- MIT's acceptance of credit cards has grown over the years and will continue on this growth path as customers prefer to pay with credit cards over other means of payments. MIT will support the continued growth of any merchant who wishes to offer an electronic payment means for goods, gifts and services, including registration fees, ticket sales, application fees, and donations.
- MIT's current policy does not accept credit cards for tuition.
- Merchants will use the approved MIT-based solution including the processes and procedures for accepting credit cards. Any merchant, with a documented business case in support of a non MIT-based solution may request a base-line exception to be reviewed and evaluated.
Terms and Conditions
- Merchants must understand and agree to pay on-going transaction fees associated with their merchant business, annual compliance activities costs as defined by the PCI (Payment Card Industry) Security Standard Council and any other fees deemed necessary to protect the interests of the Institute and its customers.
- All merchants at MIT accepting credit cards on behalf of MIT for goods, gifts, donations or services must be an official MIT merchant and comply with documented policies and procedures and designate a responsible party who will have authorization and responsibility for the merchant account. All merchants will agree to renew their merchant status annually and comply with any and all validation requirements as set by MIT's acquiring bank and the PCI Security Standard Council as well as any state and federal laws regarding consumer and personal information protection.
- Any merchant not complying with the terms and conditions of the Merchant Statement will risk losing his or her MIT Merchant ID. Even one merchant can put MIT at risk and elevate the overall risk status of MIT.