Business owners have a limited time to claim their part of a $5.5 billion credit-card settlement.
The settlement stems from a March 15, 2023, decision by the Second Circuit Court of Appeals. It upheld the final approval for a $5.54 billion settlement for merchants in the “In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation” class-action lawsuit. Millions of U.S. businesses that accepted Visa and/or Mastercard credit or debit cards between Jan. 1, 2004, and Jan. 25, 2019, affected. The submission claim process opened in December and the deadline to file a claim is May 31.
The claims process has been made easy and quick to ensure as many businesses as possible can submit a claim and receive their share from the settlement. The settlement is separate from another agreement announced earlier this year, which is not yet finalized. The second agreement includes provisions regarding future credit-card fees and merchant flexibility with Visa or Mastercard credit or debit cards.
To file a claim, business owners can do so online via the website PaymentCardSettlement.com, online with a QR code, or online with a Tax Identification Number (TIN). Claim forms were mailed to more than 18 million businesses. Business owners without a claim form can use a TIN to confirm their identity and submit a claim.
There is no set amount per merchant in the credit-card settlement. The final amount will depend on the value of all eligible payment card transactions split among the number of claims received, among other factors. The amounts could range from ten dollars to hundreds of thousands.
The settlement with Visa and Mastercard was announced in March to settle a long-running lawsuit over the use of credit-card swipe fees but must still be approved by the courts. It covers all merchants who accepted Visa or Mastercard debit or credit cards in the United States from Dec. 18, 2020, to when the settlement is ultimately finalized.
The agreement includes several stipulations regarding swipe fees, merchant flexibility, and a merchant-education program. However, the settlement has faced criticism from industry groups, including the Merchants Payments Coalition and the National Restaurant Association.
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