Electronic Payment Card Settlement

In the last few months, many businesses should have received letters regarding the large settlement reached in the long-running lawsuit over the interchange rates that Visa and Mastercard have charged businesses and non-profits in the past. Any person, business or other entity that accepted Visa or MasterCard credit or debit cards in the U.S. at any time between January 1, 2004 and November 28, 2012 may be eligible to receive a payment from the $6.05 billion settlement fund.

Under the terms of the settlement, local businesses will be able to collect money from the credit card companies based on past credit card transactions. If you ignored the letter in the mail, it’s not too late to register your business for your share of the settlement money.

This is an opportunity to recoup the money that is owed to you from credit card fees. The more you have paid in fees since 2004, the larger your settlement could be. The amount paid from the Cash Settlement Fund will be based on actual or estimated interchange fees attributable to Visa and MasterCard transactions from January 1, 2004 through November 28, 2012.

You can learn more about the settlement and preregister for reimbursement at the court authorized website – https://www.paymentcardsettlement.com/en.

This is the only website with court authorized information about the settlement. The Judge on this case recently required some groups to change the misleading language on their sites – http://www.reuters.com/article/2013/04/11/usa-antitrust-creditcards-idUSL2N0CY1YQ20130411

Here is some of the media coverage regarding the outreach efforts underway in other parts of California to help businesses recover fees:

In San Diego – http://www.kpbs.org/news/2013/feb/19/national-public-charity-helps-reimburse-swipe-fees/

In Santa Barbara – http://www.noozhawk.com/article/santa_barbara_business_credit_card_class-action_settlement_swipe_fees/

Please contact Aaron or Stefeni if you have any questions – 415-824-0582 or Aaron@JimRossConsulting.com or Stefeni@JimRossConsulting.com.

For more information, please see the FAQ section of the court approved settlement website: https://www.paymentcardsettlement.com/en/Home/FAQ