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Visa and Mastercard Settlement: A $5.5 Billion Opportunity for Businesses

A significant class action settlement involving Visa and Mastercard has been finalized, providing an opportunity for businesses affected by excessive swipe fees to receive compensation. This settlement addresses allegations that Visa and Mastercard charged businesses unfairly high fees for credit card transactions over a 15-year period.

Key Details of the Settlement

  • Settlement Fund: The total settlement amount is $5.5 billion, which will be distributed among eligible claimants on a pro-rata basis.
  • Affected Period: Businesses that accepted Visa or Mastercard payments between January 1, 2004, and January 25, 2019, are eligible to file a claim.
  • Action Required: To participate in the settlement, businesses must file a claim by August 30, 2024, through the official settlement website, Payment Card Settlement.

Understanding Swipe Fees

Swipe fees, also known as credit card interchange fees, are charges incurred when businesses accept payments via credit cards. These fees are intended to cover the cost of processing transactions but have often been criticized for their complexity and lack of transparency.

Benefits of the Settlement

  1. Settlement Payment: Businesses that file valid claims will receive a share of the $5.5 billion settlement fund. The exact amount each claimant receives will depend on the total number of claims filed and the volume of transactions they processed during the affected period.
  2. Future Changes: In addition to the financial compensation, Visa and Mastercard have agreed to lower their swipe rates by at least 0.04 percentage points. This reduction will be in effect for five years, providing ongoing savings for businesses. Furthermore, the settlement includes provisions to eliminate anti-steering rules, allowing businesses more flexibility in directing customers toward lower-cost payment methods.

How to File a Claim

To ensure you receive your share of the settlement, it is crucial to submit a valid claim before the deadline. The process is straightforward and can be completed online. For assistance, businesses can reach out to their Accavallo & Company representative or contact us directly at 203-925-9600 or email: [email protected].

Act now to take advantage of this opportunity and secure your business’s rightful compensation.

About Accavallo & Company, LLC

Accavallo & Company, LLC services a diversity of clients and we recognize that each client has individual financial needs. We are able to provide the knowledge and expertise necessary to succeed in today’s competitive market place.
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Office Location:

1000 Bridgeport Avenue, Suite 410, Shelton, CT 06484

Telephone

203-925-9600

Email

[email protected]

Office Hours:

Monday - Friday: 8:30 AM to 5:00 PM

We are open on Saturdays starting from the second week in February to April 15th from 9:00 AM to 1:00 PM.

Extended evening hours are available upon request.

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Sherri Fisher is a Tax Manager at Accavallo & Company, LLC.  Sherri has longstanding expertise in Trust and Estate Taxation, Eldercare, and Estate planning. Sherri appreciates the relationships she has built with estate planning attorneys and advisors, to provide a team approach to assisting her clients. Sherri also has seasoned experience in business and individual taxation and is partial to assisting start-ups in developing overall accounting and operating plans.

Prior to joining Accavallo & Company, LLC, Sherri was a manager in a large firm, servicing high net worth trust clients, business, and personal clients. She was also a Partner in a large bookkeeping firm, which specialized in cloud accounting systems for regional and national companies. Sherri led a team in assisting clients to organize their accounting systems.  She is a graduate of Florida Atlantic University with a B.S. degree in Accounting.    

Sherri’s experience includes working with companies and organizations in a variety of industries including:

  • Investment Trusts

  • DAPT and Family Investment Partnerships

  • Estate and Probate Administration

  • E-Commerce

  • Manufacturing

  • Construction

  • Real Estate Investment

  • Marketing and Service-based industries

In addition to her professional accomplishments, Sherri is an Intuit Advanced Pro Advisor, Intuit Future Firm Advisory Board member, member of the Valley WIN Network, and proudly served as past Connecticut Public School liaison for the Yale Tommy Fund for Childhood Cancer. Sherri enjoys time with her family, Cleveland sports, thrifting and gardening.