Here at Red Maple, we are always looking for the best products and services for our Microsoft clients using Microsoft Dynamics AX and Microsoft Dynamics 365 for Operations. That is why we are excited to announce that we have partnered with CardConnect to provide you with a fully integrated payment processing solution. This new offering will allow you to streamline your internal business operations, simplify the PCI compliance process and enhance the overall payment experience for both you and your customers. Keep reading to learn more about the many benefits of this new partnership.
Improved Business Operations
Integrating payments into your existing business management software will quickly transform the platform into a true single source solution. The CardConnect integration will enable you to easily accept payments and have them automatically funnel into Red Maple’s system, meaning you no longer have to spend time manually reconciling invoices and entering transactions into multiple platforms.
Top-Notch Data Security
As cyber security threats continue to rise, protecting your business against hackers and data breaches has never been more important and continues to be a top priority for all of us at Red Maple. By adding CardConnect as a partner, we are able to offer even more safeguards for credit card security. This partnership offers innovative security features such as point-to-point encryption and tokenization that will allow you to protect sensitive cardholder data for the ultimate data breach protection. These features will also allow you to reduce the administrative time and costs associated with maintaining PCI compliance (more on that below).
Reporting and Transaction Management
CardConnect offers a powerful reporting portal that serves as a one-stop shop for managing your credit card transactions, drilling into transaction details, performing actions like voids and refunds, and pulling real-time reports. It’s even accessible from both a desktop app and mobile app, so transactions can be managed from anywhere. If you have multiple locations, you can easily manage all of them from one login for a seamless experience.
An interchange rate is the base fee that credit card companies charge merchants to accept credit card payments. Interchange fees cover the costs and risks associated with processing payments, like protection from fraud. CardConnect aggressively manages these interchange rates and have built their technology to automatically include Level 2 and Level 3 data with every transaction, meaning you qualify for the lowest possible rate each time you process a payment.
One key benefit of Red Maple’s partnership with CardConnect is helping our Microsoft Dynamics AX and Microsoft Dynamics 365 for Operations clients achieve and maintain PCI compliance.
PCI Compliance: What It Is and Why It Matters
PCI compliance is all about doing what is right for your customers and maintaining their trust. Any good business wants to keep its systems secure and safeguard customer payment information. However, the process and standards for keeping this sensitive data safe continues to become increasingly complex and require more resources. Here is more information on PCI compliance and why it is so important for businesses to be compliant.
What is PCI Compliance ?
Any company that processes, stores or transmits payment cardholder data must adhere to a set of standards known as PCI DSS – the Payment Card Industry Data Security Standard.
Cardholder data refers to the personally identiﬁable information (PII) associated with the owner of a debit, credit or prepaid payment card. PCI compliance is how the Payment Card Industry Security Standards Council (PCI SSC) ensures merchants handle cardholder data in a secure environment.
What steps must every merchant take to meet PCI compliance?
- There are 12 categories of PCI DSS requirements that all merchants must meet to be considered compliant or they risk ﬁnancial penalties imposed by the card brands.
- These categories provide a framework comprised of more than 275 questions and requirements.
- They are dependent upon transaction volume as well as the role each party plays in the transaction process.
- The 12 categories range from encrypting the transmission of cardholder data across open, public networks to assigning a unique ID to each person with computer access.
What are the risks of not being PCI compliant?
PCI DSS is a set of standards, not laws, but almost every state has enacted legislation requiring merchants to notify their customers of security breaches. Current state and federal privacy regulations forbid merchants from storing unencrypted cardholder data, PIN numbers as well as other PII.
Merchants who do not comply with PCI standards risk being subject to costly consequences that include ﬁnes, legal fees, card replacement costs, forensic audits, decreases in stock equity as well as damage to your company’s reputation and loss of business.
How do third-party payment processors help merchants reach PCI compliance?
Payment processors can help merchants simplify ongoing compliance needs and ease their concerns knowing they’re meeting all 12 requirements. Hackers are becoming smarter and more relentless every day. A third-party processor can reduce a merchant’s risk of exposure and serve as an ongoing security consultant. Processors can identify system vulnerabilities that could be targeted by cyber criminals seeking access to a merchant’s private network. They should also have expert knowledge on the latest compliance rules, as well as a pulse on new and customizable technologies that can decrease or remove a merchant’s system from the scope of PCI compliance.
Here at Red Maple, we are always looking for ways to help your company. We are pleased to continue offering industry-leading payment technology through our partnership with CardConnect. With solutions including their patented tokenization and PCI-validated point-to-point encryption (P2PE), CardConnect ensures that your data is protected and your PCI compliance is better managed. To learn more about this fully integrated solution, or sign up, click here.