If your business accepted Visa and/or Mastercard between January 1, 2004 and January 25, 2019, you may be eligible for a share of a $5.54 billion payment card settlement.
The Payment Card Interchange Fee Litigation accused Visa, Mastercard, and various banks of inflating credit card swipe fees and violating antitrust laws. The case was brought forward by several law firms representing merchants. This is the largest antitrust class settlement in history.
Is Your Business Eligible?
- Eligible claimants must have accepted Visa and/or Mastercard credit or debit cards as forms of payment between January 1, 2004 and January 25, 2019; and
- Not previously opted out of the settlement.
If your business closed or filed for bankruptcy between this time due to COVID-19 or other unrelated reasons, you are still eligible to submit a claim.
This settlement is exclusively for merchants who accepted Visa and Mastercard, not consumers who used Visa and Mastercard strictly as forms of payment.
How Do I Submit a Claim?
Eligible merchants must file a claim online or by mail on or before May 31, 2024.
Businesses who wish to claim should visit the merchant portal where they can submit the control number and claimant ID received in their original claim letters. If you did not receive a claim letter, or potentially threw the letter away, you can check your eligibility through the portal and start the claim process by providing your Tax Identification Number (TIN). It is important to note that proof of TIN supporting documents will need to be submitted through the portal when creating your account.
Other FAQs
When will I receive my settlement?
- There is no set date, and the process will take time to verify that merchants’ claims are legitimate.
If I am a franchise owner, will the settlement affect me?
- Franchise agreements may cover payment of interchange fees, but franchise owners should contact the franchisor to determine if the franchisee is eligible for the settlement.
What is a third-party filer?
- Many businesses hire outside help to file claims on behalf of class members. Third-party filers might take 10-40 percent of the claim. This claim is relatively straightforward to file, and merchants will recoup more by filing directly.
I have multiple TINs but only received one claim letter in the mail, can I claim across multiple businesses?
- Once you start your account through the portal, you can link multiple TINs to one claim number.
If you have questions regarding the Payment Card Interchange Fee Settlement, you can reach out to [email protected].
