Navigating the Visa and Mastercard Settlement

A recent Visa and Mastercard settlement ended the claim that businesses were being charged excessive swipe fees.  The 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.

Credit card interchange fees, or swipe fees, are charged when a business accepts a customer payment.  These fees are intended to help cover the cost of processing payments but sometimes they are structured to be complex and may cause confusion.

To benefit from this settlement, affected business owners must file a valid and timely claim through the official website,, by August 30, 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 Visa and Masterard settlement, the two credit card companies will reduce swipe rates by at least .04 percentage points (typical swipe rates are 1.5-3.5% per transaction), cap rates for five years, and remove anti-steering provisions.

Act now to ensure that you receive your portion of the settlement.

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DISCLAIMER: This blog is provided for informational purposes only and is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant. Presentation of the information in this article does not create nor constitute an accountant-client relationship. While we use reasonable efforts to furnish accurate and up-to-date information, the evolving landscape surrounding these topics is supported by regulations or guidance that are subject to change.

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