Time is running out for businesses to file for $5.5B payment card settlement

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Apr 17, 2024, 08:00 ET

Here's how businesses can claim their share; millions of businesses are eligible for Visa/Mastercard settlement funds but must file a valid claim by May 31 to participate

BROOKLYN, N.Y., April 17, 2024 /PRNewswire/ -- Time is running out for millions of businesses to claim a share of the nation's largest antitrust class-action settlement in history. Business owners have just one month left to submit a claim in the massive $5.5billion settlement.

The deadline to file a claim is Friday, May 31, 2024. Claims can be submitted on the claims portal here: PaymentCardSettlement.com, and by mail if you received a paper claim form.

Eligible businesses can learn how to claim a share of the $5.5 billion Visa/Mastercard settlement in this short explainer video. Claiming your share is simple. The Payment Card Settlement returns real money to merchants after years of paying alleged inflated interchange fees. Learn more about the settlement and who is eligible to claim at https://www.paymentcardsettlement.com/en. Only valid claims that are received by May 31, 2024 will be eligible for a payment from the settlement.

Only businesses that submit a claim by the deadline will get money from the settlement. The settlement comes after a 19-year battle in court focused on business owners paying allegedly inflated Visa and Mastercard interchange fees.

Who qualifies to submit a claim?
Criteria is simple: Businesses that accepted Visa and/or Mastercard credit or debit cards in the U.S. between January 1, 2004 and January 25, 2019 may be eligible. Even bankrupt or shuttered businesses or those that changed owners can submit a claim but must do so quickly.

How do I file a claim?
The claims process is done online at PaymentCardSettlement.com and takes as little as five minutes.

Online with a QR Code:
More than 18 million businesses received claim forms by mail. Business owners simply scan the QR code on the claim form and are taken to a personalized, secure page in the claims portal pre-filled with business credentials.

Online with a Tax Identification Number (TIN):
Business owners without a claim form can go to the claims portal, use a TIN to confirm their identity, then follow the easy steps to submit. Be ready with documentation showing that you are authorized to file a claim on behalf of the business.

By mail:
Claims can also be submitted by mail. For instructions, visit PaymentCardSettlement.com.

How much can I get?
There is no set amount – payments will be calculated after all claims are filed and validated and will depend on the value of all eligible payment card transactions and the number of claims received, among other factors, and they could range from tens of dollars to hundreds of thousands.

Comments from Co-lead Counsel:
"We've made the claims process easy and quick so as many businesses as possible can submit a claim and get their share from the settlement," commented Alexandra Bernay, Co-Lead Counsel on the case, and partner at Robbins Geller Rudman & Dowd LLP. "Although it's taken nearly 20 years to get to this point, we are doing everything possible to get the settlement funds into business owners' hands. I urge business owners not to wait - submit a claim today to see if they are qualified to receive money from the settlement."

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