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 Institute Events for help with single-event credit card processing. If you are looking solely for ticketing services, visit adMIT One (MIT’s centralized box office service, or email the Merchant Services team.
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.
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
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 Institute Events for help with single-event credit card processing. If you are looking solely for ticketing services, visit adMIT One (MIT’s centralized box office service, or email the Merchant Services team.
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.
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 |
