A $5.5 billion antitrust settlement with Visa and Mastercard is on the horizon, and millions of businesses may be eligible for a payout. The settlement stems from a 2005 lawsuit alleging that merchants paid excessive fees to accept Visa and Mastercard credit cards, and that the companies and their member banks violated antitrust laws. Businesses that accepted Visa and/or Mastercard credit or debit cards in the U.S. between January 1, 2004, and January 25, 2019, may be eligible for part of the settlement. Even owners of businesses that have since closed or gone bankrupt can still submit a claim.
Mitch Goldstone, CEO of ScanMyPhotos.com and lead plaintiff in the lawsuit, expressed frustration at the difficulty in reaching out to small businesses to inform them about the settlement and how to file a claim. Despite efforts to simplify the claim process with a user-friendly form and barcode, many eligible merchants have not yet filed a claim. The deadline for filing a claim is May 31, 2024. Claims can be submitted online at PaymentCardSettlement.com or by mail if a paper claim form was received.
It is crucial for businesses to file a claim by the deadline in order to receive a payout from the settlement. The amount of compensation each business will receive will be determined after all claims have been filed and validated. This is an excellent opportunity for businesses to potentially recover compensation for excessive fees paid to accept Visa and Mastercard credit cards.
Visa has agreed to pay $3 billion as part of the settlement while Mastercard has committed $2 billion towards resolving this issue with merchants.
Businesses must act fast as there are only two months left before May 31st deadline when they need to submit their claims either through online portal at PaymentCardSettlement or by mail if they received a paper claim form.
If you own any business that accepted Visa or Mastercard credit or debit cards between January 1st, 2004 – January 25th, 2019 then it’s important you file your claims before May 31st deadline.
This article aims to inform business owners about this opportunity so they can take advantage of it before it’s too late!