Having just resolved this exact same issue, here's what I found...

Server Specs (essentially the same as O.P)

• Windows Server 2008 r2
• IIS 7.5
• SSL Provider: GeoTrust RapidSSL

First Issue: Out of Date Cryptographic Policies

Several articles pointed out the server may have out of date cryptographic policies. A bit of research revealed everything must be configured using registry settings. See the MS Support article How to restrict the use of certain cryptographic algorithms and protocols in Schannel.dll for detailed information.

Not sure if your sever is up to date? SSL Labs' Server Test is a great tool for validating your site's cryptographic policies.

Manually Edit the Registry?

The MS Support article details editing the registry keys. Aack! A bit more research and I found a great utility called IIS Crypto by Nartac Software that will update all the registry keys in a single click. FYI: a reboot is required as well.

From the Nartac Software site:

IIS Crypto is a free tool that gives administrators the ability toenable or disable protocols, ciphers, hashes and key exchangealgorithms on Windows Server 2008, 2012 and 2016. It also lets youreorder SSL/TLS cipher suites offered by IIS, implement best practiceswith a single click, create custom templates and test your website.

Second Issue: Incorrect IIS SSL Site Settings

The root of this issue due to the default of IIS setting the SSL Settings to "Accept" Client certificates. There is no need to accept client certs, so simply set the setting as "Ignore" (from the O.P.'s suggested fix #1 image).

Note: The image shows "Require SSL" is unchecked; for this discussion, whether it is checked is not relevant. All that matters is the site can connect using https.

Wrap Up

Once the server has the cryptographic policies reconfigured and the IIS SSL Settings have been set to ignore client certs, the "No certificates found" error will be resolved.