Swipe in December: A Possible $5.5B Settlement Over Payment Processing Fees
After a decade-long battle in the legal arena, merchants everywhere are one step closer to financial reprieve thanks to the Payment Card Interchange Fee Settlement. Qualifying retailers will soon have access to reimbursement for a portion of interchange fees paid during a 15-year period between January 2004 and January 2019.
At a Status Conference on September 7th, the Court provided its seal of approval on the proposed claim form and the Settlement Administrator’s plan to hire a PR firm to raise awareness of this opportunity amongst eligible merchants.
This historic development is about more than just antiquated court battles—it has far-reaching implications for merchant acquirers and processors. In the coming months, businesses may begin to inquire about what this settlement means to them, so it’s important to be ready to answer any questions they might have about their eligibility and how to file for compensation.
For a decade, TSG and MCAG have formed an alliance to empower the payments community with a unique settlement program. As a pioneer in class action recovery, MCAG joined forces with TSG to launch an unprecedented initiative that assists organizations within the payments industry to deliver monetary relief to their merchants. Through this stellar partnership, no less than 40 payment companies have already reaped the rewards of the settlement program. Seize the moment and join these trailblazers in seizing your rightful share of this remarkable opportunity.