Massachusetts Institute of Technology

1.What is the TechCASH program?
2.Why should I become a TechCASH merchant?
3.Who should I contact if I have questions about the TechCASH program?
4.What do I need to get started?
5.What model of Verifone readers do I need and where do I obtain the Verifone equipment?
6.How much does Verifone equipment cost?
7.How long does it take to install Verifone equipment?
8.What does it cost to install Verifone equipment?
9.Who will train my staff to use the Verifone equipment?
10.What should I do if my equipment isn't working?
11.How will my business be reimbursed for sales?
12.Can I be reimbursed for sales on a weekly basis?
13.What marketing will be provided for my business?
14.What happens if a TechCASH cardholder doesn't have sufficient funds to pay for the merchandise?
15.What happens if I accept a stolen card?
16.How do I handle refunds?
17.How do I obtain daily reconciliation reports?

1.What is the TechCASH program?

The TechCASH program is MIT's card program for MIT
students, faculty and staff. Similar to a debit card, cardholders can deposit money in their TechCASH accounts and use that stored value to purchase goods and services from participating merchants. The TechCASH program has become an easy and convenient way for members of the MIT community to conduct business in a safe way without having to carry cash.

2.Why should I become a TechCASH merchant?

The TechCASH Card is quickly becoming the way for MIT Students to make purchases. As a TechCASH merchant, you'll be able to accept the TechCASH Card as a method of payment, giving over 10,000 MIT students, faculty and staff an easy way to do business with you. Each year since it started, the TechCASH Card program has grown in total deposits...deposits that customers could be using at your business if you were a TechCASH merchant.

3.Who should I contact if I have questions about the TechCASH program?

Please send e-mail to John McDonald at jmcd@mit.edu

4.What do I need to get started?

First, complete and return a Merchant Application Form.

After approval, we will mail you a legal agreement. Sign and return the agreement.

Once you are approved, purchase your VeriFone credit card reader and printer.

Call (617) 253-9897 to schedule the technician who will program your VeriFone reader and train your staff. You should have your VeriFone reader and printer on premises before making your appointment.

5.What model of VeriFone readers do I need and where do I obtain the VeriFone equipment?

The VeriFone Tranz 330 or Tranz 380x2 model readers are required, along with a VeriFone printer. Check with your bank of financial institution. Some merchants may already have the equipment that's required, or your bank may let you trade for the correct VeriFone readers.

6.How much does Verifone equipment cost?

Recent prices for new equipment were: Tranz 330 for $225, Tranz 380x2 for $320; and the VeriFone 250 printer for $250. Refurbished equipment, Tranz 330 and Printer 250 combo for $220; Tranz 380x2 for $149 and Printer 250 for $115.

7.How long does it take to install Verifone equipment?

It generally takes about one week from the time you call to make an appointment with the technician for installation and training. You must have your VeriFone reader and printer on premises before you schedule an appointment. The closer you are to the beginning of a semester, the longer it may take depending on the number of new businesses we are installing.

8.What does it cost to install Verifone equipment?

The only cost to the merchants is the price of the verifone equipment and a telephone line.

9.Who will train my staff to use the Verifone equipment?

Our technician will train a reasonable number of staff; written documentation is also provided at training.

10.What should I do if my equipment isn't working?

Phone (617) 253-9897 as soon as you notice the problem. The person answering the phone will contact a technician who can provide assistance. The university is not liable for any losses incurred by the merchant due to failure of equipment.

11.How will my business be reimbursed for sales?

Merchants are reimbursed by check once a month for sales, with the sales fee deducted from each reimbursement check.

12.Can I be reimbursed for sales on a weekly basis?

Yes, Merchants may elect to receive weekly reimbursement checks or wire transfers for an additional fee.

13.What marketing will be provided for my business?

MIT TechCASH will introduce all new participants in the TechCASH Card program via this Web site . All participanting merchants will continue to be listed on the Web site and will be incorporated in all print materials that are issued by TechCASH, including information that's distributed to all new TechCASH cardholders and in information that is distributed during new student activities during the summer months and at the beginning of each semester. This information is also made available to students and staff that obtain replacement TechCASH cards.

14.What happens if a TechCASH cardholder doesn't have sufficient funds to pay for the merchandise?

The TechCASH program is strictly debit. If the cardholder does not have sufficient funds for the purchase, the transaction will be denied.

15.What happens if I accept a stolen card?

If you accept a stolen card, you will not be reimbursed for the sale. All of your staff should be trained to look at the card and make sure the person in the photo is the person using the card. If the purchase is large, you may want to ask for an additional photo ID.

16.How do I handle refunds?

Transactions made against a customer's TechCASH Account must be refunded to that account. You will not allow cash refunds.

17.How do I obtain daily reconciliation reports?

Daily reconciliation reports can be run from the VeriFone terminal. You will be provided with daily sales and refund totals.






				Merchants: Frequently Asked Questions (FAQ) 1.What is the TechCASH program? 2.Why should I become a TechCASH merchant? 3.Who should I contact if I have questions about the TechCASH program? 4.What do I need to get started? 5.What model of Verifone readers do I need and where do I obtain the Verifone equipment? 6.How much does Verifone equipment cost? 7.How long does it take to install Verifone equipment? 8.What does it cost to install Verifone equipment? 9.Who will train my staff to use the Verifone equipment? 10.What should I do if my equipment isn't working? 11.How will my business be reimbursed for sales? 12.Can I be reimbursed for sales on a weekly basis? 13.What marketing will be provided for my business? 14.What happens if a TechCASH cardholder doesn't have sufficient funds to pay for the merchandise? 15.What happens if I accept a stolen card? 16.How do I handle refunds? 17.How do I obtain daily reconciliation reports? 1.What is the TechCASH program? The TechCASH program is MIT's card program for MIT students, faculty and staff. Similar to a debit card, cardholders can deposit money in their TechCASH accounts and use that stored value to purchase goods and services from participating merchants. The TechCASH program has become an easy and convenient way for members of the MIT community to conduct business in a safe way without having to carry cash. 2.Why should I become a TechCASH merchant? The TechCASH Card is quickly becoming the way for MIT Students to make purchases. As a TechCASH merchant, you'll be able to accept the TechCASH Card as a method of payment, giving over 10,000 MIT students, faculty and staff an easy way to do business with you. Each year since it started, the TechCASH Card program has grown in total deposits...deposits that customers could be using at your business if you were a TechCASH merchant. 3.Who should I contact if I have questions about the TechCASH program? Please send e-mail to John McDonald at jmcd@mit.edu 4.What do I need to get started? First, complete and return a Merchant Application Form. After approval, we will mail you a legal agreement. Sign and return the agreement. Once you are approved, purchase your VeriFone credit card reader and printer. Call (617) 253-9897 to schedule the technician who will program your VeriFone reader and train your staff. You should have your VeriFone reader and printer on premises before making your appointment. 5.What model of VeriFone readers do I need and where do I obtain the VeriFone equipment? The VeriFone Tranz 330 or Tranz 380x2 model readers are required, along with a VeriFone printer. Check with your bank of financial institution. Some merchants may already have the equipment that's required, or your bank may let you trade for the correct VeriFone readers. 6.How much does Verifone equipment cost? Recent prices for new equipment were: Tranz 330 for $225, Tranz 380x2 for $320; and the VeriFone 250 printer for $250. Refurbished equipment, Tranz 330 and Printer 250 combo for $220; Tranz 380x2 for $149 and Printer 250 for $115. 7.How long does it take to install Verifone equipment? It generally takes about one week from the time you call to make an appointment with the technician for installation and training. You must have your VeriFone reader and printer on premises before you schedule an appointment. The closer you are to the beginning of a semester, the longer it may take depending on the number of new businesses we are installing. 8.What does it cost to install Verifone equipment? The only cost to the merchants is the price of the verifone equipment and a telephone line. 9.Who will train my staff to use the Verifone equipment? Our technician will train a reasonable number of staff; written documentation is also provided at training. 10.What should I do if my equipment isn't working? Phone (617) 253-9897 as soon as you notice the problem. The person answering the phone will contact a technician who can provide assistance. The university is not liable for any losses incurred by the merchant due to failure of equipment. 11.How will my business be reimbursed for sales? Merchants are reimbursed by check once a month for sales, with the sales fee deducted from each reimbursement check. 12.Can I be reimbursed for sales on a weekly basis? Yes, Merchants may elect to receive weekly reimbursement checks or wire transfers for an additional fee. 13.What marketing will be provided for my business? MIT TechCASH will introduce all new participants in the TechCASH Card program via this Web site . All participanting merchants will continue to be listed on the Web site and will be incorporated in all print materials that are issued by TechCASH, including information that's distributed to all new TechCASH cardholders and in information that is distributed during new student activities during the summer months and at the beginning of each semester. This information is also made available to students and staff that obtain replacement TechCASH cards. 14.What happens if a TechCASH cardholder doesn't have sufficient funds to pay for the merchandise? The TechCASH program is strictly debit. If the cardholder does not have sufficient funds for the purchase, the transaction will be denied. 15.What happens if I accept a stolen card? If you accept a stolen card, you will not be reimbursed for the sale. All of your staff should be trained to look at the card and make sure the person in the photo is the person using the card. If the purchase is large, you may want to ask for an additional photo ID. 16.How do I handle refunds? Transactions made against a customer's TechCASH Account must be refunded to that account. You will not allow cash refunds. 17.How do I obtain daily reconciliation reports? Daily reconciliation reports can be run from the VeriFone terminal. You will be provided with daily sales and refund totals.