If your small business accepts Visa or Mastercard, you may be eligible for a payout from a $5.5 billion settlement stemming from a long-running class-action lawsuit. The lawsuit, which was filed by millions of merchants, claimed that Visa and Mastercard conspired with banks to inflate processing fees, violating antitrust laws.
The case, which has spanned more than a decade, finally reached a settlement agreement in 2019. Now, small businesses that accepted Visa or Mastercard payments between January 1, 2004, and January 25, 2019, may be entitled to a share of the settlement funds. This payout aims to compensate merchants for the excessive interchange fees, also known as swipe fees, that they were charged during this period.
Eligible businesses can file a claim to receive compensation, though the amount each business will receive depends on several factors, including the volume of transactions processed during the eligible period. For many small business owners, this payout could provide a much-needed financial boost, especially in today’s challenging economic climate.
To participate in the settlement, business owners must submit a claim by a specified deadline, which has been set by the court overseeing the case. It’s crucial for businesses to gather any necessary documentation, such as transaction records, to ensure their claims are processed smoothly.
Legal experts recommend that business owners review the settlement details carefully and consult with a financial advisor or attorney if they have questions about eligibility or the claims process. This settlement represents a significant victory for small businesses, offering them compensation for years of inflated fees that impacted their bottom line.
For more information and to determine if your business qualifies, visit the official settlement website at Payment Card Settlement.
