If you’re a small business owner who has accepted Visa and Mastercard credit cards, you might have heard about the Payment Card Interchange Fee Settlement. This legal battle revolves around certain fees and practices these credit card giants have been accused of. Here’s a straightforward breakdown of what you need to know:
The Visa/Mastercard class action lawsuit is centered on allegations of anticompetitive practices and high “swipe fees” (also known as interchange fees). These are the fees you pay to credit card companies every time a customer uses a credit card for a transaction.
As a small business owner, you are eligible to be part of this class action lawsuit if you:
- Accepted Visa and/or Mastercard credit cards for payments at your business between January 1, 2004 to January 25, 2019.
The Lawsuit’s Significance:
The lawsuit alleges that Visa, Mastercard, and major banks conspired to fix these swipe fees at high rates, making it costly for businesses like yours. The plaintiffs argue that these practices resulted in overcharges amounting to billions of dollars.
What’s on the Table:
As of December 1, Visa, Mastercard, and the banks involved in the lawsuit have reached a preliminary settlement agreement and notices have gone out. Here’s what it means for you:
- Potential Compensation: You may be eligible for financial compensation. The exact amount will depend on the final terms of the settlement.
- Rule Changes: The settlement includes changes to the rules governing credit card transactions. These changes aim to increase transparency and competition in the payment processing industry.
What to Do Next:
Here’s what you can do as a small business owner:
- Stay Informed: Keep an eye on updates about the lawsuit’s progress and the final settlement terms. This will help you make informed decisions.
- Evaluate Your Options: Consider participating in the settlement through your payment processor. Some processors, like Get Beyond, will help file on your behalf to make the process of gathering your transaction data easier.
How Get Beyond Can Help:
Get Beyond has selected MCAG, a class action settlement expert, to assist our eligible merchants with recovering any cash potentially due from this settlement. By partnering with us, you can avoid the administrative burden of gathering, analyzing, and submitting claim forms. If you are a Get Beyond merchant, you can register now.
In summary, the Visa/Mastercard class action lawsuit could have a significant impact on small business owners who accept these credit cards. It’s important to understand the basics, stay informed, and assess your options to make decisions that are in the best interest of your business. If you need assistance, Get Beyond can help.
Payment Card Settlement Disclaimer:
This is an optional service, and there are no upfront fees. MCAG charges an all-inclusive contingent fee of 25% of any recoveries that you may be entitled to receive.
Payment Card Settlement Disclaimer: Claim forms will begin to be delivered and available online in December. No-cost assistance is available from the Class Administrator and Class Counsel during the claims-filing period. No one is required to sign up with any third-party service in order to participate in any monetary relief. For additional information regarding the status of the litigation, interested persons may visit http://www.paymentcardsettlement.com, the Court-approved website for this case.