natural language process to interpret the person’s words. It also uses artificial intelligence to learn more about the customer’s preferences and purchase history in order to provide more personalized recommendations. This technology is beneficial for the disabled and people multi-tasking who may be doing something else with their hands. Voice commerce is a promising new technology that experts say “has the potential to revolutionize the way we make purchases.”

Augmented Reality (AR)

Augmented Reality (AR) is another tech trend that retailers are beginning to explore. AR can be used to provide customers with an immersive shopping experience. Through the use of AR, retailers can create interactive shopping experiences that engage customers and enable them to explore products in a more engaging way. This can help to foster customer loyalty and improve customer relations.  AI has greatly transformed how shoppers buy and interact with retailers.  Chatbots are one of the oldest AI automation tools, while virtual personal assistants are helping shoppers with various tasks. AI also makes it easy for businesses to collect data about customers to then recommend products, saving them time. According to Forbes, Lowes uses robots to help customers find items, Walgreens uses AI to track the spread of flu, Sephora’s AI Color IQ scans customers’ faces and provides personalized recommendations for foundation and concealer shades and Taco Bell allows customers to order food using AI with a program called Tacobot.

New technology, already being used by businesses across the world, can help make your customer fall in love with your business this year and create a lifelong relationship.

The post Customer, will you be mine?<br/> <span class="kn-sub-title"><em>Let Tech play Cupid this Valentine’s Day to build better customer relationships and loyalty</em></span> appeared first on Red Maple.

Security experts say 2023 will be the year of the Cloud.

A Gartner report predicts 85% of businesses will adopt a “Cloud-first principal” by 2025, moving away from on-premise data storage and security software.

The report also predicts worldwide spending on public cloud services will grow from $494.7B last year to nearly $600B this year.

The mass exodus from traditional security technology is due to three factors: lower cost, more flexibility, and better security. The pandemic forced businesses to move everything online, which made data more vulnerable to breaches and hacks. So, businesses pivoted to cloud computing for digital transformation and security to protect those working from home. That’s why businesses should learn about the pros and cons of cloud and on-premise security now.

Cloud vs. On-Premise Physical Security

Cloud-based security lets businesses store and process their data on remote servers on the internet. Those third-party data centers must ensure their infrastructure is secure and that their clients’ data and applications are protected.

The cloud-managed service provider will charge a monthly or annual subscription to pay for security measures like prevention, detection and corrective controls. The cloud architecture also manages performance checks, information security and encryption updates, backup recovery and system optimization.

The cost of cloud-based security solutions depends on the subscription. Despite the fee, experts say the long-term return on investment is often higher because server maintenance, software upgrades and purchasing licenses are all built into the cloud fees. Cloud computing allows enterprises to move their workload on the cloud platform where it is most cost-effective.

Studies show in some cases, businesses can save 80% of hard costs by moving from on-premise security to a cloud provider.

Another benefit is that cloud solutions allow remote access for everyone, anywhere they live or work, which lowers administration and personnel costs.

Businesses that use an on-premise system need a dedicated server to maintain their data and security. This requires them purchasing hardware and licenses that will allow them to run software on their local servers. They may have to pay extra for backing up and recovering their data too, whereas backups happen instantly on the cloud. On-premise security also requires physical space, while cloud-base security solutions are more flexible for scaling a business.

But the real headache of on-premise security is the responsibility – and liability – of protecting and securing the personal information of customers.

Clever Division

That’s the very reason the software company Red Maple created Clever Division. The cloud-based software means that you don’t have to worry about hacks, breaches or even employee theft anymore.

Clever Division safeguards customer credit card numbers by dividing up the information, locking it up in different cloud-based vaults, and deleting data. The sensitive information is scrambled, incomplete and therefore, useless to cybercriminals.

The beauty of Clever Division is that customers can place orders online, by phone, email and text. The rest is up to you. Customers can provide you with some of their credit card numbers – or none at all. Instead, the system automatically generates an email, text or phone call to the customer so that they can enter the remaining numbers or their entire credit card information.  That means you never see it. After that, your processor verifies the credit card number and Clever Division delivers a secure token to finalize the sale.

The two-factor authentication means the full credit card is never stored, so the data remains separate and secure. It literally takes the weight off the shoulders of business owners – who no longer have the burden of protecting data from savvy malware and cyberattacks.

This kind of cloud-based security system drastically reduces theft and fraud because it eliminates data network breaches, employee theft, and reduces your PCI footprint. In some cases, you can qualify to use an SAQ-A.

Cloud Security

But not all cloud software systems are as safe as Clever Division.  In a 2022 State of Public Cloud Security Report, many organizations listed cloud security as a top IT priority, but they still weren’t following basic security practices such as maintaining strong passwords.

Most experts agree that on-premise security systems can be more vulnerable than cloud security.  This is because of the human error factor.  Businesses may be slow to detect and respond to attacks while cloud computing uses automated software to mitigate threats as they occur and constantly monitor the system.

In 2023, the answer to better security, less cost and more flexibility for businesses will be found in the cloud. According to the McKinsey Global Report, cloud technology will be the best way to provide maximum security for your data.

The post On Cloud 9 in 2023<br/> <span class="kn-sub-title"><em>Experts say businesses are demanding better security with Cloud-based solutions like Clever Division™</em></span> appeared first on Red Maple.

As 2022 goes down in history as a year of inflation, supply and demand issues, and slow growth, experts predict 2023 will be a year of renewed growth for businesses that stay competitive with omnichannel strategies that include their brick-and-mortar stores plus mobile, social network shopping, sustainability and online shopping sites. Those businesses will also have to invest heavily in cybersecurity, experts say, as some predict there will be a “massive increase” in cybercrime next year.

Cyberattacks

While businesses can thrive in 2023, experts say they will need to make cybersecurity a priority in order to hang onto their proceeds.

In 2022, the average cost of a data breach in the U.S. was nearly $9.5 million, the costliest country in the world. A Forbes study shows that cybercriminals can penetrate 93% of company networks and that many security executives say they’re unprepared for the threats that lie ahead. In 2021, businesses suffered 50% more cyberattacks per week than in 2020. In 2022, malware attacks increased 11%. Attacks are expected to double by 2025, costing companies worldwide $10.5 trillion every year.

One reason for the increase is that businesses are becoming more connected and exposed to multiple devices on the Internet of Things (IoT), but have been spending less money and time on security. In 2023 experts at Thought Lab say the main causes of the attacks will come from “misconfigurations, human error and poor maintenance.”

In addition, criminals are getting more sophisticated with artificial intelligence and new program languages that cybersecurity tools aren’t designed to catch, letting the attacks go undetected.

Since on-site environments aren’t as secure as cloud environments, a McKinsey Global Report says cloud technology in 2023 will become the de facto method for maximum security.

Cybersecurity

Businesses need to mitigate the alarming increase of attacks by getting out of the data-storage business. With software like Clever Division by Red Maple, there’s no need for retailers to hold onto any customer credit card information. Instead, that sensitive data should be moved to the cloud.

Not only does that take away the reason for hackers to target your business, it also assures customers that you’re protecting their private information. Almost every consumer knows about credit card breaches at major retailers like Target, and 93% of them say they’re concerned about their personal credit and debit card information. This means retailers must make securing data a priority. Hackers and ransomware threats can harm your bottom line and ruin your reputation to the point it goes out of business.

“I’d say the biggest benefit Clever Division offers our 70 million users worldwide is peace of mind. They don’t have to worry about cyberattacks, being liable for breaches, or losing their customer data. It’s reassuring to know their data is safe and secure.”
– Jennifer Robertson, CEO of Red Maple.

Clever Division is the most secure PCI platform on the market today. It protects your company and customers from theft, fraud and data breaches.

This is how it works:

1. Customers can place orders online, by phone, email and text.
2. The software then sends the customer a link with two-factor authentication where customers collect and confirm the credit card numbers.
3. Then, the cloud-based security software instantly divides and scrambles the data, locks it up in separate vaults, then sends the business an encrypted token from your processor verifying the sale. It all happens in the blink of an eye.

Clever Division simply stores the information for businesses – taking away any reason hackers would want to breach your system. Better yet, Clever Division fully integrates with more than 15 major credit card processes, so you can keep using the one you already have.

2023 Retail Trends

Once security is in place, businesses can prosper by meeting their customers whoever, wherever and whenever they shop in the New Year.

Omnichannel should be omnipresent.

Even with the reopening of physical stores, 75% of consumers who started shopping online during the pandemic say it’s now part of their lifestyle.

In 2022, global e-commerce grew to $5.7 trillion. Worldwide, experts predict retail e-commerce will reach $8 trillion in 2026.

That means retailers must focus on all of their platforms at once: buildings, online, mobile, and social media.

New data shows 75% of buyers visit multiple channels before actually buying something. For example, a female shopper may see a new dress on her phone through social media, read reviews about it, visit the store website to learn more, search online for a better price, then go to the store to try it on. So, here are ways retailers can create a fluid omnichannel experience.

• Offer flexible, convenient delivery times and options to return products.  With inflation and tight budgets, shoppers will return something if it isn’t exactly right for them. In fact, 67% of all shoppers check return policies before they click ‘buy’, so make sure you have a simple, quick process. The good news is that 92% of consumers say they will buy from a brand frequently if the return process is easy.
• With tighter budgets, 62% of shoppers are now buying pre-owned items. The brands Patagonia, Levi’s and REI focus on re-commerce efforts to meet the desires for people to reduce and re-use products by purchasing or selling secondhand.
• Mobile is a must. Shoppers need to be able to easily shop and pay using their mobile devices. Most customers, especially Generation Z, exclusively use their phones instead of computers, to shop online. 71% of all retail traffic comes from mobile devices, according to Statista, and mobile sales account for 61% of online shopping orders. M-commerce is also growing. By 2024, mobile sales are expected to reach $4.5 trillion and makeup nearly 70% of all retail e-commerce sales.
• Use social commerce to market and sell to customers. Every day, more customers are connecting with their favorite stores – and learning about new ones – first on social media. In 2023, social commerce is expected to generate nearly $31 billion or 20% of global retail e-commerce sales.  Accenture believes social media will “sweep the world” by 2025, growing into a $1.2 trillion wave of change  and reach almost $3 trillion by 2026.  Businesses should focus on creating unique content per each social media audience, including new technology like AR and VR to drive engagement and provide instant access to customer service around the clock. “It’s word of mouth on steroids.” Sandie Hawkins, GM of TikTok in North America said about social commerce.
• In stores, personalize the experience for shoppers by allowing associates to access customer account details. 60% of consumers say they’ll become repeat customers after a personalized shopping experience. Also, make sure store inventories are accurate so that people don’t show up to purchase something that isn’t available. Experts expect BOPIS or buy online and pickup in the store will continue to be popular in 2023.  In fact, BOPIS globally is predicted to be a $703 billion market by 2027.
• Build up good reviews. People want to buy products and services they trust and as many as 80% of shoppers rely on reviews first.
• Make customer service a priority. Live agents or chatbots should be able to track shipments, process refunds and help find stock. Customer service will be critical in 2023 as 87% of consumers say they’ll leave brands that don’t help meet their needs. Since e-commerce and social commerce never close, make sure your agents are available 24/7, 365.
• Seriously consider sustainability and eco-conscious shopping. More than half of shoppers (52%) say they value sustainability more today than before the pandemic. So, consider investing in recyclable packaging materials, giving shoppers options to have all of their items shipped at once, and offering pre-owned items. Also consider aligning your business with nonprofits that improve lives and/or the environment.

As you look into the New Year, remember that customers want to be met whatever channel they’re on, whenever they’re on it. While omnichannel is your best strategy for 2023, also remember to invest in cybersecurity to keep the profits you’ve worked hard to earn.

The post 2023 Trends for Retail: Cybersecurity and Omnichannel Business<br/> <span class="kn-sub-title"><em>To thrive in the New Year, businesses need to meet customers everywhere, 24/7</em></span> appeared first on Red Maple.

The holidays are the biggest time of year for retailers and cybercriminals. From November through January, businesses on average earn about 20% of their annual sales, while cyberattacks like ransomware increase 30%, according to researchers. Last year, cybercrime cost the global economy $6.1 trillion. But this year, merchants will be safer than ever before. That’s because Red Maple’s security software Clever Division now gives merchants the option to not take any credit card information from their customers to make purchases. Not one digit. No data means thieves have nothing to steal, hack or breach.

“More and more merchants don’t want to see or even hear the credit card numbers from customers. It leaves them wide open to criminals who are working round-the-clock to steal information through employee theft, fraud, digital hacks and breaches. That’s why we created these new options for merchants in our Clever Division software,” said Patrick Hodo, Red Maple CTO. “When you don’t take or store someone’s financial information, no one can take it from you.”

Cybercriminals have been taking from plenty. Hackers have breached nearly every major business from Facebook to Walmart to the federal government and stolen trillions of personal records, according to HaveIbeenpwned.com.  (Check to see if your company, email or website has been hacked.)

“The Gold Standard is to take no credit card at all.”
– Patrick Hodo, Red Maple CTO

Clever Division is the most secure product on the market for business-to-business and business-to-consumer transactions. The software is used by small, local businesses to major international corporations including a national consumer chocolatier, a major football team, and a global outdoor clothing company.

The security software allows businesses to take orders online, by phone, email, text and fax. Your customer-service team can securely enter customers’ credit card numbers with two-factor entry using the most secure PCI platform available. In that case, your business would enter the first four digits and the last four digits of the card number, and then the customer would enter the middle four digits after receiving a secure link via text or email.

The revolutionary change is that Clever Division now can also put customers 100% in charge of their own information with two new options:

1. Dial in your card – When businesses take orders over the phone, customers can receive a phone call on their secondary line – while the merchant holds – and type in their own credit card numbers.
2. Click to pay – When merchants take orders, customers can receive a secure link via text or email that shows the invoice and allows them to enter in their own credit card numbers.

The customer information goes into a secure customer portal.  Once the numbers are verified with your processor, Clever Division delivers a secure token to complete the order.  Simultaneously, Clever Division scrambles the data and divides it among separate, secure vaults. The software protects companies from credit card theft because even if hackers were able to breach the system, they would only find incomplete meaningless data.

If businesses don’t accept credit card information, they no longer have to comply with Payment Card Industry (PCI) regulations to ensure the security of credit card transactions.

“The Gold Standard is to take no credit card at all,” said Hodo. “That’s the peace of mind Clever Division offers businesses and their customers.”

Hodo says the dial-in-your-card option adds extra security for salespeople working from home or on their cell phones.

“Salespeople can now be anywhere and still securely accept credit card information on their cell phones which they weren’t able to do before now,” says Hodo. “It also solves the problem of customers giving out their credit card information on business phone systems that record every call. Now, no one will ever hear or track the numbers. Not the salesperson, the business, or the phone recording.”

The secure customer portal also allows recurrent customers to check and pay invoices to accelerate accounts receivable so that businesses get paid more quickly.

Company Contact: Jennifer Robertson, jrobertson@redmaple.com or  830-280-0400

Media Contact: Diane White, Diane@DianeWhitePR.com or  918-770-3905

About Red Maple

Red Maple specializes in developing turnkey solutions that natively expand the capabilities of Dynamics 365 for Operations. Globally deployed by 500+ companies, Red Maple’s solutions support complex business processes for credit cards, commissions, recurring billing, revenue recognition, and more. The company’s Advanced Credit Cards for F&SCM and BC enables businesses to securely accept and process credit card payments using native integration without hidden costs. Using pre-integration with multiple processors and gateways, Red Maple provides an omni-channel experience with processing from native client, Retail (mPOS/ePOS) and integration with numerous e-commerce engines.

The post Red Maple’s NEW Clever Division options set THE GOLD STANDARD for credit card security<br/> <span class="kn-sub-title"><em>Customers click a link to pay and they’re done. Businesses never see the card number. </em></span> appeared first on Red Maple.

Imagine this scenario. You’re working out of town, and someone steals your iPhone. It is several hours before you realize it is missing and once you figure it out, it’s too late.  The thieves have taken over your phone. They change your Apple Id and take over other devices linked to this ID. They empty your accounts linked to various money apps. Apple takes over and freeze everything. This actually happened to someone who owns a small business and runs much of it from his mobile device. It happened quickly while he was sleeping. One thing that could have helped prevent this massive data breach and theft was having two factor authentication on the account.

We have talked about two factor authentication many times before. It is a key step to help protect your private data and information and potentially help prevent a nightmare scenario like the one we described above.

Like nearly everything related to technology and cybersecurity, two factor authentication is constantly changing and evolving. And it has evolved into what is now commonly called MFA – or multi-factor authentication.

Two factor authentication is a method sometimes referred to as two-step verification or dual-factor authentication. It is a security proves and the user provides two different factors to “verify themselves” and is sometimes referred to as two-step verification or dual-factor authentication. The goal is to protect the user and the site or sites the user is accessing.

Typically, you verify identity using two of three factors. The first is something you know such as a passcode. The second option is something you have, such as a key – a secure token or a cell phone are good examples. The third is something you are – such as your fingerprint.

In addition to fingerprints, more companies are using biometric scanners for retinas and faces as well.  But the most common method for extra authentication is typically a numeric string – with several digits sent to a phone such as a code that can only be used one time. The code could be sent via SMS text message or via a special phone app called an “authenticator.  There are several apps affiliated with names such as Microsoft or Google.

Multi-factor authentication is self-explanatory. It takes two-factor authentication a step further and requires multiple methods of verification. Both two-factor and multi-factor are put in place to allow a user to gain access to something that requires security, such as an online application, an account, or a VPN.  Using MFA provides the user with strong identify protection and access management. Using multi-factor authentication will help users and companies decrease the likelihood of a successful cyberattack and protect valuable data and information.

Now more than ever, MFA is a necessary precaution companies should take. Here’s why.

According to Microsoft, there are more than 300 million fraudulent sign-in attempts to their cloud service every single date.

Fraud and cyberattacks are not slowing down. It doesn’t take much to cause a data breach. Just one compromised password can you’re facing a treacherous situation like the one we shared at the beginning.  That is why the new standard is multi-factor authentication. MFA significantly reduces the risk of a breach. Adding in the extra layers of account security makes it more difficult for cybercriminals to break into accounts and steal valuable date.

With an extra layer of account security in place, it becomes much, much harder for cybercriminals to compromise accounts and access corporate data.

Multi-factor authentication secures business accounts by enforcing additional authentication requirements, or factors, on top of the standard username and password. And it works.

Microsoft reports that research shows MFA can prevent 99 percent of attacks that target users’ credentials – the most common being passwords.

There are many options out there that provide MFA for your company. Many will offer a free trial and interactive demos of solutions to help the one that best fits your situation.  Here are some things to review when searching for a multi-factor authentication system.

• Is it user friendly?
  Make sure you find a program that is easy for your users/consumers to use. The best option is an MFA with several options for verifying their identity.
• Does it provide adequate right coverage for your company?
  Most MFA programs can customize according to your company’s needs. Make sure you find a solution that can provide security for all of your users and the different applications. In addition, choose a program that will be easy to use and implement in your workplace environment as well as for your customer/user base.
• Will it integrate easily to other apps?
  Most MFA’s have integration built in to work with popular business applications. This will help both your users as well as allow you to manager your own security network.
• Does it allow for administrative control?
  A good MFA program will provide your admins with more control over your data and applications that it provides admins with far more control over access to corporate data and applications.  Make sure the solution you choose will allow you to have policies at several levels: per-application, user and group level and global level.
• Does it provide good reporting and data analytics?
  One key aspect will be inf your MFA program provides good reporting and analytical stats to help you get a better understanding of your company’s security issues. Make sure the reports are easy to access.
• What is the cost?
  As with anything, cost is also an important factor to consider. While many programs will offer “free” set up for you, but make sure you look at the costs of all the necessary features (such as reporting)

At Red Maple, we offer a software program for retailers that provides an extra layer of security called Clever Division. To find out more, click here.

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We may not be at war with Russia with our soldiers on the ground, but Russia has amplified its cyber warfare against America. In a recent Cybersecurity & Infrastructure Security Agency alert, the government is warning businesses and other organizations to take steps to reduce their risk of getting compromised and having “severe business degradation.”

“We encourage all organizations – regardless of size – to take steps now to improve their cybersecurity and safeguard their critical assets,” said the federal Cybersecurity & Infrastructure Security Agency to USA Today in March.

Since the Russian invasion of Ukraine, Fitch Ratings says cyberattacks on businesses and government agencies in the U.S. have increased by 1,885%. That’s not a typo. Attacks have surged 21% against retailers, 152% against educational institutions and 755% against government and healthcare.

More news broke in late March that election officials in nine states received phishing emails designed to steal credentials. The emails contained links to websites that asked for personal login information. The coordinated attacks would have given bad actors “sustained and undetected access” to the election systems, according to the FBI. The law enforcement agency expects the targets will continue or increase leading up to this November’s midterm elections.

Last year, cybercrime cost the world $6 trillion. Experts believe it will cost $10.5 trillion annually by the year 2022. If you haven’t already, it’s time to prepare for the worst.

“Cybercrime can ruin a company’s reputation, steal its customer and proprietary data and raid them financially with a few keystrokes. With the shocking increase in attacks in the last few months, businesses need to do everything possible to protect themselves, not just mitigate the damage after an attack. We created Red Maple software Clever Division so businesses can start playing offense,” said Patrick Hodo, CTO of Red Maple.

Worthless hacks

Statistics show cyberattacks hit half of all small to medium businesses. Sixty percent of those companies go out of business within six months of a breach. Red Maple’s solution Clever Division helps prevent major financial loss and business disruption by using two-factor authentication to collect and confirm credit card numbers without ever entering the entire number to a single database. That means if hackers break in, they won’t find complete credit card information. Yet the two-factor authentication system is designed to still make it easy for customers to buy goods and services online, by phone, email, and text. Cyberthieves are less likely to target a company’s website and database if they know Clever Division has scrambled, separated, and secured its customers’ valuable credit card information.

Employee theft

Red Maple’s software also prevents internal theft because employees can’t write down or otherwise obtain customers’ full credit card information to use or sell at a later time. That’s important to know because organizations lose up to 5% of their revenue from employee fraud and occupational abuse every year, according to the Association of Certified Fraud Examiners. Even worse, fraud case statistics show 59% of ex-employees admitted to stealing a company’s sensitive information before they left the job. That’s simply not possible to do when businesses use Clever Division software that separates and secures data.

The government is warning that cybercriminals are also using the war in Ukraine to get rich by defrauding the average American, your customers, with more malware, phishing attacks and outright scams. Experts predict scammers will intensify their efforts the longer the crisis continues.

Intelligence Analyst Allan Liska at the Recorded Future told grid news that “Cybercriminals take advantage of whatever situation is out there and whatever situation is in the news.”

Playing offense and defense

With the war and looming elections, businesses and even consumers need to be on high alert at work and home. NST experts offer this advice to help prevent attacks:

• Limit employee access to your data and information.
• Install surge protectors and uninterruptible power supplies.
• Patch operating systems and software regularly.
• Install and activate software and hardware firewalls.
• Encrypt sensitive business information
• Train your employees to guard against security threats.

The U.S. Cybersecurity Advisory recommends organizations take these steps in the event of a cyberattack:

• Containment: Immediately isolate affected systems.
• Secure Backups: Ensure your backup data is offline and secure. If possible, scan your backup data with an antivirus program to ensure it is free of malware.
• Conduct an investigation: Collect and review relevant logs, data and artifacts to analyze the nature and scope of the threat actor activity within the environment.
• Remediation: Consider soliciting support from a specialized cybersecurity firm to ensure that any bad actor is eradicated from the network and avoid residual issues that could result in follow-on exploit attempts.
• Report incidents to applicable regulators and law enforcement.   

Even with constant and increasing cyberattacks from Russia and elsewhere, businesses can protect themselves by putting the right systems in place and working quickly to mitigate the damage.

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You can’t click on any news story today without seeing online businesses around the world getting locked-up by ransomware and financially ruined by cybercriminals. From the Microsoft Server attacks in March to the SolarWinds Corporation breaches last year, strikes against e-commerce are at an all-time high. Online retailers are getting hit harder than any other industry.

Cyberattacks “increased significantly” during the pandemic, according to the Global Security Report. The reason – new and inexperienced retailers were forced to move online because of the pandemic, and their customers followed them.

While retailers make attractive targets for hackers, there are three steps you can take to increase business identity theft protection and to make your online store a harder target for thieves.

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As cybercrime soars during the pandemic, protect your company and your hard-won customer relationships.

Ask anyone, anywhere. Our top concern right now is battling viruses. Not just COVID-19. The pandemic has also created an outbreak of computer viruses – making cybersecurity a top priority for most businesses worldwide in 2021.

Trustwave’s Global Security Report says 24% of all cyberattacks targeted retailers more than any other industry. And all experts agree – if cybercrime threats are not handled quickly and efficiently, retailers will damage their precious relationships with customers.

In one of the scariest statistics out there, CyberCrime Magazine says cybercrime will cost the world $10.5 trillion every year by 2025.

Last year, the pandemic forced most small and medium brick-and-mortar retailers to move online. In fact, the lockdowns in 2020 spurred online retail growth by 35%. The news site Vox calls it “The year shopping changed forever.”

While the pandemic accelerated the way businesses used technology, it also exposed retailers to cybercrime at unprecedented levels. Per the World Economic Forum’s Global Risk Report 2021, cyberattacks are now relentlessly targeting businesses with fake websites, phishing, malicious emails, ransomware, and breaching customer credentials.

Reports of cyberattacks to the FBI’s Internet Crime Complaint Center have quadrupled since the beginning of the pandemic. “Cyber actors exploit vulnerabilities in these systems to steal sensitive information, target individuals and businesses performing financial transactions, and engage in extortion,” said the Federal Bureau of Investigations.

More attacks are coming. That’s because 84% of organizations say they’ll continue to allow remote work even after stay-at-home orders are lifted, and the number of active internet users will continue to increase more than the 59% of the world’s population today.

Cyberattacks have skyrocketed in recent months. Russian hackers targeted the IT infrastructure management software vendor SolarWinds, infecting customers, federal agencies, security companies and other businesses. In March 2021, more than 60,000 businesses and organizations were hacked by a Chinese cyber-espionage unit exploiting flaws in the Microsoft Exchange Server. The hacks gave the attackers total remote control over the affected systems.

Ransomware is the fastest-growing cybercrime in 2021. Data shows companies are hit with ransomware every 40 seconds.

Also, nearly half of all small and medium businesses fell victim to ransomware attacks last year, and about 75% of them had to pay up.

One in five businesses that paid the ransom never got their files back.

Some of the ransomware attacks have been fatal. Last year, hackers disabled the Düsseldorf University Hospital’s computers, so they could not give a patient life-saving treatment.

Businesses must take precautions to prevent and survive the endless waves of cybercrime. If they don’t, experts predict it will get worse. And credit card payment security should be a priority.

Here are your five best weapons against breaches and ransomware

1. Protect yourself and your customers by not storing their data

With the increase of eCommerce, retailers have been processing and storing more customer data online. That’s putting a target on the information for hackers looking to steal customer credentials and sell it on the dark web.

“Don’t store customer personal data like their passwords, dates of birth and credit card numbers. It’s that simple to stop breaches and hacks,” says Jennifer Robertson, CEO of RedMaple.com. “Instead, consider technology like StagedPay (now Clever Division) that makes it virtually impossible to steal data because it’s locked up and stored separately in different vaults. Even if a hacker breached one vault, they still wouldn’t have complete data to commit fraud.”

StagedPay (now Clever Division) allows businesses to take orders on the phone, online or in-person and not worry about cybercriminals.

It’s even more important today to not expose sensitive data when studies show at least 51% of shoppers use the same passwords for work and personal accounts. Even 57% of those who have been scammed in phishing attacks haven’t changed their passwords. When that happens, hackers will breach businesses, steal customer credentials, and buy products with them on other websites (in a process called credential stuffing), multiplying the fraud.

2. Regularly update your software and operating systems

One reason the recent Microsoft Exchange Server attack has been so successful is that hackers exploited four security holds in the system. Once Microsoft discovered the unpatched servers, it issued updates. Those updates are now protecting businesses and organizations worldwide.

Updates not only include software patches, they can also fix and remove other computer bugs and even add new security features. Ultimately, updating your software and operating systems will help keep out hackers.

3. Perform regular backups

Your best weapon against the most prolific cybercrime against retailers – ransomware – is to make regular, reliable backups of your data and computer. Criminals will lockout business owners from being able to use their files. To restore the data, thieves will extort money from the user. Having a good backup on a separate drive can thwart cybercriminals by allowing you to restore your business data at a point in time before your computer was infected.

Make sure you have a copy of your business most critical information. Think about what you’d need to run your operation if your drives were lost or stolen. Experts advise you backup important files at minimum once a week, but preferably once a day. Also remember to test your copied data to make sure it works and fully restores the information.

For your e-Commerce site, select a web hosting service that provides automatic and verified backups so that you can restore your site if it’s attacked and find a secure online payment gateway.

4. Install a firewall

Firewalls will protect your business from cyberthreats by acting as a barrier between your internal business network and the internet. The firewall blocks external users from accessing your private business accounts.

Potent firewalls will also inspect traffic in and out of the network and look for worms, spam and viruses that may impact your network.

5. Ensure PCI DSS Compliance

The PCI Security Standards Council® is an organization that sets security requirements for all companies that process, store, and transmit credit card information. The standards help businesses prevent, detect, and respond to security incidents. Any e-Commerce retailer should comply with the data security standards to protect their business and customers and provide a secure online payment gateway.

Some of the requirements include properly protecting passwords, protecting cardholder data, encrypting data, using anti-viral software and routinely scanning and testing for vulnerabilities, according to Digital Guardian.

All of Red Maple’s solutions from (now Clever Division) to Advanced Credit Cards for F&SCM meet PCI compliance security requirements

In 2021 and beyond, businesses will put their entire future at risk if they don’t make fighting cybercrime their top priority. That’s because

TalkRetail estimates the cost of a cyberattack to be more than $5 million for more than a quarter (27%) of businesses.

Experts agree that more people shopping online and more employees working from home make retail more of a target for cyberattacks this year than ever before.

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Due to the coronavirus pandemic, e-commerce has become one of the most popular ways to shop. Experts predict online sales will top an unprecedented $630 billion this year. Another report shows online thieves will steal 1.9% of that, or more than $12 billion. The online shopping – and fraud – trends have been fueled by the pandemic, which forced many stores to shut down with more people isolating at home and shopping online. As e-commerce sales skyrocket, more cybercriminals are trying to steal a piece of the pie. That means any business getting into or expanding e-commerce must also deal with increased threats.

Red Maple offers a safe and effective solution so you can securely accept and process credit card payments. Click here to learn more about Advanced Credit Cards for F&SCM.

Online retail is more vulnerable to theft than brick-and-mortar businesses. E-commerce retailers are attacked an average 206,000 times a month, according to the online security company Signal Sciences. While most breaches are prevented, about 27% are successful. The damages add up quickly. The Merchant Risk Council says online payment fraud costs businesses 1.8% of revenue. For every dollar of fraud from chargebacks, e-commerce businesses lose an extra $2.94 for processing fees, investigations, legal fees, and security software. Fraud also impacts customers who often blame the seller for problems. The good news is that you can follow five best practices to secure your business and bottom line.

Red Maple offers a patented solution to protect your customer’s personal information from hackers. Click here to learn more about StagedPay.

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Why cybersecurity is more important now than ever before

While you’re trying to protect your family and your employees from COVID-19, cybercriminals could be trying to infect your computer with malware that steals your personal information and money. The scammers are also hawking fake cures, bogus charities and false promises for stimulus payments. It’s an epidemic of fraud. Top security experts say criminals are preying on our sympathy, fears and isolation.

“Because cybercrime is up even more during this pandemic, more companies are vulnerable,” said Jennifer Robertson, CEO of Red Maple, “That means we need to be even more vigilant with online security so that privacy doesn’t become a casualty of the virus.”

During this crisis, more companies have their teams working remotely. Most of us are sheltered at home without a support network and have more time to surf online as well. We’re a captive audience for cybercrime. No one is immune.

The numbers are alarming. Check Point Research reports more than 51,000 coronavirus-related domains have been registered since the beginning of the year and 9% of them are malicious or “suspicious and under investigation.”

Complaints about the websites have surged in recent weeks. The Federal Trade Commission (FTC) says in the first week of April 2020, coronavirus-related reports topped 18,235. In those complaints, consumers reported losing $13.4 million, or about $600 per person. There are so many scams happening now, the FTC created the FTC Bingo game, listing the ways people can get swindled.

Here are the top seven schemes and how you can beat them:

1. Phishing emails and texts

Phishing emails and texts include links to legitimate-looking agencies that ask for sensitive information like passwords and credit card numbers. Clicking on the links can prompt malware to download that steals web browsing data and tracks keystrokes.

Simply click on the example on the left where phishers pretend to be with the World Health Organization.

What you can do: Experts say you should keep security software up to date on your computer and cell phone. Set up your accounts to use multi-factor authentication. Also use a password manager to auto-fill credentials for true websites and block sites that look similar but are fraudulent. Also, don’t click links or download attachments from questionable sources. Instead, go directly to the agency or organization.

2. Fake cures and tests

Websites are peddling fake treatments such as essential oils, teas and colloidal silver. In Southern California last month, FBI agents arrested an actor after he claimed he developed a coronavirus prevention pill, then delivered the phony treatment to undercover agents. In Georgia this month, FBI agents arrested a man for allegedly soliciting and receiving kickbacks from testing companies in exchange for referring people for Covid-19 tests they didn’t need.

What you can do: Just say no. Don’t respond to any unsolicited emails, texts or calls. If you want the latest news on treatments, visit credible government sites. If you have medical questions, call your doctor. If you see fraud, please report it to the FDA.

3. Fake charities and GoFundMe pages

Emails and social media posts are asking for donations to help coronavirus victims and their families. But some of the charities and GoFundMe pages are fake. The con artists try to fool you by using pictures and stories of actual victims. Worst of all, your money will go to scammers and not the people who really need the help.

What you can do: If you want to contribute to a charity, go directly to their website and give. Only donate to those you trust. Verify the charity first through Guide Star, CharityWatch, Give.org and Charity Navigator.

Look for clues the sites or emails are bogus. They will often have misspelled words and poor grammar. The charity scams will use URLs that are similar to legitimate organizations to trick you. So, read the URLs carefully and keep in mind that most authentic charity sites will end in .org instead of .com. Finally, if anyone asks for payment in wire transfers or gift cards, it’s probably a con.

4. Coronavirus spying apps

While Google and Apple are making news about a new framework that allow cell phones to sound an alert if someone nearby has coronavirus, scammers are getting in the game. They’ve created apps with similar names that take control of your devices. People using the malicious apps think they are tracking the virus, but the apps are actually accessing the device’s photos, contacts, files, location and camera. The camera access allows the attackers to take photos and record videos and audio, according to the mobile company Lookout.

In all, Check Point Research has discovered more than 16 malicious apps that promise to protect people from the virus, but actually steal banking credentials.

What you can do: Only download apps from official app stores, such as Google Play. Do not download apps from third parties. When unsure about an app, seek advice from reputable sites. Also check to see if the apps have been verified and reviewed by consumers.

5. The no-delivery scam

Online sellers claim to have cleaning products like hand sanitizers and medical supplies, but once you place an order, they never deliver. The sites use tricks like ‘limited time deals’ to get you to buy quickly and order more, according to Scam Tracker reports.

What you can do: The Better Business Bureau says phony online stores are on the rise, especially for critical items like face masks. But don’t bite. Not only will they take your money, the sites can also steal your credit card information. Only purchase from established retailers or local businesses that you know and trust.

6. Fake work-at-home schemes

Con artists are preying on the desperation of people who have lost their jobs with promises they can work from home and make a lot of money. What they’re really after is your money. They’ll try to get you to pay for training and supplies. But there’s no job.

What you can do: The (FTC) says you should never pay money to earn money. Also, don’t share any personal information such as your social security number until you’ve done your research. Search online for the name of the business and the words “complaint” and “scam.”

7. Government stimulus check scam

The FBI is warning people that scammers may call and ask for financial or personal information in order to get the federal coronavirus stimulus check. Other fraudsters are calling people asking for a $50 processing fee.

What you can do: The IRS says it won’t contact anyone about the checks. The checks will be mailed or deposited directly into accounts. If you have questions about the check, go directly to the Internal Revenue Service website.

When it comes to cybersecurity, Check Point Research says attacks related to COVID-19 are on the rise. In fact, there’s an alarming 2,600 attacks every day. Businesses with poor security practices are getting hit the hardest. The most popular video conferencing platform is now under investigation for lax security and breached personal data. Just when we need it the most, many companies are failing to protect us. The New York Times has called the pandemic an excuse for companies “to seek the rollback of the modest privacy protections that exist.”

Long before the crisis, we at Red Maple have made it our mission to fight online crime and fraud. Our solution is called StagedPay. The program takes security to a new level. With StagedPay, merchants never get a customer’s entire credit card number, so even if the business is hacked, criminals can’t use the information. The customer keeps full control by entering account numbers into a secure site that requires two-step authentication and verification.

“StagedPay eliminates the risk of hackers crippling companies by stealing private information because the credit card numbers simply won’t be there. Likewise, it will also prevent employee fraud and theft,” said Patrick Hodo, CIO of Red Maple.

To learn more about StagedPay software for small, medium and large merchants, visit StagedPay.com.

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In this age of almost daily cybercrime incidents and data breaches, companies across the United States and around the globe are continually searching for ways to keep from becoming a victim. Businesses are looking for best practices and processes to help protect their data and their customers’ valuable information. In the world of credit card processing, one way that companies can protect online data is by using two-factor authentication.

Two-factor authentication is also referred to as two-step verification and is defined as a “security process in which the user provides two different authentication factors to better protect both the user’s credentials and resources the user can access.” Two-factor authentication provides a higher level of assurance than the authentication methods that depend one factor of authentication.

How Two-Factor Authentication Works

The way it works is simple – two-factor authentication requires two separate means of authentication to confirm an activity. For example, chances are you are familiar with how an ATM operates. When you use an ATM to get money or make a deposit, that ATM also uses the two-factor authentication method. First – you must have the bank card and second – you also need a PIN number to be able to use the machine and retrieve money from your account.

Examples of Two-Factor Authentication

• Changing Online Passwords
• Credit Card CVC or CVV Codes

Other examples are ones that most of us encounter on in our daily lives.

Online Accounts

When you have an account online, you typically need an email and a password to access that account. But if you forget your password or need to change it, the process is a little more difficult. Typically, the process to reset the email requires that the site send you an email to validate the password change and for you to be able to access the online account.

Credit Cards

When you use a credit card for an online or telephone purchase, you often have to provide the CVC or CVV code to complete a purchase when it comes to using your credit cards. This code is located on the front of the card. By requiring people to provide the CVC or CVV code, it adds a layer of security that the person has the credit card with them.

Cybercrime Increases Every Year

Cybercrime continues to grow every year. According to Jupiter Research, cybercrime will cost U.S. businesses more than $2 billion dollars in 2019 alone and that number is expected to rise by the end of 2020. Worldwide, that number will top $6 trillion in 2019. In fact, experts say hackers target a business every 14 seconds. The average cost to a company is $2.4 million. These statistics can be frightening to many companies who are concerned about protecting their company and their customers’ information.

These statistics are why there is an increasing need for two-party authentication. The main reason is that access to common items such as usernames, email addresses and even credit card numbers are easier to obtain than ever before. With two-factor authentication, the requirement to validate that a person is who they claim to be lessens the risk of theft to all parties involved.

Typically, most criminals who want to steal information actors do not have access to both means of credit card verification. While two factor authentication is not foolproof, it does provide an extra barrier to the criminal. Most cybercriminals are searching for the easiest target and will not try to determine the second factor and move on to a different victim.

For merchants, two-factor authentication provides two benefits. First, it provides a reduction in fraud, as the card holder must be who he or she says they are in order to complete the transaction. Second, two-factor authentication not only gives the consumer a confidence level that the company is taking their security seriously, it also reduces the chances of chargebacks from the consumer.

Red Maple Offers a New Solution with StagedPay.

At Red Maple, we carefully track the trends in cybersecurity and cybercrime. We work with hundreds of retailers around the world so protecting our clients is a top priority. That is why we created StagedPay, which offers a breakthrough solution for retailers to fight online theft and fraud and offers unprecedented protection. StagedPay enhances two-factor authentication and takes it to the next level. Not only are two methods used to enter the credit card, but the card number is used as a third means of verification.

How StagedPay Works

StagedPay is a hosted credit card solution that uses two-factor authentication to allow merchants to process secure payment transactions. StagedPay works like a combination lock by allowing merchants to accept and process credit cards using only part of the card number. It requires multiple keys to authenticate, verify, and open the purchasing vault. To unlock the vault and complete the purchase, the customer must enter the rest of the card numbers on a secure, StagedPay site via text, email or phone. The merchant is notified when the order is authorized and complete.

StagedPay Can Protect Your Customers’ Private Data

This two-step process means the merchant never collects the full credit card number, so it is not vulnerable in the event of a data breach. StagedPay also helps prevent criminals from using stolen credit card numbers. The customer must provide an email or phone number associated with the credit card to verify and complete the transaction. StagedPay also allows the credit card information to be tokenized and inserted into a company’s ERP system to be re-used securely for future transactions.

StagedPay Works for A Variety of Companies

StagedPay Card Not Present and StagedPay eCommerce work with small, medium and large merchant payment systems already in place. The program also ensures businesses maintains PCI compliance. For medium and large businesses, StagedPay can eliminate SAQ audits and the cost of PCI compliance as it requires more information from the consumer than card verification data and address verification for authentication.

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