I understand this question is a bit outdated, but it worked for us to help others - and our Authorize.Net transactions now work with TLS 1.2 in our .NET 2.0 AbleCommerce application. [It seems that the deadline for the transition to production has been extended until February 28, 2018.
Environment: Windows Server 2008 R2, IIS 7.5, AbleCommerce 7.0.2 build 11659, CommerceBuilder.AuthorizeNet 7.0.9764.0
In accordance with the answer of @JoeBoxer above, this link did the trick - in particular, by installing two registry keys for our x64-based system (the patch listed will not be installed in our field):
[HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\.NETFramework\v2.0.50727] "SystemDefaultTlsVersions"=dword:00000001 [HKEY_LOCAL_MACHINE\SOFTWARE\Wow6432Node\Microsoft\.NETFramework\v2.0.50727] "SystemDefaultTlsVersions"=dword:00000001
We also did this - since we did not have entries for TLS 1.2, but this alone did not fix the problem.
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