Business owners are generally aware of the Visa/MasterCard case making the news recently, but what they don’t know is they’re also able to join an existing settlement for past damages before it closes next month.
Time is running out for businesses to file for $5.5B payment card settlement rebate. The absolute deadline is May 31st, so they have to take action now.
Any business in the US that accepted Visa or Mastercard credit or debit cards between 2004 and 2019 may be part of this settlement. Businesses can claim for 15 years of alleged overcharging of fees by credit card companies. Submissions are easy and free–no third-party assistance needed.
Time is running out for millions of businesses to claim a share of the nation’s largest antitrust class-action settlement in history. Business owners have just one month left to submit a claim the massive $5.5 billion settlement.
The deadline to file a claim is Friday, May 31, 2024. Claims can be submitted on the claims portal here, and by mail if you received a paper claim form.
Only businesses that submit a claim by the deadline will get money from the settlement. The settlement comes after a 19-year battle in court focused on business owners paying allegedly inflated Visa and Mastercard interchange fees.
Many restaurants are qualified and foodservice businesses are available to submit a claim. The criteria is simple with businesses that accepted Visa and/or Mastercard credit or debit cards in the U.S. between January 1, 2004 and January 25, 2019 may be eligible.
Even bankrupt or shuttered businesses or those that changed owners can submit a claim but must do so quickly.
Filing a claim is simple and can be done online and takes as little as five minutes.
More than 18 million businesses received claim forms by mail. Business owners simply scan the QR code on the claim form and are taken to a personalized, secure page in the claims portal pre-filled with business credentials.
Business owners without a claim form can go to the claims portal, use a TIN to confirm their identity, then follow the easy steps to submit.
Be ready with documentation showing that you are authorized to file a claim on behalf of the business, claims can also be submitted by mail.
Many restaurateurs and small businesses are wondering just how much their potential claim could be worth.
The amount of payments will be calculated after all claims are filed and validated and will depend on the value of all eligible payment card transactions and the number of claims received, among other factors, and they could range from tens of dollars to hundreds of thousands.
“We’ve made the claims process easy and quick so as many businesses as possible can submit a claim and get their share from the settlement,” commented Alexandra Bernay, Co-Lead Counsel on the case, and partner at Robbins Geller Rudman & Dowd LLP.
“Although it’s taken nearly 20 years to get to this point, we are doing everything possible to get the settlement funds into business owners’ hands. I urge business owners not to wait – submit a claim today to see if they are qualified to receive money from the settlement.”
To file a claim restaurateurs can go to Payment Card Settlement’s website. Restaurateurs and business owners can also find settlement FAQ’s at Payment Card Settlement.
