Category: Brandpoint Business & Finance

2024-12-03T08:31:00

(BPT) – As the holiday season approaches, cybercriminals are ramping up their efforts to exploit both businesses and individuals. Cybercriminals know the biggest vulnerability in any organization isn’t the technology — it’s the people behind it. Whether you’re working late to finish up projects or just trying to get some last-minute holiday shopping done, it only takes one slip-up to trigger a costly cyberattack.

Humans remain the weak link in the security chain. According to Verizon data, 68% of breaches involve a non-malicious human element, such as an employee falling for a social engineering attack or making a simple mistake. These human errors can open the door to significant data breaches and financial losses. Even more concerning, a 2022 Statista study found many employees are using their employer-issued devices for personal tasks — 50% checking email and 32% shopping online — creating more entry points for cybercriminals to exploit.

This human factor makes small businesses particularly attractive targets. With fewer resources allocated to cyber security, small businesses are 350% more likely to experience social engineering attacks than their larger counterparts, according to a StrongDM study. Criminals know these businesses are often more vulnerable and easier to breach, plus they hold valuable data worth stealing.

The financial impact can be staggering. According to Acuity Insurance data, the average cyber insurance claim costs more than $20,000. The cost can be much higher than just the immediate financial loss — it can damage a business’s reputation and customer trust.

So how can you protect your business? Start by preparing your employees. Ensure they understand what to look for and how to respond if they make a mistake — like clicking on a suspicious link. Implement multifactor authentication wherever possible and reinforce the message that no business is too small to be targeted by cybercriminals.

Add cyber insurance to your business’s insurance policy. It provides protection for businesses by helping mitigate financial losses and covers a wide range of cyber-risks, including fraud, data breaches, identity theft, cyber extortion and system attacks. Beyond financial reimbursement, cyber insurance gives businesses access to expert resources for incident response, like information technology forensics, legal support and public relations professionals. Cyber insurance provides peace of mind by putting you in contact with experts who know how to manage the aftermath of a cyber event, and the financial backing to know that a cyber incident won’t cost you your business.

2024-12-03T08:01:00

(BPT) – Did you know the cost of a four-year college education has increased 38% at private schools and 32% at public colleges/universities over the past decade?^[1] Between these increasing college costs, lingering inflation and market uncertainties, many families are rethinking the gifts they’re giving for the holidays, birthdays, graduations and more.^[2] Many are asking: Would a contribution to a family member’s college savings account for their children be a more appreciated gift this year?

Apparently, most parents are on board with thinking outside the gift box. According to Fidelity’s 2024 College Gifting Study, a whopping 74% of parents say they would welcome a contribution to their child’s college savings account instead of traditional gifts and 62% would even prefer it. Looking back on their own experience, nearly 7 in 10 parents also say they would have been OK receiving fewer gifts as a child in exchange for more money in their own college funds.

When asked specifically about the holidays, parents in the “sandwich generation” are more likely to say they prefer more money be allocated to a college savings account instead of traditional gifts or experiences, with two-thirds of millennials and more than half of Gen X preferring those contributions for their kids (66% and 59%, respectively). In contrast, 47% of Boomers and 55% of Gen Z say they would prefer this kind of gift.

The study reveals the growing popularity of receiving gifts toward a child’s college fund. Although parents say their friends and family typically spend about 61% of their gifting budget on traditional gifts or experiences, they would prefer gifts be split 54% versus 46% between traditional gifts/experiences and college savings account contributions for their children.

If a contribution to a college fund sounds like a gift you’d like to give or receive, you may want to learn about the advantages of a 529 education savings plan.

Benefits of gifting contributions to a 529 plan

For parents planning for their children’s future, 529 plans are flexible, tax-advantaged accounts designed specifically for education savings. Funds in a 529 plan can be used for qualified education expenses at schools nationwide, including college expenses at postsecondary schools, tuition for K-12 schools, certain apprenticeship costs, vocational schools and student loan repayments. While your money is in a 529 account, no taxes will be due on investment earnings, and withdrawals for qualified education expenses are free from federal income tax.

If you want to contribute to a friend or family member’s 529 plan, contributions up to $18,000 annually are not subject to the federal gift tax, and some states may even offer tax incentives for contributions by state residents.

Even better, in the event that the 529 account is not used for education (such as a child who chooses another path), legislative changes have determined that under certain conditions, 529 plan assets can now be transferred to a Roth IRA for the beneficiary, giving them a retirement boost. Parents can also transfer unused funds to another family member, such as another child, their spouse, extended family, or even themselves.

“A contribution to a 529 plan is a great option for anyone who wants to help give the gift of college this holiday season,” said Tony Durkan, vice president, head of 529 Relationship Management at Fidelity Investments. “It speaks volumes about the importance of education, and helps families achieve their long-term goals in a real, tangible way.”

There are no account minimums required to open a Fidelity-managed 529 account, and you can choose from a menu of portfolios managed by professional fund managers. All five Fidelity-managed plans are also rated Gold or Silver by Morningstar.^[3] Learn more about the firm’s award-winning 529 plans and how to financially prepare your family for college at Fidelity.com.

How friends and family can participate

Ahead of the holidays or for any other special occasion, head to Fidelity.com/CollegeGift to learn more about gifting to a 529 plan.

Need assistance understanding your college savings options? Call Fidelity at 1-800-544-1914 for complimentary access to dedicated college planning representatives or visit Fidelity.com/529-plans/overview for more information.

Methodology

This survey was conducted by Big Village among a demographically representative U.S. sample of 3,008 adults 18 years of age and older. 874 respondents have children under 18 living at home and celebrate the holidays. This survey was live on October 1-10, 2024. Fidelity and Big Village are not affiliated.

The generations are defined as: Boomers (born 1946 – 1964), Gen X (born 1965 – 1980), Millennials (born 1981 – 1996), and Gen Z (born 1997-2012; only those ages 18+ were considered for this study).

Units of the portfolios are municipal securities and may be subject to market volatility and fluctuation. Please carefully consider the plan’s investment objectives, risks, charges, and expenses before investing. For this and other information on any 529 college savings plan managed by Fidelity, contact Fidelity for a free Fact Kit, or view one online. Read it carefully before you invest or send money.

529 distributions for qualified education expenses are generally federal income tax free. 529 assets may be used to pay for (i) qualified higher education expenses, (ii) qualified expenses for registered apprenticeship programs, (iii) up to $10,000 per taxable year per beneficiary for tuition expenses in connection with enrollment at a public, private, or religious elementary or secondary educational institution. Although such assets may come from multiple 529 accounts, the $10,000 qualified withdrawal limit will be aggregated on a per beneficiary basis. The IRS has not provided guidance to date on the methodology of allocating the $10,000 annual maximum among withdrawals from different 529 accounts, and (iv) amounts paid as principal or interest on any qualified education loan of a 529 plan designated beneficiary or a sibling of the designated beneficiary. The amount treated as a qualified expense is subject to a lifetime limit of $10,000 per individual. Although the assets may come from multiple 529 accounts, the $10,000 withdrawal limit for qualified educational loans payments will be aggregated on a per individual basis. The IRS has not provided guidance to date on the methodology of allocating the $10,000 annual maximum among withdrawals from different 529 accounts.

Any earnings on distributions not used for qualified higher educational expenses or that exceed distribution limits may be taxed as ordinary income and may be subject to a 10% federal tax penalty tax. Some states do not conform with federal tax law. Please check with your home state to determine if it recognizes the expanded 529 benefits afforded under federal tax law, including distributions for elementary and secondary education expenses, apprenticeship programs, and student loan repayments. You may want to consult with a tax professional before investing or making distributions.

Under current law, the annual gift tax exclusion amount is $18,000. Annual contributions up to $18,000 from an individual tax filer ($36,000 for married-filing-jointly) per beneficiary are not subject to the federal gift or estate tax consequences.

Investing involves risk, including risk of loss.

Views expressed are as of the date indicated, based on the information available at that time, and may change based on market or other conditions. Unless otherwise noted, the opinions provided are those of the speaker or author and not necessarily those of Fidelity Investments or its affiliates. Fidelity does not assume any duty to update any of the information.

Fidelity Investments and Fidelity are registered service marks of FMR LLC.

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Fidelity Distributors Company LLC, 500 Salem Street, Smithfield, RI 02917

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©2024 FMR LLC. All rights reserved.

2024-11-25T07:31:00

(BPT) – Thanksgiving is late this year, so the holiday shopping season is approaching faster than ever. As you’re making out your gift list, are you concerned about inflation? Amid global uncertainty, what’s the situation with the supply chain? Will the electronics, toys and other must-haves be on the shelves? How are retailers preparing for it all?

The 2024 Supply Chain Confidence Survey, conducted by Manhattan Associates, explores these questions, and more. Spanning over 1,000 consumers and retail and supply chain executives, the survey measured confidence and concerns for the upcoming holiday shopping season.

The results give a unique perspective across all parts of the shopping spectrum — the supply chain, retailers and consumers.

The majority of shoppers, 85%, cited inflation and increased prices as a top concern. In response, nearly 61% of supply chain leaders reported having invested in new technologies and processes to run more efficiently and reduce overall costs this season.

It’s a symbiotic relationship — consumer concerns and retailers respond to help quell those concerns and make holiday wishes come true. The bottom line is, everyone wants to have a happy, and successful, holiday season. People want to find the perfect gifts for their loved ones without overspending and retailers want to have a robust season that for some, especially smaller businesses, defines their entire year.

What did the survey uncover? Here are some of the top findings.

Top findings of the 2024 Supply Chain Confidence Survey

• Inventory Concerns: 62.4% of supply chain leaders worry about inventory shortages. However, 87.2% of retailers have measures in place to ensure trending products are available during peak shopping periods.
• High Price of Holiday Cheer: 93% of consumers say price increases over the past few years have had a negative impact on them. 60% of consumers plan to buy fewer gifts, while 57% will seek less expensive options, and 52.2% will look (and are willing to wait) for sales and deals.
• Technology Comes to the Rescue: 61.2% of retail leaders recently invested in new technologies to improve the efficiency of their supply chain, and 80% are leveraging AI technology to improve inventory management and customer service.

How should consumers react? Recommendations based on the survey results

In short, have confidence, be flexible and shop early.

1. Shop early. People resolve to do this every year, but this year it’s crucial. Get your shopping list handled now and be prepared to spread out the holiday spend to avoid feeling the pinch. Remember, the best deals will come early this season.
2. Shop online. Many of the best deals can be found online. 40.2% consumers surveyed said they plan to do most of their holiday shopping online. It’s important to do your online shopping early so that you don’t have to pay expedited shipping fees.
3. Make technology your friend. Do you have someone on your shopping list that has everything? The latest GenAI tools, like ChatGPT, can be helpful in brainstorming creative gift ideas. 32.6% of consumer are using AI in their holiday shopping, with 14.2% planning to use AI to find the best deals.
4. Shop the sales and do your research. You don’t have to leave the house to take advantage of Black Friday, Cyber Monday or Small Business Saturday. Scour online sites for deals and steals. Remember, retailers are gearing up for these sales early.
5. Be Kind to Santa’s Elves. As stressful as holiday shopping can be, it is extra stressful for all the truck drivers, store associates, shelf stockers, and delivery drivers that move gifts through the supply chain. Please be patient and be sure to thank them for the important role they play.

Patience and flexibility will go a long way. And remember, it’s not really about what’s within that holiday wrapping paper. It’s about spending time with who is unwrapping it.

For more information, visit https://www.manh.com/our-insights/resources/research-reports/the-state-of-supply-chain-confidence-ahead-of-the-2024-holiday-season.

2024-11-22T09:31:00

(BPT) – Is there a secret to financial success? Most Americans (52%) say “yes” — and the average salary considered successful is $270,000 per year, and $5.3 million in net worth, according to new research from Empower, a financial services leader in investing, planning, and advice.

But it’s not just money — it’s what money can buy. Only 27% rank wealth as the highest measure of financial success. Rather, most Americans say happiness (59%) is the most important benchmark — being able to spend money on the things and experiences that bring the most joy, doing what you love, followed by the luxury of free time (35%) to pursue personal passions.

People say success is about the “Factor of Four”: hard work (84%); talent (65%); who you know (55%) or The Network Effect; and luck and circumstance (51%). The secret is to be a visionary (36%) — and then outwork everyone (32%), a belief held most firmly by those with incomes over $100k, rising to 40%. Pay yourself first, say over one third of people (35%), by putting money away and saving for retirement. For 1 in 5 younger generations (Gen Zers and Millennials 19%) a secret to success is “fake it ’til you make it.”

“Fortune favors the bold, and people feel success is within their grasp with the right combination of dreaming and planning,” says Rebecca Rickert, head of communications at Empower. “It’s about disciplined, smart money choices, but overall people define financial success as very meritocratic, and a little serendipitous. There’s a sense that effort and outperformance will take you far.”

Still, nearly half of Americans (47%) feel they’ll never achieve the level of success they’re seeking. Just 37% of people consider themselves financially successful right now — with higher numbers of men than women (42% compared to 33%). Only half (50%) of people state they are or will be better off financially than their parents, a long-held meterstick for generational success.

Barriers to success

More than one third say the economy (35%) and income instability — irregular or insufficient income streams (30%) — is a culprit, along with lack of knowledge about managing finances (20%). Nearly a third say the biggest obstacle to success is not setting clear financial goals (28%). Over 1 in 4 (26%) say procrastination or delaying financial planning or decision-making gets in the way. People see a lack of savings (35%), overspending and not budgeting effectively (37%), and debt (36%) as barriers to success.

Despite hurdles, most Americans (58%) believe that they will achieve financial success in their lifetime, with the younger generations most optimistic (Gen Z 71%, Millennials 70%, Gen X 53% and Baby Boomers 45%).

Success, realized

For most people (63%), financial success is found in tangible wins: being able to pay bills on time, owning a home (52%), and affording experiences like travel and entertainment (47%). For 40%, it’s about retiring at a goal age — and while they are working, enjoying the job (42%).

Having a financial plan (45%), building up retirement plan savings like 401(k) investments (30%), and investing in stocks (27%) are top money moves people say propel greater success. One in 3 people (30%) say getting good financial advice is worth its weight in gold.

More key findings from Empower’s report, “Secret to Success“:

• Making it: People say the surest path to success is a well-paying job (51%), saving as much as possible and the power of compounding (46%), along with making smart investment decisions (46%). Some 36% say it’s financial education. People reveal that a secret to success is never spending more money than you make (52%).
• Risking it: Nearly 1 in 4 (23%) say taking risks is an important money move to get richer. A third (34%) believe success means prioritizing your efforts because Time is Money.
• Society says: Americans say their personal definition of success is often at odds with what society prizes. Less than half of people (43%) define financial success as having a certain amount of money or assets. Conversely, people say society equates success with wealth (59%), power (44%), and fame (35%). Just 6% say they value “power” as a measure of success for themselves.
• Success through the ages: Almost half of Americans (49%) feel less financially successful compared to others. 60% say that for their generation, financial success is much harder to achieve than for other generations — a sentiment highest among Millennials at 69%, and lowest among Boomers at 49%. Still, the definition of success may be evolving, as 83% agree that each generation has its own idea of success.
• Success is in the eye of the beholder: Most Americans agree (71%) that there is no single measurement for financial success. One point of agreement: 61% say you can never have enough money.
• Health = wealth: Over a third say success is just as much about physical well-being (35%) as it is how much money they have (27%).
• More money, more problems: 47% agree with the adage “more money, more problems.” The majority (71%) say being rich has a positive connotation, and 61% say being rich is more than dollars and cents.
• Success at work: People say the definition of success at work is how much money they earn (38%), benefits like healthcare, insurance and time off (36%) — but it’s also about the intangibles: finding the right job fit that aligns with their values and personality (35%) and receiving recognition and appreciation (35%). A third say having a good boss is worth its weight in gold (29%), and people view success in the workplace as flexibility (26%) and autonomy (20%).
• The value of a degree: 35% say the college you attend is a big determinant of how rich you are (vs 65% who say it isn’t).

Visit The Currency™ to read Empower’s full research report, “Secret to Success.”

*ABOUT THE STUDY

The Empower “Secret to Success” study is based on online survey responses from 2,203 Americans ages 18+ fielded by Morning Consult from September 13-14, 2024. The survey is weighted to be nationally representative of U.S. adults (aged 18+).

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2024-11-21T10:31:00

(BPT) – With the holiday shopping season right around the corner, you may be making your list and checking it twice to ensure you don’t forget a single thing this year. Meanwhile, endless options both online and in-store can make it feel overwhelming to find the perfect gift for everyone on your “Nice List.” In all that hustle and bustle, there’s nothing worse than adding another trip to the store or dealing with frustrating customer service.

Fortunately, retailers are helping take the hassle out of shopping for your loved ones by tapping into technology built to assist you during the entire process — from browsing, to purchasing, to shipping and service. According to a study by AI-powered customer experience orchestration leader Genesys, 76% of organizations are using AI to personalize customer experiences, which means support, product recommendations and discounts tailored specifically for you. As AI becomes more mainstream in customer service, it can become the personal assistant you need, giving you a more enjoyable experience without even having to visit a store.

While retailers are working to make shopping merry and bright, Ginger Conlon, customer experience advocate at Genesys, has steps you can take for better, faster customer service this holiday season.

• Avoid the busiest hours: If you’re calling for support, reach out in the early morning or late afternoon. Genesys analyzed the number of calls to US retailers’ customer service lines during the 2023 holiday shopping season (Nov. 1–Dec. 25, 2023) and found that the hours of 10 AM through 12 PM ET were overall the busiest times, which could mean longer hold times for you.
• Ask the bot: With 24/7 availability, using chatbots can make it easy to get help faster. Genesys research showed that nearly 90% of surveyed organizations are using chatbots for customer service. Taking advantage of this easily accessible support tool can save you a little extra time when you’re looking for information like return policies, the status of an order and other simple questions. And as AI continues to advance, expect chatbots to evolve into even more helpful virtual agents capable of handling more complex needs.
• Explore your options: Reaching customer service by phone isn’t your only option. Using one of the many communication avenues businesses offer like chat, email, social media or texting can provide the help you need on your schedule.
• Skip the hold music: Instead of waiting on hold, opt for customer service to call you. Many customer service lines offer callback options, letting you get on with your day without losing your place in line. In an era where time is money, enjoy the convenience and flexibility that this helpful support feature offers.
• Don’t be a Grinch: The holiday season is a particularly busy and difficult time for customer service representatives who may deal with hundreds of frustrated shoppers every day. Don’t be one of the many customers who have lost their temper during service interactions. Remember that agents are there to help you. If you’re feeling stressed, pause for a beat — it will make for a better experience for both you and the representative.

This holiday season, use technology to your advantage to skip the lines, get top-notch customer experience and navigate the post-holiday service rush. Happy shopping!

2024-11-19T09:01:00

(BPT) – For many contractors who work seasonally, winter may signal an end to their busiest time of year; for others, winter is the start of their busiest time. No matter when your busy season is, the annual lull in active projects presents an opportunity to assess business performance, set new goals, and streamline operations — and that includes managing your insurance.

As the in-house construction consultant at Acuity Insurance, John Lack leverages more than 35 years of contracting experience to help construction businesses improve important aspects like risk management, jobsite safety, project management and overall profitability. With a background in overseeing the construction of supermarket locations throughout the Midwest, Lack knows firsthand how critical it is for contractors to pair their service offerings with the right insurance coverage.

“Profit margins in construction are notoriously thin,” Lack says. “The seasonal nature of the business means cash flow can fluctuate dramatically. The last thing contractors need during the slow season is insurance-related stress. Instead, insurance should be a tool to help them manage these transitions more smoothly.”

Lack offers a few key suggestions for ensuring contractors get the most out of their insurance, especially during slower periods:

• Optimize Workers’ Compensation Premiums

For many contractors, the winter months can bring a dip in active projects, which impacts payroll and overall business activity. While you’re addressing slow-season challenges, insurance offers opportunities to improve cash flow management.

By proactively reporting any fluctuations in payroll to your insurance provider, contractors can avoid overpaying for workers’ compensation coverage during slower months and ensure they’re paying the right premiums as business ramps up. Insurance premiums tied to actual payroll or job activity can better align with your cash flow, offering savings and flexibility when you need it most.

Acuity Insurance offers AcuitySmartPay to provide a smarter way for contractors to manage their workers’ compensation insurance premiums. In addition to providing a web-based system that simplifies monthly payroll reporting, AcuitySmartPay provides multiple benefits to those who enroll, including:

• • Improved cash flow
  • Fewer surprises at audit
  • Flexible premium payments based on business activity
  • Enhanced business planning and budget insurance expenses

• Consider Insurance Coverage and Resources When Diversifying Operations

Winter can be an ideal time to diversify your business and look for new revenue streams. Expanding your services by offering winter-specific contracting jobs or specialized services can help keep cash flow steady during the slow season. However, these new offerings may bring additional risks that could impact your insurance premiums.

Before introducing new services, be sure to inform your insurance provider about any changes to your operations. Certain types of work — like roof repairs, hazardous material handling or using specialized equipment — carry higher risks, and failing to update your coverage could result in an underinsured business or unexpected costs down the road.

When expanding your scope, don’t forget to consider employee training implications. Your insurance company should have loss control and risk management resources you can leverage. Many insurance companies, including Acuity, provide valuable services to help contractors identify and mitigate risks before they result in costly claims. These resources can include safety audits, jobsite inspections, safety training and tailored risk management strategies. By engaging with these services, contractors can not only improve safety and reduce the likelihood of accidents, but also lower their long-term insurance costs by proactively addressing risks that might otherwise lead to higher premiums or claims.

Make the Most of This Winter Season

Winter is a great time of year for most contractors to analyze their business and identify opportunities or resources that can elevate their bottom line. Having the aid of industry experts who understand the construction industry can provide invaluable support to contractors who want to grow and protect their business. Whether they’re looking for expert advice, policy support or dependable claims service, contractors are encouraged to visit acuity.com or speak with an independent insurance agent to identify the best coverage, services and solutions for their aspirations or evolving business needs.

2024-11-19T07:01:00

(BPT) – The holiday season is right around the corner, and if recent retail sales forecasts are any indication, it’s going to be a massive year for small businesses. The Mintel Holiday Shopping Report 2024 predicts U.S. retail sales in November and December will reach upwards of $1.07 trillion and people are planning to start their shopping early. Are small businesses ready?

For many small to medium-sized businesses (SMBs), the holidays can make or break their year. Small businesses don’t have the same luxury as big corporations and, in most cases, operate with a lean team, tight inventory and limited resources. With this in mind, every second and every dollar matters. So, how can businesses ensure that they’re optimizing internal processes and utilizing their employees effectively to drive growth?

Technology can be a powerful enabler, opening up new opportunities and giving small businesses a significant edge toward success. The right technology will allow businesses to reach the right audience, meet customer demand and drive maximum traffic.

Here are three ways SMBs can leverage technology to stand out and scale up this holiday season, from the pros at Lenovo.

Use AI to improve efficiency

AI isn’t going to replace people, especially in customer service and sales, and it can be a big help in improving the way owners operate their business. According to the Small Business & Entrepreneurship Council, 75% of small businesses are using AI for a variety of tasks, and nearly half of those report AI allows their (human) employees to focus on more meaningful, higher-level tasks. Whether it’s streamlining processes, generating new ideas, tracking inventory or creating custom marketing materials, AI can be molded and incorporated into your business to address your needs. AI can also provide support with analyzing customer data to create targeted advertising and personalized recommendations, automation of repetitive tasks like data entry, and creating chatbots for simple customer service questions or needs, allowing team members to prioritize more complex projects.

Create and optimize an online presence to attract consumers

Consumers expect businesses to have an online presence in addition to a physical presence. In fact, data from Expert Market shows 98% of small businesses have some kind of online presence, however, only 63% have ecommerce integrated into their website. That’s a missed opportunity. According to the Mintel report, 82% of people are multichannel shoppers who shop online. Adobe Analytics predicts online holiday sales will top $240.8 billion this year, with this being the most “mobile” shopping year to date. With all of those online and multi-channel shoppers, small businesses must include ecommerce on their sites to stay competitive.

Improve customer experience

SMBs should ensure they are reaching customers where they are by offering an omnichannel experience. For those with an established online presence, they must continue to incorporate new techniques that elevate their customers’ online experience so they continue to return. A robust, user-friendly website with ecommerce creates a great customer experience. You want shoppers to feel as welcome online as they do in your physical business. Chatbots can help out with customer service, personalized email campaigns can make your customers feel seen and heard, while social media marketing can build loyalty, create community and put you in touch with people all over the world. Other tools like customer relationship management systems can store customer data, track purchase history and provide targeted offers, further upping the relationship level.

By leveraging technology, small businesses can level up just before the holiday rush. Technological advancements will help small business owners create an engaging, personalized presence for customers and can help run your business more efficiently and smoothly, too. For more information about how technology can help your business, visit Lenovo.com.

2024-11-19T07:01:00

(BPT) – As you start checking off everyone on your holiday shopping list, it’s important to remember that more online shopping means more opportunities for cyber scams. But don’t let the Grinch steal your holiday cheer! It’s time to deck the halls with essential cybersecurity tips to ensure a safe and merry shopping experience.

Unwrap some festive tips to keep your holiday season jolly and scam-free!

1. Update your devices for a holly jolly holiday

In your tech-driven lives, your devices act as your personal elves, guarding your digital stockings. Regular updates help to patch vulnerabilities and protect you from the latest security threats. So, as you prepare for your holiday online shopping sprees, make sure all your devices — smartphones, tablets, laptops — are running the latest operating systems. This not only enhances security but also improves functionality, making your online experience smoother as you shop for that perfect holiday gift.

2. Protect your holiday cheer: Avoid public Wi-Fi for financial transactions

As you dash through shopping malls or bustling airports, the convenience of public Wi-Fi can be tempting. However, these unsecured networks can quickly become a hacker’s winter wonderland, making it risky to conduct financial transactions or access sensitive information. Instead, opt for secure networks that require a password, or better yet, use your mobile data when making purchases. It’s always worth waiting for a safer connection to protect your personal data and avoid potential cyber pitfalls during your holiday shopping adventures.

3. Stay off the naughty list: Skip ads and go straight to the site

While it’s easy to get drawn in by eye-catching ads promising unbeatable holiday deals, clicking on them can expose you to scams. Advertisements often track your data and lead you to fraudulent websites. Instead, take a moment to type the URL directly into your browser. This small yet impactful action not only safeguards your personal information but ensures that you reach the legitimate sites for your holiday shopping, allowing you to shop with confidence.

4. Keep your digital wallet as safe as Santa’s sleigh

Digital wallets are convenient tools for both in-person and online shopping, especially as you navigate holiday markets or browse for gifts during your travels. They encrypt your account details, ensuring your card numbers are never shared. However, it’s vital you secure this personal vault. Protect it with a robust passcode and enable biometric locks, such as fingerprint or facial recognition. This added layer of security ensures that your financial information remains safe, allowing you to enjoy your holiday shopping without fear.

5. Jingle All the Way with Zero Liability

This festive season, let Zero Liability keep your holiday cheer intact and free from worries. Financial institutions that issue Mastercard cards won’t hold you responsible for “unauthorized transactions,” as long as they are promptly reported and you’ve taken reasonable care to protect your card from loss or theft. As a Mastercard cardholder, Zero Liability covers your purchases made in-store, over the phone, online, via a mobile device, and even at ATMs. With such protections, paying with your card brings more peace of mind than paying with cash or check.

So, keep your card close, and let your holiday spirit shine bright without any worries! As the holiday season jingles on, remember to be proactive about cybersecurity to make your shopping experience merry and bright. Whether you’re sipping hot cocoa at a cozy café while hunting for last-minute gifts online or exploring local treasures in a new city, these tips will help you navigate the bustling holiday landscape safely. So, deck the halls with cyber smarts, enjoy your festive shopping, and travel safely.

2024-11-14T13:05:00

(BPT) – By Mary Kay Bowman, EVP, GM of Payments and Financial Services at BILL

Technology has become so ingrained in our daily routines that it feels like paper checks should already be a thing of the past. In fact, many young adults have never even written one, and many major retailers no longer accept them. And in today’s era of smartphones, online banking and digital payments, it may be surprising that paper check fraud has more than doubled in recent years.

Accepting paper checks isn’t only riskier than ever — they are also more costly, less efficient and take more time to process than before. Even so, 75% of businesses still use paper checks, including many small and midsize businesses (SMBs). If your business is reluctant to give up paper, now may be the time to take the plunge and go digital. The good news is, making the switch is a lot easier now — and today’s digital payment processes are faster, safer and more secure than ever before.

Top reasons to go digital

Need help weighing the pros and cons of ditching paper checks? Here’s a look at the risks that paper checks can bring, and the advantages of digital payments.

1. Paper checks bring more risks than rewards

Risks from paper checks are at an all-time high, and here’s why:

Time is money — Think about it: Checks need signatures and approvals, postage and mailing time — costing more, using more labor and plenty of unnecessary paper. Then there’s the postal system, which can delay transactions, and lead to less transparency. Checks also have to clear banks, which may hold funds for a period of time to ensure there are sufficient funds to guard against fraud. And checks with higher dollar amounts are more likely to take longer to clear.

Theft and loss — Checks contain the sender’s banking info, leading to security risks if they’re lost or stolen. You send banking details through unsecure channels (the postal service) when a check is mailed, putting that information at risk. For example, one new trend has thieves targeting the “arrow keys” that provide mail carriers with access to USPS mailboxes. And once the sender’s information is out there, it can be sold on the dark web and be used to forge additional checks, putting the account balance, the sender’s good name and credit score in serious jeopardy.

Your bottom line — Checks have been around for ages and for long-time users, it may seem like their cost is “free,” but do you really know the cost of issuing paper checks? It can range from $4 to $20 per check — as opposed to only approximately 30 cents for digital payments. Even worse, manual check processing opens more opportunities for errors and lack of visibility — and time and money lost when your business has to track down sent and received checks.

BILL customer and leading plastic and cosmetic surgery practice RenewalMD has experienced the risks of paper checks firsthand: RenewalMD didn’t have a good process for accounts payable management. Their administrative assistant sorted through snail mail and entered bills into their accounting system manually.

“It was a nightmare,” recalled RenewalMD COO Scott Regan. “We’d find out later we’d been cutting checks for things that didn’t need to be paid.”

Then serious financial fraud occurred when someone from another state used their routing and account numbers to write fraudulent checks. Worse yet, their bank wouldn’t help them recover the money, and all they could do was close the account.

“I didn’t want to write another check on that account,” Regan said. “The more checks you have in circulation, the easier it is for someone to lift your routing and account numbers to fake a check.”

His team upgraded to financial automation software from BILL, so they now make digital payments quickly, easily and — most importantly — securely.

2. Digital transformation is gaining momentum

Digital transformation is not going away and businesses everywhere are reaping the rewards by leveraging technology to better serve their customers and stay ahead of competitors. According to BILL’s 2024 State of Financial Automation Report, 90% of SMBs agree that automation is key to improving business efficiency. Although the thought of adopting new technologies may seem daunting, the benefits of going digital are clear:

• Increased efficiency: Online payments for businesses can cut the time associated with bill approval by over 50% — helping your business collect money up to two times faster.
• Enhanced security: With digital payments, your financial data and documents will be safer due to secure, encrypted, password-protected servers.
• Better accuracy: Digital business payments can automatically sync with your accounting software, so the information is never entered twice — making the process of paying and reconciling payments that much more precise.
• More visibility and control: Online payments let you track every step, including everyone who touches that payment within your company and outside of it.
• Convenience: Payments can be made from anywhere using any computer or mobile device.

3. Going digital is an easy way to up-level your business

Most importantly, your business needs a simple way to make payments and get paid quickly and securely. Today’s digital payment methods make it easier, faster and more secure to pay, receive and track bills — and it’s not hard to set up, with leading financial operations platform BILL, which is simple and easy to use. Switching to electronic eChecks/ACH payments or other types of payments saves time on manual tasks while cutting costs of materials like check stock and postage. With help from BILL, your company can:

• Streamline and track payments by choosing your payment method, paying bills and tracking payment information on one platform.
• Be more flexible with all the payment methods you need, when you need them.
• Save time by automating your AP process to eliminate the manual process of paying bills.
• Manage cash flow with payment flexibility and full documentation that puts you in control.
• Stay in sync thanks to digital payments that automatically sync with your favorite accounting software.
• Reduce risk of check theft and fraud with secure digital payments.

BILL customer and hospice innovator BetterRX has seen the benefits of eliminating manual financial processes and going digital: Before using BILL, BetterRX often paid invoices with paper checks, so staff members had to travel to the office to sign and mail them. With BILL, BetterRX optimized their financial operations within a single platform, eliminating these manual processes — and the need to be tethered to a physical office.

“We’ve been fully remote for years, thanks in part to BILL,” said Randi Letendre, CFO of BetterRX. “This lets our people work from all over the world, accessing the platform anywhere, even from phones and other devices.”

Being able to better optimize cash flow through digital automation is a key differentiator for SMBs seeking a competitive edge. Having a choice in payment options helps SMBs transact quickly, securely and efficiently. BILL offers all of this and more to SMBs. Not only can you use BILL’s eight different payment modalities, but you can also benefit from the flexibility of BILL’s payment innovations, such as:

ACH payments: ACH via BILL is fast, more secure than paying through your bank’s ACH and has low processing fees.

International wire transfers: BILL international payments can be sent from the U.S. to 137 countries and via 106 currencies. BILL offers a $0 wire transfer fee and competitive exchange rates when paying in local currency.

Credit cards: BILL credit card payments are quick, allowing you to optimize your cash flow through deferred payments, while you earn points, miles, cash rebates and more.

Virtual cards: BILL’s one-time-use credit card tokens are perfect for businesses that want a fast, secure, cost-effective payment solution.

Real-time payments: RTP is best for businesses that need to make urgent/time-sensitive payments within seconds or have receivers who need early access to funds. BILL RTPs can be processed 24/7, 365 days a year, including holidays and weekends.

The good news is that BILL can automate and manage your business’ financial needs all in one place without the need for paper-based or manual processes. To learn more and to start your risk-free trial, visit Bill.com/Signup.

2024-11-07T08:01:00

(BPT) – Professor David W. Miller, executive director of the Princeton Faith & Work Initiative and lecturer at Princeton University, has announced his latest white paper, “The Ethics of Organizational Change.” The paper offers an academic perspective on organizational change and transformation at the intersection of historic, cultural and social change.

In partnership with Dr. Michael J. Thate, Miller’s research looks at issues from financial market downturns, major social movements and political shifts to consider the ethics and methodology around organizational change and transformation from Alexander the Great and the 2008 recession to the cancel culture of today. At the core, their theories emphasize the need to find “an inclusive way forward” among organizations and stakeholders toward organizational transformation.

The paper is grounded in Miller and Thate’s novel Transformation Assessment Model (TAM), a three-part framework developed for business leaders to gauge the viability of transformational change in their organizations. TAM critically explores the vectors of believability, buy-in and barometers. Determinants of organizational shifts include whether business goals or objectives should alter course due to market pressures, or major social upheaval, and how to balance these shifts without submitting to political pressure and divisive stakeholder rhetoric. They present macro questions to consider when business leaders are formulating plans for change, which include:

• Was the pressure to change internal (e.g., leadership shifts, employee demands) or external (e.g., regulatory agencies, market shifts, public pressure, pandemic, war)?

• Was the change an intentional pivot or an unintended drift?

• Was the change grounded in a higher-order purpose, purely profit-driven or reactionary?

• Did the change occur on the margins or at the core?

• Were a variety of voices, constituencies and stakeholders involved or consulted to help define the process, design and end goal?

The TAM framework can also be an assessment tool for internal and external stakeholders with a material interest in transformation.

Philip Morris International’s U.S. affiliate (PMI) sponsored a luncheon, and the white paper launch in Austin, Texas, in mid-October. Marian Salzman, PMI’s SVP, U.S. Strategic Projects, trendspotter and communications strategist, joined Miller to discuss business transformation and organizational change with business leaders across the region. Salzman has built her career on helping companies and brands anticipate the future ahead of the competition. Miller serves as an independent external ethics adviser to PMI.

The conversation was moderated by Clay Hebert, founder of Take Back Perfect and a marketing and funding advisor to hundreds of startups counseling them on innovation and entrepreneurship. Topics explored included social upheaval, pandemics, political interference, technological innovation, economic volatility, and the myriad external forces today that can influence or derail change.

To download the white paper, visit TEOOC.com.

About David W. Miller

Miller is the director of the Princeton Faith & Work Initiative, a senior professional specialist in ethics and a lecturer. In addition to his oversubscribed classes, ground-breaking research and public outreach, he also advises corporate CEOs and senior executives on ethics, values-based leadership, culture and the role of faith at work.

As a thought leader, many C-suite executives seek his counsel, and scholars, NGOs and the media seek his views. He has presented on “A Restoration of Trust?” in Davos and is a regular participant at the Yale CEO Summit. An article in the Wall Street Journal featured his work with one global client referring to him as the “on-call ethicist.”

Prior to academia, Miller lived and worked in London, England, where he was a partner in a private equity firm specializing in international investment management, corporate finance, and mergers and acquisitions. Before that, he was a senior executive and director of the securities services and global custody division of HSBC Group, and previously held the same position at Midland Bank plc before its acquisition by HSBC.

After his corporate experience, he entered academia, receiving his M.Div. and a Ph.D. in ethics from Princeton Theological Seminary. Before joining the faculty at Princeton University in 2008 and launching the Faith & Work Initiative, he taught for five years at Yale Divinity School and Yale School of Management and was the executive director of the Yale Center for Faith & Culture.