Millions of Small Businesses Could Receive Up to $500 in Antitrust Settlement with Visa and Mastercard: Deadline is May 31

Millions of businesses could potentially receive a payout as part of a $5.5 billion antitrust settlement with Visa and Mastercard. The deadline for eligible businesses to submit their claim is May 31, 2024. This settlement originated 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. Any business 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 to receive a portion of the settlement. Even eligible owners whose businesses have closed or gone bankrupt can still submit a claim.

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 a claim in the settlement. Despite his efforts to create a user-friendly claim form with a simple QR barcode, most eligible merchants have still not filed their claims. Goldstone emphasized that filing a claim only takes a minute and encouraged businesses to act before the deadline.

To submit a claim, businesses can use the claims portal at PaymentCardSettlement.com or send a paper claim form by mail if received. Only businesses that file a claim by the deadline will receive money from the settlement. The payout for each business will be determined after all claims are filed and validated.

It’s important for small business owners to take advantage of this opportunity to receive compensation for any losses they may have suffered due to excessive fees charged by Visa and Mastercard during this time period.

It’s worth noting that this settlement was reached after years of legal battles between merchants, who claimed they were being charged exorbitant fees for accepting Visa and Mastercard credit cards, and the card companies themselves.

According to court documents, merchants argued that they were being forced to accept high fees despite having no say in how those fees were set.

The court agreed with these arguments, ruling that both Visa and Mastercard had violated antitrust laws by charging excessive fees.

Now it’s up to eligible small business owners to take advantage of this settlement by submitting their claims before the May 31 deadline.