Navigating the Visa and Mastercard Settlement: What Business Owners Need to Know

A recent lawsuit against Visa and Mastercard has resulted in a settlement over allegations that they charged excessive swipe fees (fees used to cover the cost of processing payments). This settlement affects any persons, businesses, or entities that accepted Visa and Mastercard payments anytime from January 1, 2004 to January 25, 2019. The settlement fund of $5.5 billion will be distributed on a pro rata basis among claimants based on the total number of claims processed.

To benefit from this settlement, affected business owners must file a valid and timely claim through the official website,, by May 31, 2024. Claims will not be accepted after this deadline, and the exact amount each claimant will receive will only be determined after all claims are processed.

Additionally, moving forward as a part of this settlement, Visa and Mastercard will reduce swipe rates by at least .04 percentage points (typical swipe rates are 1.5-3.5% per transaction) and to cap rates for five years and remove anti-steering provisions.

Act now to ensure that you receive your portion of the Visa and Mastercard Settlement.

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