Visa-Mastercard payouts inch forward

Retailers are one step closer to receiving their share of a $5.5 billion class-action settlement. This long-running legal battle centers on claims that Visa and Mastercard overcharged merchants on swipe fees for years. While the money is finally moving, don't expect a check tomorrow. A court-appointed official is currently manually reviewing roughly 40,000 specific merchant claim issues. This involves verifying business data and resolving discrepancies in transaction volumes reported by retailers versus the networks. For your business, this means a potential cash infusion is on the horizon, though the timeline remains fluid. The audit process is necessary to ensure the fund isn't drained by fraudulent claims before legitimate businesses get paid. If you previously filed a claim for this settlement, keep your records handy. You may receive a request for clarification if your transaction data doesn't perfectly match what Visa or Mastercard has on file. This settlement is a rare opportunity to recoup a portion of the overhead costs associated with accepting credit cards, which is a major pain point for high-ticket financing and retail operations alike.

Source: Payments Dive

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