Don’t Sleep on Payment Card Interchange Fee Settlement
Jeffrey Schrimmer, president of Brighter Promotions, explains how promo firms can file a claim in the $5.5 billion settlement in an antitrust class action suit against Visa and Mastercard.
Jeffrey Schrimmer, president of Brighter Promotions (asi/41016) hadn’t heard of the class action suit related to Visa and Mastercard interchange fees until a few months ago when a company he acquired retained their rights to any claims from the $5.5 billion settlement.
After learning more and filing a claim for his own company, Schrimmer launched a new business, Professional SRS, to help other companies navigate the process. In this episode of Promo Insiders, Schrimmer explains what the antitrust suit was all about, who can file a claim and why time is of the essence.
Businesses that accepted Visa or Mastercard payments between Jan. 1, 2004, and Jan. 25, 2019, are eligible to file a claim, but claims must be submitted by Feb. 4. Though it’s not certain how much of the settlement money individual businesses will recoup, Schrimmer believes it’s worth making the effort. “I hate to use the term, but it’s free money coming back to you,” he says. “It’s money you’ve already paid into these guys. You should get it back.”
Key Takeaways
• Historic Settlement: The lawsuit against Visa and MasterCard alleged antitrust violations related to interchange fees. The $5.5 billion settlement is the largest of its kind.
• Who Qualifies: Any business that accepted Visa or MasterCard payments between Jan. 1, 2004, and Jan. 25, 2019, is eligible to file a claim.
• Claim Deadline: Businesses must submit their claims by Feb. 4, 2025. The initial claim must be logged in the system by this date, though final processing may take longer.
• Potential Payouts: The estimated payout is around $1,000 per million dollars processed, but final amounts will depend on the total claims submitted.
• Avoid Scams: Merchants should be cautious of fraudulent services. Claims can be filed independently at paymentcardsettlement.com, or through reputable agencies assisting with the process.