If you’re a merchant who has accepted Visa or Mastercard payments in the past, there’s some news you might find interesting. There’s a massive settlement of $5.54 billion, known as the MCAG Visa Settlement, that may be relevant to your business.
This hefty sum is not just a number – it’s a significant chance for you to recover some of the fees you’ve paid for accepting card payments. It’s a result of a class-action lawsuit that claimed merchants were charged excessive interchange or swipe fees. Now, wouldn’t you want to be a part of this?
Settlement Background
The story behind this settlement is quite interesting. It all started with a lawsuit, alleging that Visa, Mastercard, and the Defendant Banks had created a conspiracy. The accusation was that these giants got together and decided to charge merchants excessive interchange or swipe fees.
It’s like a plot from a blockbuster movie, but it’s real. And what’s more, it led to the largest-ever cash settlement in a class-action lawsuit in the history of the United States. This settlement is designed to reimburse you, the merchant, for the excessive fees you may have paid. Now let’s dig into the details of this remarkable settlement fund.
$5.54 Billion Settlement Fund Key Details
$5.54 billion – that’s a lot of money, and it has been set aside for merchants like you who have accepted Visa or Mastercard payments. The fund is a result of the lawsuit settlement, and it has been designed to provide eligible merchants with a chance to recover some of the interchange fees they’ve paid.
But you might be thinking, “”How do I know if I’m eligible, and how do I claim my part of this fund?”” Well, that’s what we’re going to talk about next.
Eligibility Criteria For Merchants
So, who can claim a piece of this settlement fund? The eligibility criteria are quite simple. If you’re a merchant who accepted Visa or Mastercard payments between January 1, 2004, and January 25, 2019, then you’re eligible. It doesn’t matter how big or small your business is, or how many transactions you’ve processed during this period. If you’ve accepted these card payments, you’re part of this story.
But being eligible is just the first step. The next step is to submit a claim to get your share of the fund. And that’s where MCAG comes in.
The Claims Process
So, you’ve determined that you’re eligible for the MCAG Visa Settlement, and you’re ready to get started on the claims process. But how does this process work, and what are the key deadlines you need to be aware of? Let’s break it down.
The claims process officially began in December 2023, and the filing deadline has been extended until February 4, 2025. This gives you ample time to gather all the necessary information and submit your claim. But remember, the sooner you start, the quicker you can potentially receive your share of the settlement.
Submitting a claim is crucial. Without this step, you won’t be able to receive any funds from the settlement, regardless of your eligibility. This process involves gathering relevant business and payment information, preparing and submitting claim forms. It may seem daunting, but don’t worry, that’s where MCAG comes in.
How MCAG Assists Merchants In The Claims Process?
MCAG is an expert in class action settlements, and they’re here to help. Their role is to assist you, the merchant, in navigating the claims process. They’ll gather your business and payment information, prepare and submit your claim forms, and reconcile with the Settlement Administrator.
This assistance ensures that your claim is submitted correctly and on time. MCAG also corresponds with the Settlement Administrator, keeping you informed throughout the process and distributing net recoveries once they’re available. This service allows you to focus on running your business while they handle the intricacies of the claims process.
Fees & Costs Associated With MCAG’s Services
While MCAG’s services sound excellent, you might be wondering about the cost. Well, MCAG works on a contingent fee basis. This means they retain a portion of the settlement recovery amount as their fee. Typically, this fee is 25% of the recovered amount.
The good news is, if no recovery is made, MCAG doesn’t charge a fee. This arrangement ensures that MCAG is motivated to help you recover the maximum amount possible. After all, their success is directly tied to your success.
Now, you should have a clear understanding of the claims process, how MCAG can assist you, and the fees associated with their service. In the next part of this series, we’ll look at alternatives to using MCAG for filing claims, and answer some frequently asked questions about the settlement. Stay tuned!
Alternatives To Using MCAG For Filing Claims
While MCAG provides an invaluable service in assisting merchants with the claims process, it’s important to note that you have other options. One of these is to submit the claim on your own. This might seem like a daunting task, but it’s certainly possible. If you’re comfortable with paperwork and have the time to dedicate to the process, you can navigate through the claims procedure independently.
Another option is to seek no-cost assistance from the Class Administrator and Class Counsel. They’re available to help you understand the settlement details, determine your eligibility, and guide you through the claims process. And the best part? Their services come at no cost to you.
Finally, you can choose to work with other third-party services similar to MCAG. However, be sure to carefully review their fee structures and reputation. Remember, you want to maximize your recovery from the settlement, so choose wisely.
Conclusion
By now, you should have a comprehensive understanding of the MCAG Visa Settlement and what it entails. You’re aware of your options for filing a claim, the role of MCAG, and answers to frequently asked questions. But knowledge alone isn’t enough. The next step is to take action.
If you’ve determined that you’re eligible, it’s time to decide how you want to proceed with your claim. Whether you choose to submit the claim on your own, seek no-cost assistance, or work with a third-party service like MCAG, make sure you act soon. Remember, the filing deadline is February 4, 2025. Don’t miss out on your chance to recover some of the interchange fees you’ve paid over the years.
Stay tuned for more updates and information on the MCAG Visa Settlement and how it can benefit your business. You’ve paid your dues, now it’s time to take a step towards recovery.
FAQs
How Much Can I Expect To Recover From The Settlement?
The exact amount you can recover depends on various factors, including the number of transactions you processed during the eligibility period and the total amount of the settlement fund. It’s difficult to predict a precise figure, but every eligible merchant has a chance to recover a portion of their interchange fees.
Is The Process Different For Small Businesses?
No, the process is the same for all merchants, regardless of the size of their business. The key factor is whether you accepted Visa or Mastercard payments during the eligibility period.
What If I Miss The Filing Deadline?
It’s crucial to submit your claim before the February 4, 2025 deadline. If you miss the deadline, you might lose your chance to recover from the settlement. So, start gathering your information and submit your claim as soon as possible.
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