Until May 31, 2024, businesses in the U.S. can ask for part of a $5.5 billion deal with Visa and Mastercard because they might have paid too much in fees but many small businesses don’t know about it so they need to send their request before this date to get any money.
Deadline Approaching for Businesses to Claim Compensation in Visa and Mastercard Settlement
According to AP News, American businesses have until May 31, 2024, to request funds from a $5.5 billion settlement with Visa and Mastercard, stemming from a 2005 lawsuit alleging excessive fees for accepting their credit cards. Any business that accepted Visa and/or Mastercard payments from January 1, 2004, to January 25, 2019, may be eligible for compensation, even if they have since ceased operations.
Mitch Goldstone, who runs ScanMyPhotos.com and led the lawsuit is frustrated that many small businesses don’t know about the Visa and Mastercard deal. He says it’s easy to ask for money but lots of businesses haven’t done it yet. They have until May 31 to send their claim online or by mail if they get a paper form.
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$5.5 Billion Visa and Mastercard Antitrust Settlement: Deadline Approaching for Businesses to Claim Their Share! (PHOTO: news.law)
Time Running Out for Businesses to Claim Compensation in Visa and Mastercard Settlement
Furthermore, if businesses don’t ask for money before May 31, they won’t get any from this Visa and Mastercard deal. After everyone sends their claims the amount each business gets will be figured out. This Visa and Mastercard deal gives businesses a chance to get back some of the money they might have lost because of credit card fees but they have to act fast before the deadline.
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