Over 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 pre-register for reimbursement at the court authorized site – www.paymentcardsettlement.com/en.