Is your business eligible to cash in on the $5.5B Visa Mastercard fee settlement

According to a recent Fox 7 Austin News report, millions of business owners nationwide may be eligible to receive a portion of a $5.54 billion class-action settlement against Visa and Mastercard.

The settlement stems from allegations that the credit card giants had inflated merchant fees charged to businesses for accepting customer payments. While Visa and Mastercard have denied any wrongdoing, stating their business practices are legal, the settlement covers the period from January 1, 2004, through January 25, 2019.

In recent years, business owners have faced rising costs, including the credit card interchange or “swipe” fees they pay to process customer transactions. These complex fee structures have often significantly impacted companies’ bottom lines.

The settlement now allows eligible business owners to claim a portion of the $5.54 billion in excessive fees Visa and Mastercard may have charged them during the 15 years covered by the lawsuit. This represents a potential financial reprieve for many struggling small and medium-sized enterprises grappling with heightened operating expenses.

Key Takeaways 

• Visa and Mastercard recently settled a lawsuit claiming business owners were charged excessive fees.
• Businesses that accepted Visa and Mastercard credit cards between January 2004 and January 2019 may be entitled to a $5.54 billion settlement cut.
• Claims are due soon — by May 31, 2024.

Who is eligible for payout? 

Businesses that accepted Visa and/or Mastercard credit or debit cards between Jan. 1, 2004 and Jan. 25, 2019 are eligible to file a payout claim.  Millions of businesses are eligible. Many micro businesses, family businesses, minority-owned businesses and even bankrupt or shuttered businesses can get relief for their overpayments that occurred any time during the 15-year class period by filing a claim.

What is the settlement?

The $5.54 billion class-action settlement is against Visa and Mastercard, arising from allegations that the credit card companies had inflated the merchant fees charged to businesses for accepting customer payments. While Visa and Mastercard deny any wrongdoing, the settlement covers the period from January 1, 2004, through January 25, 2019. Claims will be paid out pro-rata from the $5.54 billion settlement fund, though the actual individual settlement amounts will be known once all claims have been received and processed.

How can you claim your settlement?

Eligible businesses must file a valid and timely claim through the official settlement website, paymentcardsettlement.com, to qualify for a portion of the $5.54 billion settlement.    

It’s Easy to Claim Your Share

At $5.5 billion, this settlement is significant. It’s real. And claiming your share is simple.

Submitting online or by mail can take as little as five minutes.

• The easiest and quickest method to submit your claim is by scanning the unique QR code on your claim form.
• The QR code opens a personalized, secure page in the claims portal that is prefilled with your unique credentials.
• For most class members, where data is available, it will also prefill your interchange fees paid during the 15-year class period to the extent data is available.
• No-cost assistance is available from the settlement administrator and Class Counsel by emailing info@PaymentCardSettlement.com or calling 1-800-625-6440.

When should you act?

All claims must be submitted by the May 31, 2024 deadline. Claims filed after this date will not be eligible for the settlement. Due to the pro rata nature of the payouts, it will likely take significant time for claimants to receive their settlement funds after the claims process is completed.