Visa and Mastercard antitrust settlement: What small businesses need to know

Deadline to file claim is Feb. 4

Merchants who accepted Visa and Mastercard payments in the United States between Jan. 1, 2004, and Jan. 25, 2019, may be entitled to compensation from a class action settlement related to alleged violations of antitrust laws.

The lawsuit claims that Visa and Mastercard, along with their respective member banks, conspired to impose excessive fees on merchants for accepting their branded cards. It centers on the claim that Visa and Mastercard, both individually and collectively, along with their associated banks, violated antitrust laws by artificially inflating the fees merchants must pay to accept their cards. These fees, known as interchange fees or "swipe fees," are charged to merchants every time a customer uses a Visa or Mastercard credit or debit card.

The settlement is estimated to be between $5.5 and $6.2 billion. Small business owners can only receive payment if they file a claim. The deadline to file a claim is Feb. 4.

For frequently asked questions and additional information on the settlement, as well as information on how to file a claim, visit the official court-authorized settlement website at www.paymentcardsettlement.com.  If you have further questions regarding the settlement, you may contact the Class Administrator by phone, letter or email or using the information on the official settlement website.