Planning ahead for the costs associated with your MIT merchant account will help you maximize the investment in your enterprise.

Review equipment costs

If you are a full-time MIT merchant, plan on the following equipment investments:

  • computer with web access—IS&T recommends Internet Explorer, Firefox, or Safari browser software
  • printer—if you need to print receipts
  • point-of-sale (POS) device

If you are operating as a one-time merchant, contact MIT Institute Events for help with single-event credit card processing. If you looking solely for ticketing services, visit adMIT One (MIT’s centralized box office service) or contact the Merchant Services team.

Evaluate shopping cart fees

If your typical purchaser is buying more than one item at a time, you may want to add a shopping cart function to your e-commerce site. The initial setup fee is $99. You also have to pay a monthly fee of $49.95 for a basic shopping cart or $99.95 per month for a customizable pro version.

Understand credit card costs

You will pay a monthly fee for any credit cards you decide to accept, and some companies—such as MasterCard and Visa—bill you an additional surcharge for special cards (e.g., Rewards cards, International or World cards, corporate cards). As an MIT merchant, you receive the special negotiated Institute rates.

Card Fee Type Cost
MasterCard and Visa fixed fee plus variable fees based on card type 2.20% (current MIT-negotiated rate) and $0.30 per transaction
MasterCard and Visa potential variable fee 0.6% to 1.2% premium surcharge (based on special card types
MasterCard and Visa recurring (if used) $0.05 per transaction to retrieve stored data
American Express and Discover variable 2.20% estimated (may vary based on level of activity

 

The Details

Review equipment costs

If you are a full-time MIT merchant, plan on the following equipment investments:

  • computer with web access—IS&T recommends Internet Explorer, Firefox, or Safari browser software
  • printer—if you need to print receipts
  • point-of-sale (POS) device

If you are operating as a one-time merchant, contact MIT Institute Events for help with single-event credit card processing. If you looking solely for ticketing services, visit adMIT One (MIT’s centralized box office service) or contact the Merchant Services team.

Evaluate shopping cart fees

If your typical purchaser is buying more than one item at a time, you may want to add a shopping cart function to your e-commerce site. The initial setup fee is $99. You also have to pay a monthly fee of $49.95 for a basic shopping cart or $99.95 per month for a customizable pro version.

Understand credit card costs

You will pay a monthly fee for any credit cards you decide to accept, and some companies—such as MasterCard and Visa—bill you an additional surcharge for special cards (e.g., Rewards cards, International or World cards, corporate cards). As an MIT merchant, you receive the special negotiated Institute rates.

Card Fee Type Cost
MasterCard and Visa fixed fee plus variable fees based on card type 2.20% (current MIT-negotiated rate) and $0.30 per transaction
MasterCard and Visa potential variable fee 0.6% to 1.2% premium surcharge (based on special card types
MasterCard and Visa recurring (if used) $0.05 per transaction to retrieve stored data
American Express and Discover variable 2.20% estimated (may vary based on level of activity

 

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.
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