A class action lawsuit against the credit card companies Mastercard and Visa has been settled, and if you're a business owner you may be eligible to receive a settlement!
The lawsuit alleged that banks and Visa/Mastercard conspired to set higher interchange fees and to impose rules restricting merchants’ ability to surcharge or refuse higher cost Visa and Mastercard credit cards.
Any business that accepted Mastercard or Visa between March 23, 2001 and September 2nd , 2021 can submit a claim and may be eligible to receive money as part of the settlement.
Credit card companies charging businesses is nothing new, so this practice will continue. The lawsuit was focused specifically on these companies setting higher interchange fees, which took more money away from businesses. This charge exists because it's convenient and easy to use a credit card, and some credit card companies offer rewards programs. However, this does come at a cost to the small businesses who are paying for this interchange fee. This settlement could help you recoup some of the money spent on these fees. If you want to earn some of your money back, you have until September 30th to do so.
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