In today’s volatile economy, cash flow management remains one of the top challenges for Chief Financial Officers (CFOs) across industries. Supply chain disruptions, inflation, fluctuating demand, and rising operational costs are squeezing margins tighter than ever before. For many businesses—especially those operating in low-margin sectors—traditional strategies for improving cash flow may no longer suffice.

So how can CFOs navigate this landscape while protecting margins and ensuring liquidity? One underutilized yet highly effective strategy is accepting credit cards with surcharging to offset processing fees. Let’s explore why this matters and how it can impact your bottom line.

The Cash Flow Conundrum: Why CFOs Are Feeling the Pressure

Cash flow is the lifeblood of any business. Yet, in recent years, maintaining steady cash flow has become increasingly difficult:

• Extended Payment Terms: Many B2B industries offer 30- to 90-day payment terms, delaying cash inflows.
• Rising Costs: Inflation, wage increases, and supply chain expenses continue to erode profit margins.
• Credit Risk: Late payments and defaults from customers can further tighten cash availability.

This is particularly problematic for industries like manufacturing, distribution, construction, and wholesale, where thin margins are common and cash flow cycles are long.

The Traditional Reluctance to Accept Credit Cards

In many B2B sectors, companies avoid accepting credit card payments due to the interchange fees (typically ranging from 2% to 4% of the transaction amount). For businesses operating on tight margins—sometimes as low as 5%—these fees can significantly eat into profits.

However, by not offering credit card payment options, businesses often:

• Miss opportunities to accelerate cash flow.
• Struggle with accounts receivable aging.
• Face administrative burdens chasing late payments.

The Game Changer: Credit Card Acceptance with Surcharging

Surcharging—the practice of passing the credit card processing fee onto the customer—provides a solution. It allows businesses to:

1. Offer the convenience of credit card payments without absorbing the fees.
2. Accelerate cash flow by reducing payment cycles from 30-90 days to immediate settlement.
3. Maintain margins by offsetting the processing costs.

This approach is especially beneficial for low-margin industries that historically resisted card payments due to cost concerns.

Is Surcharging Legal and Ethical?

Yes, surcharging is legal in most U.S. states (though a few have restrictions), and when implemented transparently, it is considered fair. Customers are informed upfront about the surcharge, ensuring compliance and maintaining trust.

Surcharging is common in industries such as utilities, government, and professional services, and its adoption is growing across the B2B landscape.

Why Now Is the Time to Reevaluate Your Payment Strategy

With cash flow pressures mounting, it’s time for CFOs to reassess their payment acceptance policies. Leveraging advanced payment solutions that enable surcharging can help:

• Shorten receivables cycles.
• Reduce bad debt.
• Increase working capital without sacrificing margin.

At Red Maple, we specialize in payment processing solutions for Microsoft Dynamics 365 Finance & Supply Chain Management that empower businesses to accept credit cards with surcharging seamlessly. Our Advanced Credit Cards module integrates directly with your ERP, providing automated surcharge calculation, compliance management, and reporting—so you can focus on optimizing cash flow without administrative headaches.

Learn more about how Red Maple can help you protect your margins and improve cash flow at www.redmaple.com.

Final Thoughts

In uncertain times, cash flow is king. CFOs who embrace innovative payment strategies like credit card acceptance with surcharging can gain a competitive edge, ensuring liquidity while safeguarding profits. Don’t let outdated policies hold your business back—modernize your approach and unlock new avenues for financial stability.

About Red Maple

Red Maple has specialized in expanding the capabilities of Microsoft Dynamics 365 since 2003. Globally deployed by 500+ companies, Red Maple’s patented (US Patent No. 10,853,818) solutions offer extensions and additions for Finance & Supply Chain Management, Business Central (BC) as well as Sales (formerly Customer Engagement) and Field Service users. Additions such as card present, card not present, ACH, wallet payments, Level II/III processing, surcharging, PCI 4.0 validated, and omnitoken capabilities are a few of the robust features.

FAQs

The post CFOs and the Cash Flow Crunch: A Modern Approach to Managing Margins appeared first on Red Maple.

Switching payment processors can feel daunting, especially after you’ve invested time and money into the relationship. But as your business grows, it’s vital to ensure your payment processor meets your evolving needs. High fees, limited-service options, or subpar support can make sticking with your current provider a costly decision. Sometimes, moving on to a better fit can enhance your operations, savings, security, and customer satisfaction.

In this guide, we’ll break down key features and services to look for when choosing a new processor, helping you make a confident, well-informed decision that aligns with your business goals.

Key Features for a Smooth Transition

1. Can You Break Up?

Before making any decision, make sure your payment integrator will allow you to change processors. Unfortunately, many of the payment integrators now are owned by a payment processor or bank, not allowing you the flexibility to easily change to another payment processor.

2. Security & Convenience: Tokenization and Account Updates

In today’s digital landscape, a reliable processor must prioritize both security and convenience. Credit card tokenization is one feature you’ll want to consider. Tokenization converts sensitive card information into secure, unique tokens, reducing the risk of data breaches by keeping raw card data off your system. Network tokens, issued by major card networks, add an extra layer of security by generating dynamic data for each transaction, making it harder for fraudsters to misuse stolen data.

Another must-have feature is an automatic account updater. If your business involves subscriptions or stored card information for repeat purchases, this tool ensures that your customer’s expired or changed credit card details are automatically updated. Not only does this reduce the likelihood of declined transactions, but it also ensures uninterrupted service for your customers, building trust and loyalty in the process.

3. Fraud Protection & Added Services to Drive Success

A robust payment processor doesn’t just handle transactions—it protects you and your customers. Fraud management is crucial to a secure processing environment. Look for fraud detection tools like real-time monitoring, machine learning algorithms, and risk scoring. These features proactively identify suspicious transactions and reduce the chance of costly chargebacks and financial losses.

Surcharging options are another valuable feature for businesses looking to offset processing fees. Surcharging lets you pass the cost of credit card fees to customers, allowing you to retain more of your revenue. The right payment processor will help you manage surcharging within legal limits, ensuring compliance while minimizing your expenses.

If you rely on recurring revenue from subscriptions or repeat purchases, ensure your processor supports recurring charges. This feature makes it easy to set up and manage regular billing cycles, providing predictable cash flow and an uninterrupted experience for customers. Reliable, automated recurring billing not only saves time but also fosters customer satisfaction by reducing hassle and improving their payment experience.

Payment Options that Keep Customers Coming Back

A diverse range of payment options is essential to meeting your customers’ preferences and enhancing the checkout experience. Look for a payment processor that supports various payment types, from traditional credit and debit cards to newer, digital methods.

• Bank Payments: For customers who prefer direct bank transfers, support for Automated Clearing House (ACH) payments, Electronic Funds Transfer (EFT), Single Euro Payments Area (SEPA), and Bankers’ Automated Clearing Services (BACS) can be a game-changer. These options offer the advantage of lower transaction fees compared to credit card payments, which can add up to significant savings over time.
• eWallet Support: In today’s market, many customers prefer digital wallets like Apple Pay, Google Wallet, PayPal and others for their convenience and security. With eWallets, customers can complete transactions quickly, enhancing satisfaction and making them more likely to return.
• eCommerce Integration: If you’re selling online, your processor should integrate seamlessly with your eCommerce platform (SFCC, BigCommerce, SANA, Magento, Woo Commerce, etc.) to ensure smooth, friction-free transactions. This integration makes it easier for shoppers to complete purchases with their preferred payment methods, boosting conversions and sales.
• Gift Cards: For retail, gift cards are especially popular around the holiday season and can drive both sales and customer loyalty. By allowing customers to purchase and redeem gift cards, you add an extra layer of convenience and incentivize return visits.

Offering a range of payment options caters to different customer preferences, enhances satisfaction, and increases your chances of closing sales, making your business more adaptable to changing payment trends.

Going Overseas? International Capabilities Matter

If your business is looking to expand internationally, a payment processor that can handle cross-border transactions is essential. Choose one that supports multiple currencies and handles payments in countries you currently operate in and plan to expand into. Features like dynamic currency conversion (allowing customers to pay in their local currency) provide a seamless experience for international shoppers, making your business more attractive to a global audience.

International expansion brings unique security challenges, so consider processors with international fraud prevention tools. These tools protect you against global threats, helping to safeguard your reputation and profits as you grow.

Support That Won’t Quit: Key Questions for Your Next Processor

Reliable technical support can make or break your experience with a payment processor, especially in e-commerce or high-transaction businesses where issues can quickly impact revenue. Look for a processor that offers:

1. 24/7 Availability: Ensure support is available around the clock to accommodate transactions outside regular business hours. Having access to live, knowledgeable support can save you time and potential losses during peak times or emergencies.
2. Rapid Response Times: Time is money. Processors with clear service level agreements (SLAs) on response and resolution times can give you peace of mind that help will be swift and effective if issues arise.
3. Expertise and Escalation: Confirm that support staff are well-trained and can handle technical questions, with specialized help available for complex issues. A dedicated contact or account manager within the support team can provide a personalized, more efficient support experience.
4. Communication Options: Flexibility in communication—whether phone, email, chat, or a ticketing system—ensures you can reach support in the way that works best for your team. Some processors even offer a dashboard or portal where you can monitor support status updates.
5. Proactive Monitoring and Alerts: Some processors provide proactive monitoring that detects and resolves issues before they affect your transactions. This reduces the need to contact support, allowing you to focus on growing your business.

FAQs

Choosing the right payment processor is about more than a break-up; it’s finding a partner that protects your data, supports your growth, and meets customer needs, creating a smoother and more secure payment experience.

The post Breaking Up with Your Payment Processor? It’s Not You, It’s Them. appeared first on Red Maple.

We’re thrilled to introduce Clever Division Sales, the latest addition to our product suite. This all-in-one payment solution seamlessly integrates with your Microsoft CRM system, making payment processing more efficient and secure.

With Clever Division Sales, you can manage payments directly within your CRM, eliminating the need for external systems and streamlining your workflow. Enhanced security features ensure a safer experience for both your team and your customers.

Ready to revolutionize your sales process? Discover how Clever Division Sales can boost efficiency, improve customer satisfaction, and transform how you handle payments within Microsoft Dynamics Sales.

Comprehensive Payment Solution for Microsoft Dynamics Sales

Clever Division Sales is a powerful, all-in-one payment solution tailored to meet the unique needs of businesses using Microsoft Dynamics 365 Sales. Designed to streamline payments, it enables your sales team to accept a wide range of options, including credit cards, PayPal, and ACH transfers, accommodating the diverse preferences of your customers.

The solution provides flexibility in payment processing, offering multiple methods to suit different situations. Sales representatives can manually enter credit card information, use two-factor authentication for secure partial entry, or allow customers to securely input their own payment details.

Managing transactions is simplified with the intuitive, 24/7-accessible dashboard. This user-friendly interface lets your team effortlessly view and manage invoices, transactions, and payment methods, reducing administrative burdens and freeing up time for what matters most—closing deals.

By integrating seamlessly with your existing CRM, Clever Division Sales enhances your sales process, giving you greater control over financial operations and improving overall efficiency.

Enhanced Security Measures to Protect Transactions

In today’s digital landscape, security is non-negotiable, especially when it comes to financial transactions. Clever Division Sales takes security seriously by integrating state-of-the-art measures to protect both your business and your customers’ sensitive data.

At the core of our solution is PCI 4.0 validated technology, ensuring every transaction meets the latest and highest data protection standards. This not only safeguards each transaction but also offers peace of mind for your sales team and customers alike.

Additionally, Clever Division Sales employs advanced tokenization technology. Instead of storing full credit card details, we generate unique tokens for each transaction, reducing the risk of fraud and data theft by keeping sensitive information secure.

We also offer surcharge eligibility, allowing your business to offset transaction fees while maintaining the highest security standards. This feature helps reduce costs without compromising data protection.

With these cutting-edge security features, Clever Division Sales provides a comprehensive shield against evolving digital threats, ensuring every transaction is protected.

Seamless Integration with Microsoft Dynamics Sales

Clever Division Sales stands out with its seamless integration into Microsoft Dynamics 365 Sales, ensuring a smooth, uninterrupted workflow within your CRM. This isn’t just about compatibility—our solution is designed to enhance both Dynamics 365 Sales and Field Service capabilities, enabling your team to manage and process payments without ever leaving the platform.

By unifying sales data and payment processing, Clever Division Sales streamlines the entire sales journey, from quote to payment receipt. This cohesive integration creates a more efficient system, simplifying operations and ensuring that all data is in one place.

Additionally, real-time payment processing is built directly into Dynamics 365, with instant credit card verification and secure token generation. This not only bolsters transaction security but also protects the integrity of your sales data.

With Clever Division Sales, payment acceptance becomes a natural part of your sales process. Your team can focus on selling, confident that payment processing is effortlessly handled in the background. It’s a truly integrated solution that bridges the gap between sales activities and payments within Microsoft Dynamics 365 Sales.

Boosting Operational Efficiency with Clever Division Sales

Clever Division Sales transforms operational efficiency by automating key payment processes. With automated workflows, sales teams can ensure seamless authorization capture at critical stages in your ERP of choice (e.g., Business Central or Finance & Supply Chain), such as during shipment or invoicing. This reduces manual errors and accelerates the transaction cycle, allowing your team to focus more on engaging customers and less on administrative work.

What sets Clever Division Sales apart is its flexibility. Your business isn’t locked into a single credit card processor, giving you the freedom to choose or switch processors without any disruption to your sales process. This adaptability speaks to our commitment to meeting your business needs.

By consolidating payment data within your CRM, Clever Division Sales provides a comprehensive view of both customer interactions and financial transactions. This integrated approach enhances decision-making, enables personalized customer service, and simplifies reporting.

With these capabilities, Clever Division Sales not only boosts operational efficiency but also strengthens the strategic value of a unified system for managing sales and payments within Microsoft Dynamics 365 Sales.

Enhancing the Customer Experience with Integrated Payments

By integrating Clever Division Sales into Microsoft Dynamics 365 Sales, businesses can offer their customers unmatched convenience and flexibility in the payment process. This modern solution allows customers to easily review and pay invoices via a secure, single-click link, removing the common barriers often found with online payments.

This streamlined experience not only speeds up the payment cycle but also enhances customer satisfaction by making transactions smooth and hassle-free.

Additionally, Clever Division Sales supports multi-currency transactions, which is a major advantage for businesses with a global customer base. It ensures that international clients can pay in their preferred currency, simplifying the process and fostering trust and inclusivity.

By catering to the diverse financial preferences of customers worldwide, Clever Division Sales not only extends market reach but also elevates the overall customer experience, setting a new standard for payment processing within Microsoft Dynamics Sales.

Conclusion

In conclusion, Clever Division Sales is a game-changer for businesses leveraging Microsoft Dynamics 365 Sales. It introduces a seamless, secure, and efficient way to integrate payment processing directly within your CRM, enhancing operational efficiency and enriching the customer experience. By choosing Clever Division Sales, companies can expect not only to streamline their sales and payment processes but also to provide their teams with the tools needed for success in today’s competitive landscape. Embrace the future of integrated payments and watch your business soar to new heights with Clever Division Sales.

FAQs

The post Introducing Clever Division Sales: Seamlessly Accept Payments within Microsoft D365 Sales appeared first on Red Maple.

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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Red Maple’s One-Stop BC Payment Solutions offer a comprehensive suite of products designed to streamline and simplify the payment process for businesses using Microsoft Dynamics 365 Business Central. With powerful core features and specialized features such as the payment wizard, collections manager, customer portal, and card present counter sales, Red Maple provides a one-stop solution for all payment needs. These features not only make the payment process more efficient but also ensure accurate and secure transactions. The payment wizard allows for easy creation and management of payments, while the collections manager helps businesses stay on top of their accounts receivable. The customer portal enables customers to make payments online, providing convenience and flexibility. And with the ability to accept card payments in-person through the counter sales feature, businesses can easily manage all types of transactions. Overall, Red Maple’s Business Central payment solutions provide a seamless and effective way for businesses to handle their payments.

The Power of Red Maple’s Payment Solutions

Red Maple’s Business Central payment solutions stand out in the marketplace for their innovative and adaptable features tailored to meet the diverse needs of businesses. One of the most compelling aspects of these solutions is the flexibility in choosing your payment processor, or even employing multiple processors, to best fit your business model and financial strategies. This flexibility extends to sophisticated payment functionalities designed for complex fulfillments, such as the ability to automatically authorize orders upon shipment. This feature is particularly beneficial for businesses dealing with long back orders or partial shipments, ensuring financial operations proceed smoothly without manual intervention. Additionally, Red Maple enables merchants to handle overages on authorizations efficiently. This allows for the inclusion of shipping and other charges within the original authorization amount, offering a seamless transaction experience. A fairly unique set of features further enhances the utility of Red Maple’s solutions. Merchants can implement surcharging, enabling them to recoup processing costs by adding a fee per transaction, directly improving their bottom line. The creation of deposit slips is streamlined, facilitating easier banking and reconciliation processes. Moreover, the system’s native development in Business Central ensures a seamless integration, enhancing user experience and operational efficiency. Red Maple not only supports card payments but also accommodates ACH and wallet payments, broadening the scope of transactional capabilities for businesses.

Exploring the Payment Wizard: Simplifying Transactions

The Payment Wizard, a standout feature within Red Maple’s suite, transforms the way businesses manage their payment processes. This tool empowers teams to easily navigate through payment operations with a streamlined, step-by-step wizard. At the outset, users can select their preferred payment processor from those available, if they operate with more than one, thereby offering unparalleled flexibility in handling transactions. Next, it allows for the selection of the transaction’s nature, whether it’s for processing payments against orders, invoices, or account payments, accommodating a variety of business needs. Unique to Red Maple, the wizard offers the option to conduct transactions as card present, card not present, or through ACH. It also introduces the innovative feature of sending payment requests. This enables businesses to consolidate several invoices into a single payment request link, simplifying the payment process for both the business and its customers. Moreover, the customization feature of the Payment Wizard ensures that these options can be tailored to best fit the company’s operational requirements, enhancing efficiency and user experience. This feature-rich tool is designed to make transaction processing as intuitive and seamless as possible, redefining payment handling in a business environment.

Streamlining Collections with the Collections Manager

The Collections Manager within Red Maple’s suite is a dynamic tool designed to streamline the collections process, making it easier for teams to manage outstanding receivables efficiently. With the ability to directly email customers from the system, businesses can swiftly communicate, sending reminders or invoices without the need for external email services. The functionality of printing documents such as invoices or orders directly from the Collections Manager simplifies the follow-up process, ensuring that all necessary information is readily accessible. Taking collections notes within the system allows for meticulous record-keeping, ensuring that every interaction with a customer is logged and traceable. This feature is crucial for maintaining a clear history of collections efforts and customer responses. Direct contact with customers is facilitated through the platform, enabling a more personalized approach to collections. Teams can also take payment directly within the Collections Manager, providing a seamless experience for both the business and the customer. This capability is enhanced by the option to apply open payments to open invoices, streamlining the reconciliation process. Additionally, the ability to send a payment link for customers to self-serve their payment contributes to a more efficient collections strategy, reducing the time and effort required to close outstanding invoices. This suite of features empowers businesses to manage their collections more effectively, maintaining positive cash flow and customer relationships.

Enhancing Customer Experience with the Customer Portal

Red Maple’s Clever Division payment portal elevates the customer experience through its innovative customer payment portal options. This platform is designed to offer convenience and control, allowing customers to access it anytime, anywhere. Within this secure environment, customers have the ability to store their credit card or ACH information for either single or multiple uses, streamlining the payment process for future transactions. Additionally, customers can directly pay invoices, enhancing their autonomy and satisfaction with the payment process. On the other side, Customer Service representatives gain significant efficiency by using the portal to send secure payment links to customers, facilitating a smooth transaction process without the need for direct interaction. This portal is versatile, accepting a variety of payment methods such as card payments, ACH, and wallet pays. It also accommodates surcharging eligible payments and accepting payments in multiple currencies, ensuring businesses can cater to a global customer base without complications. Remarkably, this robust system is designed for quick implementation, promising that it can be fully operational within days, thereby rapidly improving the customer payment experience and operational efficiency for the business.

Boosting Sales and Efficiency with Counter Sales

The Counter Sales feature of Red Maple’s suite significantly enhances the retail and direct sales environment by allowing businesses to accept card payments directly within the Microsoft Dynamics 365 Business Central interface. This integration ensures a seamless transaction process, allowing you to choose from a wide variety of payment processors and terminals to best suit your operational needs. The capability to conduct card present transactions not only streamlines the checkout process but also potentially reduces transaction rates, thereby lowering operational costs. One of the standout benefits of implementing Counter Sales is its use of the existing sales order interface within Business Central. This means there are no additional interfaces or workflows for employees to master, substantially reducing the time and expense associated with training staff on new systems. Businesses can, therefore, enjoy a smooth transition to utilizing this feature, ensuring both staff and customers benefit from an efficient and effective payment process. This integration is pivotal in enhancing sales operations, ensuring transactions are processed quickly, securely, and cost-effectively, directly contributing to an improved bottom line and customer satisfaction.

Conclusion

In conclusion, Red Maple’s comprehensive suite of Business Central payment solutions equips businesses with the tools they need to handle transactions more efficiently and securely. From facilitating simpler payment processing with the Payment Wizard to streamlining collections and enhancing customer experiences through portals, Red Maple offers a range of features that are designed to improve both operational efficiency and customer satisfaction. Whether you’re looking to manage in-person sales more effectively or seeking to simplify the collections process, Red Maple provides a robust solution for your business needs.

FAQs

The post A Deeper Dive into Red Maple’s One-Stop BC Payment Solutions appeared first on Red Maple.

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.

Nearly every day we see a headline about hacking, cybercrime, and the costly consequence behind it. From phones to tablets to laptops, all devices are at risk of being hacked. The growing popularity of social media makes it even easier for cyber criminals to find easy targets.

As a business, you not only need to protect your own valuable information but also your customers’ data. A breech can cost millions of dollars and has the power to wipe out a company.

According to a breach report from IBM and the Ponemon Institute, the average cost of a data breach has reached a record high of $4.35 million in 2022. The latest stats from the website getastra.com show the problem just keeps getting worse.

The latest research estimate is that there are 2200 cyberattacks per day. That is one every 39 seconds on average.

And it’s costly. In the U.S., a data breach costs an average of $9.44 million, and cybercrime is predicted to cost $8 trillion by end of this year.

One of the easiest tools available to businesses today is two-factor authentication which has now evolved into multi-factor authentication – or MFA – as many groups are using more than one method. This key step can help you protect your data and potentially prevent one of these costly nightmares.

Because of the rising cybercrime, the MFA industry is also growing – and fast. In 2022, the MFA industry brought in about $12.9 billion.

According to the website marketsandmarkets.com, that number is expected to more than double within five years with the MFA industry topping $26.7 billion by the end of 2027.

One main reason for this increase is the increase in demand for MFA services.

The way it works is the user must use at least two different methods to verify their identity before completing a transaction online. This system protects both the website and its parent company as well as the user with an extra layer of security. There are several popular and effective methods of MFA. Some examples of MFA include providing a code generated from the user’s smartphone, using fingerprints, Captcha tests, facial recognition – and even voice biometrics. All of these methods add new layers of security.

One of the first levels of security is passwords or passcodes. This can also be the easiest to hack into. One of the best ways to protect your site is to require users to use a variety of letters, numbers, and symbols in their passwords to reduce the chance of being a victim of hacking or a data breach.

Another method companies can use for authentication is typically a numeric string – with several digits sent to a phone – typically a code that is only used one time. It can be sent via SMS text or via a special app that provides a special code which can only be used one time. The code could be sent via SMS text message or via a special phone app called an “authenticator”. Microsoft, Google and Apple offer these apps.

Another hot MFA method of security is biometric authentication. This process uses the unique biological characters each individual possesses.

This method is used by many government agencies and private corporations including military bases and airports. It is highly effective and fairly easy to use for both the provider and the user. Some examples of biometric authentication include:

• Facial recognition— This is exactly what it sounds like. Your face identifies you. This is common on newer smart phones for users to unlock thembut it can be inconsistent at times.
• Fingerprint scanners— This is more reliable as we each have a unique fingerprint. Fingerprint scanners are a very popular biometric technology for everyday consumers often used on iPhones.
• Voice Recognition —This is also called voice biometrics. This technology will analyze a speaker’s speech patterns to provide access. These devices typically rely on standardized words to identify users, just like a password.
• Eye scanners— This technology uses iris recognition and retina scanners. However, there can be problems with this system if a person wears glasses or contact lenses.

Another option is token-based authentication. With this system, the user enters their information once and then they get an encrypted string of random characters in return. This “token” then provides access to the site.

In summary, multi-factor authentication  is a successful security method because it secures business accounts by enforcing additional authentication requirements, or factors, on top of the standard username and password. Research shows that it is working.

According to Microsoft Reports, the latest research shows MFA can prevent 99 percent of attacks that targets users’ credentials – the most common being passwords.

When choosing an MFA system for your company, make sure it meets certain criteria.

• Easy to use – Make sure it is user friendly for your customer base.
• Provides adequate coverage – Ensure the system will provide the level of coverage and security you need for your business.
• Easy Integration – Most MFA’s will integrate into other apps, but it is good to double check.
• Administrative Control – Make sure your admins can access the system and also check to see what type of reporting and data the system will provide your company so you can track the success.

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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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 Trade and Pricing and Advanced Commissions, both Microsoft Dynamics extensions, use 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.

The post Stand Out from the Competition with AI<br/> <span class="kn-sub-title"><em>How Artificial Intelligence is impacting e-Commerce</em></span> appeared first on Red Maple.

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.

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.

The post The newest trend in security: multi-factor authentication appeared first on Red Maple.

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.

The post Russian cyberattacks spike against U.S. retailers, consumers in its war with Ukraine<br/> <span class="kn-sub-title"><em>While U.S. officials put Americans on alert, Red Maple software offers best defense</em></span> appeared first on Red Maple.

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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This year, customers call the shots. Forced indoors and online in 2020 because of the coronavirus, they clicked their way to a record high of 16.4% in global retail sales. As the pandemic pinnacled, ecommerce experienced 10 years of growth in just 90 days, according to a McKinsey analysis. Every age, every demo spent money through their computers and hand-held devices. For the first time, some 150 million people shopped online during the pandemic. In all, a global survey says 84% of people got their groceries, clothes, household items and dog food on the internet during COVID-19. That buckled consumers in the virtual driver’s seat, navigating to the most responsive retailers with the best pricing, and leaving the rest in the dust.

It doesn’t much matter that experts predict ecommerce will decelerate this year 7.8% as vaccinations empower shoppers to step inside those reopened brick-and-mortar stores. The consumer has experienced the rush, speed and efficiency of same-day delivery, overnight shipping, curbside pickup, and trying on clothes and other items virtually without taking off their pajamas. After that, there’s no turning back. New surveys show 79% of consumers will keep shopping online this year.

So where does that leave you? A few adjustments as to how you interact with customers, and where you to sell to them can place you on the virtual map – in a place where people will come, stay, shop, and return for more. This is where the rubber meets the road. You’ll want to be there because e-commerce is expected to reach five trillion (yes, with a ‘t’) in sales this year, according to the BCG Consumer Sentiment survey.

Here are 3 tips to pick up customers and drive website sales:

1. Social media shopping. Go get ’em. The days of waiting for the customer to come to you are long gone. It’s time to go pick them up with shoppable moments. More and more, that means idling in social media.

New data shows social media shopping, or allowing people to buy products within a social media platform, can pay off big. Fifty-five percent of shoppers have made purchases through a social media channels like Facebook, Instagram and Pinterest.

After news about the novel virus hit (March – April) marketing on Facebook and Instagram saw a 36% growth in monthly active users; a trend not slowing down.

Instagram is the most popular platform for shopping. In fact, 70% of consumers look at this platform to discover new products. Instagram has made it easy for people to see, tap and shop. Retailers can tag products in photos, videos and stories. With a tap, people will get a full description, more photos, and see other items you sell. Instagram hit the gas recently with a new Instagram checkout app. The native checkout features make it even easier for shoppers to go from browsing to buying.

Last year, Facebook launched ‘Facebook Shops,’ where retailers can build custom stores complete with the ability to create collections of items, and manage orders and shipping. Customers can place their orders within Facebook or navigate to your website to complete their purchases.

Retailers are also showcasing their products with success on Pinterest Business with buyable pins. Pinterest also offers ‘Shop the Look’, which lets people buy the actual items shown in the images. Retailers can also upload product catalogs on the platform.

If your target audience is Gen Z, consider the video app TikTok. Late last year, TikTok partnered with Shopify to allow its one million retailers to reach the generation and drive sales. The new app allows merchants to create in-feed video content for their products targeted to TikTok’s 100 million users in the United States.

China’s WeChat app is also highly engaged in social shopping, allowing its millions of users to discover new experiences and products, buy them, book them, and tell friends about them. The country’s most popular app combines social media, chat and payment features to become a powerful promotional tool for online businesses.

2. Talk to me, Goose. This popular line from the movie ‘Top Gun’ is a call from one fighter pilot (Maverick) to his partner (Goose) to communicate. This is the same message consumers are sending online retailers this year in what is being called ‘conversational commerce.’ Studies show 72% of people will only engage with retailers who use personalized messaging.

Retailers are listening. In a 4-month study last year, interactions between customers and merchants increased by 85% on the Shopify platform compared to the same period in 2019. Here’s the kicker: Sales attributed to the chat increased by 185% during that same time period.

The quality of the digital user experience is a key factor for new and old merchants alike, according to a new survey. In fact, 48% of consumers said a good online or mobile app experience is more important to them than the price of products.

The conversational commerce has to be genuine to covert the customer to a buyer. Personalization creates long-lasting customer relationships. So, merchants should record their customers’ buying habits (with their consent) in order to recommend new products and experiences. To optimize the customer experience, the information best compiled with master data management strategies.

Facebook’s Messenger now has a new channel for customers to interact with brands in real-time with the help of chatbots powered by AI. They can answer questions and offer specials.

Chatbots allow retailers to respond to 80% of their customers 24/7, and can quickly connect shoppers to human agents when needed.

The baby formula brand Enfamil builds relationships by asking about the due date of babies when pregnant moms sign up for emails. Then, the business provides the mothers-to-be helpful information throughout their pregnancy and the child’s first few years of life.

Most shoppers, 72%, prefer self-service with instant chats, bots and other digital self-service tools because they’re convenient and easy, according to reports.

Personalization aside, privacy and security are still a top concern. If you are collecting any sensitive data on your website or from social media users, you must comply with data privacy regulations. Also, it’s important to be transparent with shoppers about what you’re collecting and how you’re protecting their data to make them feel comfortable shopping with you.

At Red Maple, we provide the most secure software on the market. Our Advanced Credit Cards for F&SCM, which integrates with Microsoft Dynamics 365, securely accepts and processes credit card payments. We also offer a revolutionary secure, hosted credit card solution called StagedPay. It allows merchants to secure confidential information and dramatically minimize the risk of theft, fraud and data breaches.

3. Let’s make a deal. Given a choice between the same product on two websites, 89% of customers will go for the good deal. Merchants can lure them in (and keep them with great customer service) with specials, cash back, coupons and promo codes.

In fact, with the economy, couponing is growing. Statistics show 90% of all consumers have used coupons in some way, and 30% of millennials always use coupons. And while a study shows the value of digital coupon redemption reached $47 billion dollars in 2017, 77% of shoppers spent $10 to $50 more than intended when they used the coupons.

Websites like Rakuten boast they’ve changed the way people shop online by giving cash back and shopping rewards that have earned its 14 million members more than $1 billion from top stores. Rakuten’s mission is to connect members with merchants and market their brands.

The bottom line is that customers aren’t ever going to back-up, do a U-turn or slow down. In 2021, consumers won’t settle for sluggish websites, impersonal transactions and delays in delivery. These three tips will get you up to speed, on the road to meeting new shoppers, and converting them into lifelong customers.

The post E-Commerce Roadmap<br/> <span class="kn-sub-title">The top 3 tips to put your online business in the driver’s seat</span> <span class="kn-sub-title box-new-col"><em>Consumers feel the need for speed. So, if you want more traffic, better put the pedal to the metal</em>.</span> appeared first on Red Maple.

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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