We’ll get up and running and help you determine which type of merchant account works best for you.

Assess your business model

If you are thinking about becoming an MIT merchant, ask yourself these questions:

  • What am I going to sell?
  • Will I accept donations?
  • How much will credit card transactions cost?
  • What new equipment will I need?

If you are not selling items (e.g., books, conference registration fees) or accepting donations (e.g., gifts to the MIT Alumni Association) on an ongoing basis, contact VPF’s merchant services team to find out about becoming a one-time merchant.

If you plan to act as a merchant on a continuous basis, assess the situations in which you plan to accept orders or payments.

  • face-to-face—credit card is physically present, such as at a sales desk or conference display
  • over the phone—credit card information is shared by voice
  • online—credit card information is shared via a payment page

Making these decisions now will help you complete your application for MIT merchant status as efficiently as possible.

Decide which credit cards to accept

As an MIT merchant, you have the option to accept MasterCard, Visa, American Express, and Discover cards. MasterCard and Visa are the primary cards accepted by all MIT merchants. Review the costs and fees associated with various credit card options.

Apply for merchant status

To apply for an MIT Merchant Account, you must complete the MIT Merchant Services Pre-Implementation Business Plan/Application and send it to VPF’s merchant services team. Allow up to seven days for VPF to review your plan. If approved, you will be able to begin using your merchant account within six to eight weeks. If your plan is not approved, the merchant services team will contact you to discuss questions or concerns.

Sign PCI compliance guidelines

After VPF approves your business plan/application, you must review and sign off on a self-assessment questionnaire (SAQ) for PCI compliance and the MIT Business Owner Acknowledgement.  Use the “TrustKeeper” link on the BOA form to find the correct questionnaire for your account type.

The Details

Assess your business model

If you are thinking about becoming an MIT merchant, ask yourself these questions:

  • What am I going to sell?
  • Will I accept donations?
  • How much will credit card transactions cost?
  • What new equipment will I need?

If you are not selling items (e.g., books, conference registration fees) or accepting donations (e.g., gifts to the MIT Alumni Association) on an ongoing basis, contact VPF’s merchant services team to find out about becoming a one-time merchant.

If you plan to act as a merchant on a continuous basis, assess the situations in which you plan to accept orders or payments.

  • face-to-face—credit card is physically present, such as at a sales desk or conference display
  • over the phone—credit card information is shared by voice
  • online—credit card information is shared via a payment page

Making these decisions now will help you complete your application for MIT merchant status as efficiently as possible.

Decide which credit cards to accept

As an MIT merchant, you have the option to accept MasterCard, Visa, American Express, and Discover cards. MasterCard and Visa are the primary cards accepted by all MIT merchants. Review the costs and fees associated with various credit card options.

Apply for merchant status

To apply for an MIT Merchant Account, you must complete the MIT Merchant Services Pre-Implementation Business Plan/Application and send it to VPF’s merchant services team. Allow up to seven days for VPF to review your plan. If approved, you will be able to begin using your merchant account within six to eight weeks. If your plan is not approved, the merchant services team will contact you to discuss questions or concerns.

Sign PCI compliance guidelines

After VPF approves your business plan/application, you must review and sign off on a self-assessment questionnaire (SAQ) for PCI compliance and the MIT Business Owner Acknowledgement.  Use the “TrustKeeper” link on the BOA form to find the correct questionnaire for your account type.

Did You Know?

Merchant Services has recently added PayPal to the payment options available to the MIT Community.
MIT does not use Square or other devices that transmit transaction financial data over wireless networks.
MIT has a custom data repository that includes all merchant transaction information. Visit the MIT CyberSource reporting portal to learn more.
1 of 3