IOLTA Compliant Credit Card Processing

The importance of IOLTA when accepting payments through a gateway or merchant services account is essential for lawyers.

First things first, I am not an attorney, and this is not legal advice. That being said, Team Merchant works with many law firms and we are experts when it comes to best practices in the payments industry.  Finding an affordable partner who is familiar with Interest On Lawyers Trust Accounts (IOLTA) regulations can be difficult. Many processors and gateways who cater specifically to the legal services industry vastly overcharge for the services they are providing. Team Merchant understands how vitally important it is for law firms to handle fiduciary funds properly. Keeping operating accounts and IOLTA accounts separate saves time and headaches down the road. Incorrect architecture of IOLTA accounts can lead to a nightmare of forensic accounting, potential liabilities, and discipline for incorrect handling of funds.

IOLTA Compliant Card and ACH Payments can be Easy!

Accepting payments is not a reason that anyone goes into practicing law. It can be a hassle and the payments industry is intentionally confusing to make it difficult to understand what you are paying and why. In the legal industry, time is the most valuable commodity and eliminating wasted hours is essential. There are many solutions branded for the legal industry specifically to create the illusion that they have solved some grand mystery. It sounds great, but most traditional credit card, check, ACH, invoicing and payment processing services are able to process these transactions and earmark them for different accounts, which is the crux of IOLTA regulations.

Firms process payments in a myriad of ways. It could be in person with terminals, over the phone via a virtual terminal, an emailed invoice or any combination of many different solutions. It is a must that these systems work together and allow payments, deposits, fees and chargebacks to be routed to the correct account when processing a transaction. With so many moving parts, a payments company that works to find the perfect solution for a firm’s unique needs is invaluable.

Maintaining Two Accounts – IOLTA and Operating

We understand that people do not want to operate two entirely different payments ecosystems, however fees and chargebacks can never be withdrawn from an IOLTA account. Many antiquated systems make this process cumbersome and time consuming. There is no longer a need to remember multiple log ins or juggle random merchant ID numbers. The same parent account will house the two merchant accounts and allow you to choose which account you are processing payments through at the time of payment. Further, it is important to have robust reporting that allows you to switch seamlessly between the two accounts, see transactions in real time, securely store cards for future or recurring transactions and easily identify and correct any errors.

Team Merchant works with law firms of all sizes. We have been able to help substantially reduce processing fees, increase efficiencies and maximize security by completely removing firms from PCI scope.  We are passionate about helping attorneys and firms eliminate wasted hours and keep more of their own money!

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.