NEW YORK, NY, October 24, 2024 /24-7PressRelease/ -- U.S. businesses that accepted Visa and Mastercard payments from January 1, 2004, to January 25, 2019, may now get some relief from the high cost of past transactions through a $5.54 billion settlement. This historic class-action lawsuit addresses Visa and Mastercard's violation of antitrust laws, which imposed inflated processing fees on merchants.
This settlement concluded that Visa, Mastercard, and their member banks unfairly conspired to fix high swipe fees. These fees significantly increased merchants' cost of doing business by covering card processing expenses and enforcing anti-competitive rules that restricted alternative payment methods.
Why This Matters for Business Owners
Merchants can now recoup up to 1-1.5% of their total gross processing volume from the settlement period, providing significant financial relief for businesses burdened by years of excessive fees. However, the actual recovery amount will depend on several factors, including the total valid claims submitted.
CardSettlement provides expert assistance throughout the claims process, ensuring that businesses receive the support and transparency they need to maximize recovery with no upfront costs.
Key Benefits for Merchants:
* No Upfront Cost: Businesses only pay a 25% contingency fee if and when compensation is successfully recovered.
* End-to-End Claim Management: With over 25 years of experience, CardSettlement will handle every aspect of the claim—submission, documentation, and real-time updates—ensuring merchants don't miss out on their share.
* Simple and Transparent Process: The process begins by completing an intake form, which takes only a moment or two, followed by an e-signature on the required documents. CardSettlement works directly with the Claims Administrator to keep clients fully informed.
Why Choose CardSettlement?
* White Glove Service: The CardSettlement team offers personalized support every step of the way, handling the complexities of the claims process. From the initial form submission to final recovery, CardSettlement provides seamless service and detailed attention to each client.
* Technological Excellence: CardSettlement employs cutting-edge tools and systems to streamline the claim submission process, ensuring quick, accurate, and transparent results. The platform integrates advanced data management and real-time tracking, offering merchants full visibility into their claims.
* Strategic Insights and Expertise: The CardSettlement team leverages decades of class-action expertise and in-depth business acumen to align settlement recovery strategy with a merchant's financial goals. CardSettlement maximizes the recovery potential for every eligible business, regardless of size.
About the Settlement
This settlement is the result of a long-fought antitrust case that successfully challenged Visa and Mastercard's unfair business practices. Case number 05-md-1720 (E.D.N.Y.), is known as In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation. By charging merchants inflated swipe fees and prohibiting them from encouraging other payment methods, Visa and Mastercard imposed unnecessary costs on millions of U.S. businesses. The resulting $5.54 billion settlement offers a much-needed remedy to offset years of excess costs for merchants.
CardSettlement is dedicated to helping merchants recover the money they deserve. With a streamlined process, expert support, and zero upfront fees, it's easy for businesses to reclaim their portion of this landmark settlement.
Next Steps:
Merchants are encouraged to visit GetMyFees.com to begin the claim process. After completing the intake form and submitting supporting documents, CardSettlement will handle the rest, ensuring transparency and ongoing updates throughout the entire process.
Important Deadline: The final deadline to submit a claim is February 4, 2025. Businesses are advised to act now to ensure their opportunity to recover these fees before the deadline passes.
About CardSettlement
CardSettlement is a full-service agency dedicated to assisting businesses with class-action settlement recovery. Our team of industry experts combines 25 years of experience with the latest technology and personalized service to help merchants recover the funds they are owed. We offer white glove service, direct access to claims administrators, and a focus on achieving the best possible financial outcomes for our clients.
"Class members need not sign up for a third-party service in order to participate in any monetary relief and no-cost assistance will be provided from the Class Administrator and Class Counsel during the claims-filing period. For further information, please visit paymentCardSettlement.com."
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