Certain Businesses May Reclaim Hidden Fees Paid to Visa or Mastercard
Did your company accept Visa or Mastercard payments between 2004 and 2019? You may be eligible to reclaim hidden fees as part of a massive $5.5 billion settlement – the deadline to file a claim is Feb. 4, 2025.
What’s the Opportunity?
A class-action lawsuit alleges that Visa and Mastercard engaged in anti-competitive behavior by setting fixed fees for processing credit card transactions. This resulted in merchants unknowingly paying inflated fees for years. The settlement would allow businesses to recoup some of these hidden costs, as the lawsuit argues that such practices led to increased costs for merchants, and ultimately, consumers.
How Much Can Your Business Recover?
While it varies depending on your processing volume, estimates suggest businesses could recover between $3,000 and $5,000 for every $1 million in credit card charges processed from 2004 to 2019. While the per-million recovery might seem small, it represents a chance to reclaim a portion of hidden fees paid over a decade and a half. Over a 15-year period, this could translate to significant recovery of fees paid for restaurants, retail stores, medical offices and other businesses that rely heavily on credit card payments.
Why You Should Act Now
The deadline to file a claim has been extended to Tuesday, Feb. 4, 2025. At this stage, those filing an initial claim would only be required to provide their Employer Identification Number (EIN) – no proof of hidden fees is necessary at this stage.
Who Should Consider Filing?
Organizations who believe they were overcharged for processing Visa and Mastercard payments should consider filing a claim, including, but not limited to, those in the following industries:
- Restaurants
- Retail Stores
- Medical Offices
- Gas Stations
- Hotel Groups
Learn More & File Your Claim
The official settlement website provides full details on eligibility and the claims process. Windham Brannon’s advisors are prepared to help you understand your eligibility and if filing a claim makes sense for your financial situation. Contact your Windham Brannon advisor today, or reach out to Kristi Johnson.
