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Payment card settlement
On December 13, 2019, the Court granted a $5.54B class action settlement with Visa, Mastercard, and certain bank defendants. The settlement is over excessive interchange fees for processing payments from 2004-2019.
If you accepted Visa and Mastercard payments between 1-1-04 and 1-25-19, you are likely eligible to receive a payment from this settlement. The settlement administrator is expected to send out notices to eligible merchants later this year. My processor has contracted with a third-party who will handle the claim for you for 25% of the proceeds. This seems a bit stiff to me. Most merchants should be able to handle the claim on their own.
Stay on the lookout for that nebulous looking white postcard or non-descript white envelope in your mailbox.
You can check details here: https://www.paymentcardsettlement.com/en/Home/FAQ
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