As the deadline for a $5.5 billion antitrust settlement with Visa and Mastercard approaches, millions of businesses could potentially receive a payout. This settlement stems from a 2005 lawsuit alleging that merchants paid excessive fees to accept Visa and Mastercard credit cards, and that these companies and their member banks violated antitrust laws. Any business 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 to receive a portion of the settlement.
Despite efforts to create a user-friendly claim form with a simple QR barcode, Mitch Goldstone, CEO and owner of ScanMyPhotos.com and lead plaintiff in the lawsuit, expressed frustration at the difficulty in getting the news out to small businesses so they can file a claim before the May 31, 2024 deadline. Goldstone emphasized that filing a claim only takes a minute and encouraged businesses to act before it’s too late.
To submit a claim for the settlement, businesses can use the claims portal at PaymentCardSettlement.com or send a paper claim form by mail if received. Only businesses that file their claims by the deadline will receive money from the settlement. The payout for each business will be determined after all claims are filed and validated.