In today’s fast-paced business environment, unexpected opportunities for financial recovery can arise from legal settlements. One such opportunity is the $5.5 billion Visa and Mastercard settlement, a result of a historic antitrust lawsuit. This settlement offers businesses a chance to recoup funds lost to excessive interchange fees over a 15-year period. If your business has ever accepted Visa or Mastercard payments, this blog post will help you understand the settlement, determine your eligibility, and simplify the claims process.
What Is the Visa and Mastercard Settlement?
In a landmark antitrust lawsuit, Visa and Mastercard, along with several financial institutions, have agreed to a $5.5 billion settlement. The case alleges that these companies conspired to charge merchants excessive interchange fees, also known as “swipe fees,” for processing credit card transactions. The settlement covers transactions made between January 1, 2004, and January 25, 2019, during which businesses were allegedly subjected to unfair pricing practices.
Why Does This Matter to Business Owners?
Interchange fees, typically ranging from 1% to 2% of each transaction, can significantly impact a business’s bottom line. The lawsuit also claimed that Visa and Mastercard imposed rules restricting merchants from steering customers toward less costly payment options. This settlement is designed to compensate affected businesses for these practices, making it a potential financial recovery opportunity for many merchants.
Who Is Eligible to File a Visa and Mastercard Claim?
If your business accepted Visa or Mastercard credit or debit cards during the specified period, you may be eligible to file a claim. This includes:
- Small retailers
- Large corporations
- Any merchant that paid interchange fees between 2004 and 2019
To confirm your eligibility, visit the official settlement website at PaymentCardSettlement.com.
How to File a Claim
Eligible merchants must submit a claim by February 4, 2025. Here are the steps to follow:
- Visit the Official Website: Go to PaymentCardSettlement.com to access the claim form and detailed instructions.
- Check Your Eligibility: Review transaction records to confirm you processed Visa or Mastercard payments during the settlement period.
- Complete the Claim Form: Provide accurate details about your business, including transaction volumes and any other required information.
- Submit Your Claim Online: Use the official website to file your claim securely.
- Avoid Duplicate Claims: Ensure your claim is filed correctly to prevent disputes or delays.
You can still initiate the process online if you have not received a claim form.
How Much Can You Expect to Receive?
The payout amount varies based on the volume and value of transactions processed by your business during the class period. While individual payments are difficult to estimate, previous settlements in similar cases have ranged from a few hundred to several thousand dollars per claimant.
Recent Updates and Challenges
As of 2024, the claims process has encountered some complications:
- Disputed Claims: Over 30,000 conflicts have arisen due to multiple parties attempting to file claims on behalf of the same businesses.
- Extended Deadlines: The February 2025 deadline provides ample time for businesses to resolve disputes and file correctly.
Please note the updates because they’ll show the importance of ensuring your claim is accurate and timely.
Do You Need Legal Assistance?
While hiring an attorney is not required, some businesses may benefit from professional guidance, especially if they have complex transaction histories. Be cautious when working with third-party claims facilitators and verify their legitimacy before proceeding.
File A Claim with UseSparrow.com
At UseSparrow.com, we make it easy for businesses to claim their share of the settlement—even if you don’t have proof of transactions. Simply subscribe to our service, and we’ll handle the entire claims process for you, ensuring you get the compensation you deserve without the hassle.
