As the deadline for a $5.5 billion antitrust settlement with Visa and Mastercard approaches, millions of businesses across the US have the opportunity to receive a payout. This settlement stems from a 2005 lawsuit alleging that merchants paid excessive fees to accept Visa and Mastercard credit cards, and that these companies and their member banks violated antitrust laws.
To be eligible for the settlement, businesses must have accepted Visa and/or Mastercard credit or debit cards in the US between January 1, 2004 and January 25, 2019. Even if a business has closed or gone bankrupt, they can still submit a claim.
Despite efforts to create a user-friendly claim form with a simple QR barcode, Mitch Goldstone, CEO and owner of ScanMyPhotos.com and lead plaintiff in the lawsuit, expressed frustration at the difficulty in getting the news out to small businesses so they can file their claims on time. However, he emphasized that filing a claim only takes a minute and encouraged businesses to act before the May 31, 2024 deadline.
Businesses can submit their claims through the claims portal at PaymentCardSettlement.com or by mail if they prefer. Only those who file their claims by the deadline will receive money from the settlement. The amount each business will receive will be determined after all claims are filed and validated.