More Money, More Problems Accepting B2B Credit Cards

Business to Business (B2B) companies often dislike or discourage customers from paying with a credit card. High fees, transaction limits and held funds are just some of the problems that can result from large credit card payments to your business.

So, you just hit your transaction limit.

Stripe, Paypal and many other payment processors allow you to sign up instantly, but businesses accepting large credit card payments of $1,000 or more often run into issues. Depending on the processor, they may have a ceiling limit on the amount you can process in a single transaction. Traditional, non-instant merchant accounts are often a far better fit for businesses who accept higher ticket credit card payments. If you process with one of these instant sign-up processors and do not have your own merchant account, you risk having funds held with few options for recourse. These processors can, and often do, hold funds for an undisclosed amount of time which can put merchants in a serious bind.

Risk determines everything.

Fraud is a big problem. Complicating things even further is the fact that customers may have up to six months to dispute a charge from the date of sale. Based on your industry, chargeback history and ticket size, processors make risk determinations based on your profile. Some processors may cap the amount you are able to process, others may not allow you to process at all. By providing some simple financial documentation in advance, proving your business is financially stable and legitimate, you can potentially eliminate these roadblocks before they occur.

For Level-3 B2B merchants, the larger the credit card transaction the lower the fees!

Getting paid for a large ticket transaction feels great, but paying fees on them, not so much. For the lowest possible fees, businesses should see if they qualify for and are receiving full Level 3 and Large Ticket discounted processing rates. With these discounts, merchants can save between 25-75% of the total cost of the transaction. Best of all, there are solutions that can do this seamlessly on the backend, with no additional input. Qualifying for these discounts means that instead of paying almost 3% on every credit card transaction, you can instead pay less than half of that (<1.5%) to accept the same card!

For more information on Large Ticket Transaction discounts or your eligibility, contact Team Merchant today at: 844-805-3862 or contact us with the button below.

Why Isn’t My Authorize.net Integration Working?

Did you check the Transaction Key? 

Authorize.net is a very popular payment gateway because it allows merchants to integrate credit card and eCheck payments into software, websites, shopping carts and more.

As an Affiliate and Authorized Reseller, Team Merchant sees common mistakes that are made when generating Transaction Keys for an integration.

What’s a Transaction Key? 

Similar to a password, your system-generated Transaction Key is used to authenticate requests submitted to the payment gateway and is necessary for Authorize.net to function.

When you implement a new shopping cart, software, or other third-party solution with Authorize.net, that solution may ask for your Authorize.net credentials. Your Gateway ID (or API Login ID) and Transaction Key are part of those credentials and are necessary for an encrypted solution like Authorize.net to integrate into another solution.

How to generate a new Transaction Key in Authorize.net:

For security reasons, you need to generate a new Transaction Key often to integrate Authorize.net into a website or shopping cart. Authorize.net has a wonderful support site that lists the following steps to generate a new Transaction Key.

1.            Log into the Merchant Interface.

2.            Click Account from the main toolbar.

3.            Click Settings in the main left-side menu.

4.            Click API Credentials & Keys.

5.            Select New Transaction Key.

6.            Note: When obtaining a new Transaction Key, you may choose to disable the old Transaction Key by clicking the box titled, Disable Old Transaction Key Immediately. You may want to do this if you suspect your previous Transaction Key is being used fraudulently.

7.            Click Submit to continue.

8.            Request and enter PIN for verification.

9.            Your new Transaction Key is displayed.

Remember: You can only have one transaction key at a time!

If you ever generate a new one, you will have to update all of your previous integrations with the new key.

 Why Is My Other Authorize.net Integration Not Working?

A common problem with authorize.net occurs when there are multiple integrations with the same authortize.net account. If when integrating authorize.net to a new shopping cart or software another existing integration stops working, it is most likely because of an expired transaction key.

If you need to generate a new Transaction Key to switch processors or implement a new solution with Authorize.net, it is important to understand that it invalidates the old key. It is critical that you update the new Transaction Key in all your software, website, and shopping cart integrations with the same new key!

Still stuck or have more questions about authorize.net and payment processing? Team Merchant is here to help, click here to schedule a free consultation.