🚫💳 Credit Card Giants Got Declined?

After thirteen-plus years of litigation on allegations of colluding on those pesky interchange fees, Visa and Mastercard are paying back almost $6 Billion back to business owners who accepted customer payments via their cards. If you were in business from the invention of Facebook (2004) to the college admissions scandal (2019), now is your chance to reclaim your business’s piece of this massive settlement based on your eligibility. Let’s dig in.

What we imagine Big Credit’s boardroom meetings looked like…
Source: makeagif.com

💳️ Visa & Mastercard Got Caught Charging You More…

What Happened?
Ever feel like you are just seeing MORE and MORE fees than ever? You’re not alone. Luckily for us, after thirteen rounds in the legal litigation ring, Visa and Mastercard saw their own cards get declined as they will pay $5.54 Billion to put to bed allegations that they forced business merchants (i.e., anyone who accepted their branded credit or debit cards) to pay excessive interchange fees, violating antitrust laws. Let’s look at what that means for you.

What does that mean…in english, please?
It means that these credit card behemoths (independently and together, along with their member banks) 'allegedly' attempted to squeeze even more profits out of your hardworking business by working together (i.e., against capitalism…) to increase the interchange fees your company paid them… tsk-tsk.

Not a business owner yet? Make someone’s day and send this off to those bold folks in your life that own businesses accepting credit cards – your favorite restaurant, your parents who run a small plumbing or HVAC empire, that e-commerce clothing store that fits just right, the mobile van that washes your dog, or even that cool couple that you used to house-sit for. Do them a HUGE favor and forward them this email – they’ll thank you later. Now let’s see who fits the bill:

Class Member Criteria
💳 Your biz accepted Visa or Mastercard branded debit or credit card swipes.
🇺🇸 You operated in the U.S. of A between January 1, 2004 - January 25, 2019
💭 Psst. you don’t need to still be in business (e.g., bankrupt, sold, closed, etc.)
❌ Some Bad News: Franchises AREN’T included in this settlement but don’t fret, they’re working on their own separate and ongoing lawsuit.

What are interchange fees again?
For those of you who read that merchant agreement over a decade ago and don’t quite recall what that means, here’s a refresher. These interchange fees are the largest part of the merchant processing fee and are typically 1-2% of every card transaction, meaning they add up over the years. 

How much are we talking?
Your baby’s (we mean business’s) actual payout will be determined by your proportional (“pro rata”) share of total excessive fees paid. With a case this historic, we’re expecting some pretty significant merchant recoveries. So make sure to file if you qualify for this $5.54 billion settlement! 

⚠️ Reminder
There’s a theme here… if you do not qualify (like I’m still in my white-walled cell, the ‘cubicle’, working for the man…), DON’T submit a claim. Remember, this is the legal system we’re dealing with after all (e.g., perjury exists…). Plus, don’t ruin it for the rest of us. No worries, we’ll hit you on the next one!

Now What? 
Take less than 5 minutes to file your claim with us! The deadline to file your claim is May 31, 2024. Hit the button below to file with CAC’s 1-step claim filing agreement or follow the link to learn more… learn more.

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