Court Final Approval – Visa-Mastercard Interchange Fee Settlement
Engage an Expert for This Unique Revenue Opportunity
Author: William Karczewski, VP Fiserv Product Commercialization
Visa, MasterCard, and the Defendant Banks have officially reached a $5.54 billion settlement on interchange fees. Once the Court opens the claims process, you must submit a claim to the Settlement Administrator, or have a claim submitted on your behalf to be eligible to receive any cash from this settlement.
To properly submit a claim, you will need to potentially aggregate 15 years of Visa and Mastercard sales data across all processing merchant IDs and locations. That’s a lot of data collection, back office work, and commitment of your staff.
Taking the Potential Burden Out of the Submission Process
As the leading payment processor, Fiserv recognizes that not all businesses have the time or the resources to focus on optimizing this submission process. Fiserv has partnered with MCAG, a class action settlement expert who can assist you with settlement claim submission, data aggregation, and management of the claim process on your behalf.
Claims forms are not yet available, but you can engage MCAG now to help ensure that a proper and timely claim is filed on behalf of your business.
Benefits of Using MCAG’s Service
Fiserv knows that you prefer to focus on what matters most – your business. We’ll help you turn what can be a complicated procedure into a simple one.
MCAG will gather historical data over the fifteen-year settlement period that pertains to all of your business locations, across multiple processors, and submit multiple claims. MCAG’s extensive expertise in analyzing merchant sales data reduces your potential burden with the submission process, including:
- Eliminate the responsibility to track important dates and claim filing deadlines
- Limit your administrative burden – no need for your staff to gather, analyze, or submit claim forms
- Review of all relevant data – the settlement covers Visa and Mastercard transactions from 2004 into 2019
- Help ensure claim form compliance – MCAG’s processes are consistently validated via Settlement Administrator reviews
- Recovery optimization managed by a seasoned industry expert
MCAG’s services are optional to merchants and there are no upfront fees. MCAG charges a 25% contingent fee of any recoveries that you may be entitled to from this settlement. For this fee, MCAG services include the necessary data analysis, document preparation, claims filing, recovery, and reconciliation for your business. If no money is recovered, MCAG will not charge or retain a fee.
Enrollment in MCAG’s Service is Easy!
- Click here to visit MCAG’s website for Fiserv-First Data merchants
- Enter your business information, and that’s it.
Fiserv is committed to transparency throughout this process – monitoring Court decisions, keeping you informed, and supporting your decision to become involved with the settlement recovery. Please contact MCAG or your Fiserv account manager if you have further questions.
Payment Card Settlement Disclaimer
The Court has granted final approval of a settlement to resolve the class action. Claim forms are not yet available and class members need not sign up for a third-party service to recover settlement funds. Once a claims process is available, no-cost assistance will be available from the Class Administrator and Class Counsel. Additional information regarding the litigation is available on the Court-approved website at www.paymentcardsettlement.com.