{"id":173,"date":"2024-12-20T02:15:55","date_gmt":"2024-12-20T02:15:55","guid":{"rendered":"https:\/\/www.soscip.org\/us\/?p=173"},"modified":"2024-12-20T02:15:56","modified_gmt":"2024-12-20T02:15:56","slug":"5-5-billion-visa-and-mastercard-settlement","status":"publish","type":"post","link":"https:\/\/www.soscip.org\/us\/5-5-billion-visa-and-mastercard-settlement\/","title":{"rendered":"$5.5 Billion Visa and Mastercard Settlement: How Merchants Can Claim Their Share"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Merchants who accepted Visa and Mastercard payments between <strong>2004 and 2019<\/strong> are now eligible for compensation under a historic <strong>$5.5 billion class action settlement<\/strong>. This settlement addresses claims that Visa and Mastercard overcharged merchants with excessive interchange fees, violating U.S. antitrust laws. If you\u2019re a business owner who accepted these cards, here\u2019s what you need to know to claim your share.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div class=\"wp-block-rank-math-toc-block\" id=\"rank-math-toc\"><h2>Table of Contents<\/h2><nav><ul><li><a href=\"#what-is-the-payment-card-interchange-fee-settlement\">What is the Payment Card Interchange Fee Settlement?<\/a><\/li><li><a href=\"#settlement-overview\">Settlement Overview<\/a><\/li><li><a href=\"#eligibility-who-can-file-a-claim\">Eligibility: Who Can File a Claim?<\/a><\/li><li><a href=\"#steps-to-file-your-claim\">Steps to File Your Claim<\/a><\/li><li><a href=\"#important-dates-to-remember\">Important Dates to Remember<\/a><\/li><li><a href=\"#understanding-interchange-fees-and-their-impact\">Understanding Interchange Fees and Their Impact<\/a><\/li><li><a href=\"#why-this-settlement-matters-for-merchants\">Why This Settlement Matters for Merchants<\/a><\/li><li><a href=\"#fa-qs\">FAQs<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what-is-the-payment-card-interchange-fee-settlement\"><strong>What is the Payment Card Interchange Fee Settlement?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The settlement stems from a class action lawsuit alleging that Visa, Mastercard, and their member banks colluded to set artificially high interchange fees\u2014often referred to as &#8220;swipe fees&#8221;\u2014imposed on merchants for processing card payments. This lawsuit claimed that these practices violated antitrust laws, resulting in undue financial burdens for merchants across the U.S.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"settlement-overview\"><strong>Settlement Overview<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Total Settlement Fund:<\/strong> $5.5 billion<\/li>\n\n\n\n<li><strong>Eligibility Period:<\/strong> January 1, 2004 \u2013 January 25, 2019<\/li>\n\n\n\n<li><strong>Filing Deadline:<\/strong> February 4, 2025<\/li>\n\n\n\n<li><strong>Settlement Class Exclusions:<\/strong>\n<ul class=\"wp-block-list\">\n<li>The U.S. Government<\/li>\n\n\n\n<li>Financial institutions issuing Visa or Mastercard<\/li>\n\n\n\n<li>Merchants who previously settled and dismissed their lawsuits<\/li>\n\n\n\n<li>Visa and Mastercard member banks, their directors, officers, or family members<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"eligibility-who-can-file-a-claim\"><strong>Eligibility: Who Can File a Claim?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">To qualify for compensation, you must meet the following criteria:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Merchant Status:<\/strong> Your business accepted Visa or Mastercard payments between January 1, 2004, and January 25, 2019.<\/li>\n\n\n\n<li><strong>Non-Excluded Entities:<\/strong> You do not fall into one of the settlement exclusions, such as being a dismissed plaintiff or a financial institution tied to Visa or Mastercard.<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">If you&#8217;re unsure whether you qualify, you can review the <strong>list of excluded entities<\/strong> or contact the claims administrator at <strong>1-800-625-6440<\/strong>.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"steps-to-file-your-claim\"><strong>Steps to File Your Claim<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Merchants can file their claims online or via mail. Follow these steps to ensure your submission is complete:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"1-access-the-official-settlement-website\"><strong>1. Access the Official Settlement Website<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Visit the <strong><a href=\"https:\/\/www.paymentcardsettlement.com\" target=\"_blank\" rel=\"noopener\">Official Court-Authorized Settlement Website<\/a><\/strong> to begin the claims process.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"2-obtain-the-claim-form\"><strong>2. Obtain the Claim Form<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Download or complete the form online by clicking the &#8220;Submit a Claim&#8221; button.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"3-provide-business-information\"><strong>3. Provide Business Information<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Fill in details about your business, including merchant information, transaction data, and proof of Visa\/Mastercard payment processing during the eligible period.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"4-attach-supporting-documentation\"><strong>4. Attach Supporting Documentation<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Include any required documentation, such as processing statements or records, to verify your eligibility.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"5-submit-your-claim\"><strong>5. Submit Your Claim<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Submit your completed form by <strong>February 4, 2025<\/strong>, either online or via the provided mailing address.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"important-dates-to-remember\"><strong>Important Dates to Remember<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Claims Filing Deadline:<\/strong> February 4, 2025<\/li>\n\n\n\n<li><strong>Additional Claim Form Mailing Period:<\/strong> Until the end of October 2024<\/li>\n\n\n\n<li><strong>Settlement Updates:<\/strong> Stay informed via the official website for any new developments.<\/li>\n<\/ul>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"has-text-align-center wp-block-paragraph\"><a href=\"https:\/\/www.soscip.org\/massive-chase-bank-branches-closing-in-usa\/\" data-type=\"post\" data-id=\"93\">Massive Chase Bank Branches Closing in USA 2024<\/a><\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><a href=\"https:\/\/www.soscip.org\/us\/equifax-data-breach-settlement\/\" data-type=\"post\" data-id=\"23\">Equifax Data Breach Settlement: Amount, Deadlines and Compensation<\/a><\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><a href=\"https:\/\/www.soscip.org\/us\/citibank-robocall-class-action-settlement\/\" data-type=\"post\" data-id=\"168\">Citibank Robocall Class Action Settlement 2024: Are You Eligible for Up to $2,500?<\/a><\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><a href=\"https:\/\/www.soscip.org\/us\/credit-karma-lawsuit-2024-million-in-payments\/\" data-type=\"post\" data-id=\"124\">Credit Karma Lawsuit 2024: FTC Issues $2.5 Million in Payments<\/a><\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><a href=\"https:\/\/www.soscip.org\/us\/wp-content\/uploads\/2024\/12\/Designer-2024-12-09T080612.629.webp\" data-type=\"attachment\" data-id=\"166\">Justice Department Settlement: Citizenship Discrimination Case with Watercrest Community Management<\/a><\/p>\n<\/blockquote>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"understanding-interchange-fees-and-their-impact\"><strong>Understanding Interchange Fees and Their Impact<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Interchange fees, or swipe fees, are charges imposed on merchants for processing card transactions. While typically a percentage of the transaction amount, these fees became a significant expense for businesses. The lawsuit argued that Visa and Mastercard conspired with their member banks to keep these fees unreasonably high, stifling competition and burdening merchants.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"why-this-settlement-matters-for-merchants\"><strong>Why This Settlement Matters for Merchants<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">This landmark settlement is a rare victory for merchants, offering long-overdue compensation for years of excessive fees. By participating, eligible merchants can recoup some of their losses and send a message about the importance of fair and competitive business practices in the payment processing industry.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"fa-qs\"><strong>FAQs<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"1-what-is-the-average-payout-for-eligible-merchants\"><strong>1. What is the average payout for eligible merchants?<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Payouts will vary based on the volume of Visa and Mastercard transactions your business processed during the eligible period. Exact amounts are determined after all claims are reviewed.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"2-what-happens-if-i-miss-the-filing-deadline\"><strong>2. What happens if I miss the filing deadline?<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Claims submitted after February 4, 2025, will not be considered. Ensure you file your claim before the deadline to secure your share.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"3-how-can-i-get-assistance-with-my-claim\"><strong>3. How can I get assistance with my claim?<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Contact the claims administrator via the settlement website or at <strong>1-800-625-6440<\/strong> for help with your application.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p class=\"wp-block-paragraph\">The <strong><a href=\"https:\/\/www.soscip.org\/us\/5-5-billion-visa-and-mastercard-settlement\/\" data-type=\"link\" data-id=\"https:\/\/www.soscip.org\/us\/5-5-billion-visa-and-mastercard-settlement\/\">Payment Card Interchange Fee Settlement<\/a><\/strong> represents a significant opportunity for businesses affected by Visa and Mastercard\u2019s practices to recover a portion of their expenses. Don\u2019t miss out on this chance to claim your share\u2014file your claim today!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Merchants who accepted Visa and Mastercard payments between 2004 and 2019 are now eligible for compensation under a historic $5.5 billion class action settlement. This settlement addresses claims that Visa and Mastercard overcharged merchants with excessive interchange fees, violating U.S. antitrust laws. If you\u2019re a business owner who accepted these cards, here\u2019s what you need&nbsp;<a class=\"read-more\" href=\"https:\/\/www.soscip.org\/us\/5-5-billion-visa-and-mastercard-settlement\/\">Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":179,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-173","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"_links":{"self":[{"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/posts\/173","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/comments?post=173"}],"version-history":[{"count":9,"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/posts\/173\/revisions"}],"predecessor-version":[{"id":1188,"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/posts\/173\/revisions\/1188"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/media\/179"}],"wp:attachment":[{"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/media?parent=173"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/categories?post=173"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/tags?post=173"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}