As a Texas merchant, you almost assuredly accept credit cards in payment for your customers’ purchases. But unfortunately, as you well know, you pay around 2%, sometimes more, of the customer’s purchase price every time (s)he swipes his or her card in your machine.
You probably know that thousands of merchants across the nation filed a class-action lawsuit against VISA and MasterCard, the two largest credit card companies, over a decade ago claiming that they violated antitrust laws by “fixing” swipe fees so as to benefit themselves and the banks. You also likely know that this suit settled in 2012, but that the appeals court ultimately overturned it after major merchants rejected it as unfair. What you may not know, however, is that the parties reached a new $200 million larger settlement last year that the court appears more than willing to approve.
Smaller merchants benefit
Mega retailers like Walmart, Target and Kroger already have opted out of this new settlement, but this actually benefits you and other smaller retailers. How? Because the opting out by the huge retailers does not affect your ability to collect your share of the new larger settlement. Consequently, now is the perfect time for you to retain an experienced antitrust and mass torts attorney who can uncover the following on your behalf:
- The illegal swipe fees you paid over the years
- The amount VISA and Mastercard collected from those fees
- The amount of any VISA or Mastercard fees for which you received refunds
- The amount you likely can recover from the new larger settlement
Remember, time if of the essence. As one of the nation’s 99% of small merchants who handle 75% of customers’ credit card purchases nationwide, you deserve to claim your share of the VISA-Mastercard settlement once the court approves it.