$5.5 Billion Antitrust Settlement With Visa and Mastercard Nears Deadline for Millions of Eligible Businesses – Will It Provide Relief for Small Business Owners?
A $5.5 billion antitrust settlement with Visa and Mastercard is nearing its deadline for millions of eligible businesses. The settlement, which stems from a 2005 lawsuit, claimed that merchants paid excessive fees to accept Visa and Mastercard credit cards and that the companies violated antitrust laws.
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 for a payout. Owners of businesses that have closed or gone bankrupt since then can also submit a claim. Mitch Goldstone, the CEO and owner of ScanMyPhotos.com, a film scanning business, is the lead plaintiff in the lawsuit. He expressed frustration that many eligible merchants have not yet filed their claims.
The deadline to file a claim is Friday, May 31, 2024. Claims can be submitted online through the claims portal PaymentCardSettlement.com or by mail if a paper claim form was received. Only businesses that file a claim by the deadline will receive money from the settlement. The amount of the payout for each business will be determined after all claims are submitted and validated.
The case has been ongoing for over a decade and has been marked by numerous appeals and legal challenges from both parties involved in it.
In recent years there has been growing concern among small business owners about the high fees they have to pay when accepting credit card payments online or in-store.
This settlement aims to provide some relief to these small businesses who may have been unfairly charged high fees by Visa and Mastercard.
However, some experts warn that this could lead to increased regulation of credit card companies in future years as more scrutiny is put on their practices.
As such it remains uncertain what the long-term effects of this settlement will be on both consumers and small businesses alike.
