Payment card settlement: What it means for you!

Cue up the National Restaurant Association’s and Restaurant Law Center’s recent webinar on the “Payment Card Settlement: What it Means for Restaurant Operators.” Presented in February, the webinar’s recording and copy of an accompanying Power Point presentation are available here. 

The biggest antitrust class-action settlement in history sets aside nearly $6 billion for U.S. merchants who paid artificially inflated Visa and Mastercard interchange fees between Jan. 1, 2004 and Jan. 25, 2019. 

The webinar’s three main themes included:

1. The claim window is open: The deadline to submit a claim, either through the physical mailer or online, is May 31. Go to www.paymentcardsettlement.com to submit your claim now. 
2. Submitting a claim is easy: The claim process is designed to take just 5 to 15 minutes. The portal should even autofill most information when you submit the individual’s “Claimant ID” and “Control Number”, which is found in the claim letter, or when submitting the business’s Tax ID if the claim letter isn’t available.
3. Be wary of 3rd-party filers: These entities could be misleading and tout their ability to get you your award faster but could take between 10% and 40% of your check.

If you accepted Visa and/or Mastercard at any time between these dates (Jan. 1, 2004 to Jan. 25, 2019), you may likely be a member of the class settlement and entitled to a share of this money. Learn more now.