Qualified U.S. firms have expressed strong interest in refunds of up to $2000 from the Visa-Mastercard settlement. Although the filing date for claims was February 4, 2025, hundreds of claimants are still unsure where they stand. The class action case, filed on established antitrust arguments, named multinational payment processors Visa and Mastercard as defendants and remains one of the largest of its kind in US history. A swipe fee rarely leads to a payday! If you accepted cards, your past receipts are worth far more than you could have imagined.
So, why were reimbursements of up to $2,000 in play?
The Visa-Mastercard payout is the result of a $5.54 billion settlement in which businesses were overcharged on swipe fees, commonly known as interchange fees. The costs are deducted from each credit card transaction and are claimed to be exaggerated due to anti-competitive behaviour.
Small and medium-sized businesses were particularly hit by these charges, with some receiving refunds of $2,000 or more, depending on the volume of transactions they had amassed with Visa or Mastercard during the eligible period. The more detailed the company’s history of Visa or Mastercard transactions, the greater the potential reimbursement.
Visa-Mastercard settlement explained: who was eligible, and what happens next
The question of whether a firm can seek a refund has been central throughout. Claimants had to accept Visa or Mastercard payments when they were eligible and complete a claim form before the deadline. The claims submission process necessitated corporate paperwork and the volume of transactions. Even though the deadline has passed, companies that were able to submit theirs on time will now go through the claims administration process, which involves verifying submissions before making disbursements.
Can you still obtain stuff if you’re late for the deadline?
Most people take this quite seriously. Unfortunately, firms that did not file a claim by February 4, 2025, are no longer eligible for direct compensation from the settlement. However, there are still serious steps to be taken.
Determine whether your company was included in a bulk claim filed by a third-party claim-filing provider.
Monitor email or mail correspondence to see whether your company has previously been represented.
Check your records to determine how much your prospective return was.
Visa and MasterCard payment status: When will money be paid to businesses?
Even though the February deadline closed the application window, firms that submitted properly can now look forward to the next step in the process. The claims administrator is now in charge of document verification, eliminating duplicate submissions, and ensuring proper payouts.
According to rumours, refunds can be obtained as early as 2025, but no precise dates are currently available. The scale and complexity of this settlement can make it take months to process, particularly when there are a high number of transactions by commercial organisations.
Final reminders for company owners
If you did submit, be sure to verify your submission status using the appropriate Payment Card Settlement gateway. You will need to enter the claim ID number that was provided when you completed your form. It is the most effective strategy to ensure that your firm is included and that you know what to do next. For further information, please visit the Payment Card Settlement page.
Though the refund process appears to be lengthy, the prospect of big compensation has made this a significant milestone for most businesses. This is similar to a payback bonus, except it dates back years! Spending a few minutes searching for previous accounts may come in helpful if you receive a surprise deposit. Who would have thought that old card swipes would still earn rewards today?
