Interchange Fee Settlement Details

Any person, business or other entity that accepted Visa or MasterCard credit or debit cards in the U.S. at any time between January 1, 2004 and November 28, 2012 may be eligible to receive a payment from this settlement.

Payment Interchange Fee Settlement Recovery

If you accepted Visa or MasterCard payments within this timeframe, VeriProcess can manage the claims process for you, acting as the recovery agent. To register for our services, simply download, sign, and return the one-page settlement recovery agreement, and we can help maximize the money you are owed.

  • We submit all required paperwork and supporting documentation 
  • We monitor and track the progress of the claim 
  • We perform critical follow-up for rejected or insufficient claims 
  • We focus on the settlement, while you focus on your business 
  • You receive the maximum claim value with no upfront costs

Payment Interchange Fee Settlement Benefits

The monetary portion of the Class Settlement consists of two funds. The first is a cash fund in the amount of $6.05 billion, reduced by 25% to account for merchants who excluded themselves. The second is a fund equivalent to a portion of interchange fees attributable to certain merchants that accept Visa or MasterCard credit cards for an eight-month period which began July 29, 2013. That fund is estimated to be approximately $1.2 billion. Additionally, the Payment Card Interchange Fee Settlement requires Visa and MasterCard to modify some of their rules for merchants that accept their cards.

These changes required by the Payment Card Interchange Fee Settlement deal with the ability of merchants to:

  • Charge customers an extra fee if they pay with Visa or MasterCard credit cards
  • Offer discounts to customers who pay with payment forms less expensive than Visa or MasterCard credit or debit cards
  • Accept Visa or MasterCard cards at fewer than all of the merchant’s trade names or banners
  • Form “buying groups” that meet certain criteria to negotiate with Visa and MasterCard.
  • Enforce the $10 minimum purchase rule even if the requirements of the Dodd-Frank Wall Street Reform Act end

Payment Interchange Fee Settlement Proposed Classes

There are two Classes in this proposed Class Settlement:

  • A Rule 23(b)(3) Settlement Class (“Cash Settlement Class”), which includes all persons, businesses, and other entities that accepted any Visa or MasterCard cards in the U.S. at any time from January 1, 2004 to November 28, 2012, and
  • A Rule 23(b)(2) Settlement Class (“Rule Changes Settlement Class”), which includes all persons, businesses, and other entities that as of November 28, 2012 or in the future accept any Visa or MasterCard cards in the U.S.

Payment Interchange Fee Settlement Funds Distribution

It cannot be known at this time the payment amount that valid claimants could receive. It is anticipated that the amount paid from the Cash Settlement Fund will be based on your actual or estimated interchange fees attributable to Visa and MasterCard transactions from January 1, 2004 through November 28, 2012. The amount paid from the Interchange Fund will be based on one-tenth of 1% of your Visa and MasterCard credit card transaction volume during an eight-month period from July 29, 2013 through March 29, 2014.

Requesting Exclusion or Objecting to the Payment Interchange Fee Settlement

Members of the Cash Settlement Class can exclude themselves from that Class. Members of the Rule Changes Settlement Class cannot exclude themselves from that Class. Members of either Class can object to any part of the proposed Class Settlement. The deadline to object or to be excluded was May 28, 2013.

 

Register with VeriProcess Today

Contact VeriProcess at 800.503.5725 or provide us with your information to have a representative contact you regarding our Payment Interchange Settlement Fee recovery services. You may also download a copy of our Claims Recovery Agreement to engage VeriProcess for assistance with your Payment Card Interchange Fee Settlement Claim.


VeriProcess Claims Filing Services:
VeriProcess provides claims recovery services and is not affiliated with class counsel or the settlement administrator. Claim forms are not yet available from the Class Administrator. When claim forms do become available, class members are not required to sign up with any third-party service in order to participate in the monetary relief, but may instead file their claim directly with the Class Administrator. The claim form will inform most class members of their actual or estimated interchange fees on which it is proposed their claims will be paid. You may accept or dispute this estimate with the opportunity to submit additional information. No-cost assistance will be available from the Class Administrator and Class Counsel during the claims-filing period. For additional information, class members may visit www.paymentcardsettlement.com, the Court-approved website for this case.