Visa / Mastercard Class Action Settlement

Visa and Mastercard has settled a $5.5 billion class action lawsuit that claimed they violated anti-trust laws overcharging merchants with interchange fees from January 1, 2004 through January 24, 2019. All persons, businesses, and other entities that accepted Visa or Mastercard branded debit or credit cards during that time period are eligible to submit a claim to receive a portion of the settlement fund. Payment amount is determined on a pro rata basis meaning the payout will be a percentage of the settlement fund proportionate to the business’s claim out of all claims filed before the deadline of August 30, 2024.

An online portal has been established at paymentcardsettlement.com to submit and view the status of claims. Claims can be submitted with or without receiving a claim ID in the mail. If a business doesn’t have a claim ID and control number, a claim can still be submitted by providing the business name, tax ID number, and a document showing proof of authorization such as a W-9 or merchant statements that show both the tax ID and name. A human administrator will need to review the authorization document and accept it before a claim can be submitted, so that process will require a follow up after initial documentation is submitted.

Transaction data from Visa and Mastercard has already been collected, so there isn’t any need to dig through old records in order to submit a claim. Because of this, the process of submitting a claim is fairly simple and the use of third parties to file the claim on your behalf is not encouraged. Businesses that have gone out of business or filed bankruptcy during this time may still file claims.

To learn more about what to do if there was a change in ownership, or the amount of eligible merchant fees assigned to a claim seems too low, please read more on the CLA website here.

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