Settlement: Merchants to be Refunded $5.54-6.64 Billion
Lawsuit: In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, MDL 1720 (MKB) (JO)
In September 2018, a proposed settlement was reached in a lawsuit alleging Visa and Mastercard had overcharged merchants’ interchange fees, in violation of anti-trust laws.
As the settlement moves forward, merchants who accepted Visa or Mastercard payments between January 2004 and January 2019 are eligible to receive a portion of the settlement amount.
Any merchant who wishes to receive their portion of the settlement must opt-in once the opt-in window opens.
Verisave will be keeping a close watch on this situation as that window draws near, and will alert all clients to next steps.
Visit the Official Court-Authorized Settlement Website here.
Did you Accept Credit Card Payments Between January 2004 and January 2019?
Let's Calculate Your Portion of the Settlement
We will report back to you with:
- How much of the refund you can expect
- Whether your current Interchange fees are still being overcharged
- The overall health of your merchant account
- Any recommendations we have to optimize your rates outside of Interchange
To get started, upload a recent merchant account statement and answer a few initial questions below:
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While working with Verisave I was able to witness their knowledge and expertise as they implemented a savings to our merchant account that I did not realize was attainable. As a result of their efforts our fees are significantly lower and we skipped the hassle of switching processors.
Because our accounting systems are unique, it can be a challenge to process credit card payments and still pay the lowest fees possible. As a valued business partner, Verisave created solutions that saved us both time and money on our credit card processing.
Prior to learning about Verisave, we engaged with another audit company that created a minimal savings to our merchant account. Once that agreement was complete, we brought in Verisave and they successfully implemented a savings significantly greater than what the previous company had found. Verisave’s experience and knowledge allowed this savings to be implemented without any disruption to our credit card processing, guiding us through the entire process. I would highly recommend Verisave to any company looking to reduce their credit card processing fees.
I worked with Verisave and had them complete an audit on all 5 of my restaurants. After completing their audit, Verisave implemented over $3,500 per month in total savings without requiring me to switch from my current processor. I would highly recommend them to any company looking to lower their credit card processing fees.
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