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The biggest case against Visa and Mastercard—now you can get compensation, know how, and when
Did your business take a payment from a Visa or Mastercard card in the US from January 1, 2004 to January 25, 2019? This information will be of extreme significance to any business that took a payment from Visa or Mastercard in the US between 2004 and 2019. There was a very large antitrust class action suit against Visa and MasterCard until it was settled. This lawsuit reached settlement at a total amount of $ 5.54 billion which equates to Rs 46,000 crore.
Now the question is – can you get some part of this settlement? And if yes, what will have to be done for this? Let’s understand in detail in simple language.
What is the case? Why were Visa and Mastercard sued?
This case is about Visa and Mastercard charging higher fees from merchants. When customers pay with a credit or debit card, merchants are required to pay an interchange fee. This fee goes to the bank and network that issued the card.
Many merchants alleged that Visa and Mastercard intentionally set these fees high and charged them unfair fees. This led to the case going to court and dragging on for years.
Who is eligible? Can you claim?
If you accepted Visa or Mastercard payments – whether by credit or debit card – in the US between January 1, 2004 and January 25, 2019, you can participate in the settlement by filling out the visa/mastercard settlement claim form.
All types of businesses are covered – small, medium and large – such as retail stores, e-commerce websites, hotels, restaurants, boutiques, service companies and even small businesses connected to banks.
Note: Class membership is automatically decided, but it is mandatory to fill visa/mastercard settlement claim form. If you do not claim, you will not get anything.
When is the last date? (visa, mastercard settlement payout date)
You will get the settlement money only if you claim on time. According to visa/mastercard settlement payout date, the last date for filing a claim has now been extended to 4 February 2025. Earlier this date was May 2024, but it was extended due to requests from more traders and delay in data.
This is the second time the court has extended the time. There is no guarantee whether the time will be extended next time or not. Therefore, any business that falls under this category should file its claim in time.
How to fill visa/mastercard settlement claim form?
Filling visa/mastercard settlement claim form is very easy. All you need to do is provide some important information about your business, such as:
- Legal name of the business
- DBA (Doing Business As) name, if any
- Tax Identification Number (TIN)
This information is often sufficient, but sometimes the class administrator (CA) requires additional evidence, such as bank statements or transaction records.
If you have not received the notification yet, then there is no need to worry. Sometimes companies are not notified directly even though they are class members. In such a situation also you can fill out the visa/mastercard settlement claim form.
Points to note
- Payment facilitators like PayPal do not fall in this class – If you have accepted payments through PayPal, then your customers will be eligible, not you.
- Claim form was not sent to everyone – The court has admitted that visa/mastercard settlement claim form was not sent to many eligible companies in 2023. Now a fresh list of companies is being prepared, and the mailing is likely to be completed by October 2024.
- Those who have still not received the form can apply themselves. If you are not included in the mailing list, you can still apply by visiting the Visa/MasterCard settlement claim form website.
visa, mastercard, settlement payout date, and payment process
Now, an important question—when will the money be received?
Although no fixed date has been announced yet regarding the Visa and Mastercard settlement payout date, it is estimated that payments will start by mid-2025. First, all claims will be verified, and then the class administrator will send payments to all eligible companies.
How much money will be received?
The amount of money will depend on how many transactions you made, their total volume, and how many interchange fees you paid. It can range from a few hundred dollars to thousands of dollars.
Background of Visa and Mastercard settlement
This case went on in court for many years. In 2019, for the first time, the court awarded $5.54 billion, announced a settlement of $100 million. Then it was finally accepted in 2023.
Cards began to be sent to class members in December 2023, containing a summary of their transactions and information on the process for filling out the Visa/Mastercard settlement claim form.
What to do if you haven’t received any information yet?
Don’t panic. You may still be eligible.
Go to www.paymentcardsettlement.com.
Enter your company’s tax ID to see if you are eligible.
If the form hasn’t arrived, you can download it from there.
It is very important to fill out the application ahead of time.
Conclusion:
This class action settlement against Visa and Mastercard is the largest in US history. If you have accepted payments through Visa or Mastercard during this time period, you may be entitled to this compensation.
So don’t delay. Fill out the Visa/Mastercard settlement claim form now and wait for the Visa, Mastercard settlement payout date so you can benefit from this historic settlement.
