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May 31 Deadline

Class action forms were mailed to about 18.6 million merchants across the US late last year in the aftermath of a $5.5 billion settlement with VISA and Mastercard who were alleged to have overcharged merchants by charging excessive interchange fees. The deadline to file a claim is May 31, 2024. If you are a merchant that accepted VISA and or Mastercard credit or debit cards between January 1, 2004 and Jan.25 2019, you should file your claim.

A recent related but separate settlement that addresses how interchange fees will be handled in the future has not received court approval yet, but that doesn’t impact your ability to file claims and receive money on this initial settlement. VISA and Mastercard did not admit any wrongdoing, but this case shows that interchange fees continue to be a very high expense for any small business and that credit card companies abuse their power.

For more industry news follow us here. For payment solutions that can help you grow your business and offer your customers options and savings on credit card processing for your business, contact us today.

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