Visa & MasterCard Settlement

Don't Miss Out: Visa and MasterCard Settlement Could Mean Money Back for Your Business!

As your trusted partner in payment processing, Sync Payments is committed to keeping you informed about opportunities that may benefit your business. An important development has emerged that we want to bring to your attention: the Visa and MasterCard Interchange Fee Settlement.

The Settlement at a Glance

A settlement has been reached involving Visa and MasterCard regarding interchange fees that were charged between January 1, 2004 and January 25, 2019. If your business accepted Visa and/or MasterCard payments during this period, you may be eligible for a portion of a $5.5 billion settlement fund.

Receiving and Understanding Your Claim

A court-appointed Class Administrator will be sending out notices containing an estimate of the interchange fees you've paid and details on how to file a claim.

• Check for Official Correspondence: Be on the lookout for an official settlement notice from the Class Administrator, arriving by mail.
• Review Your Estimate: This official notice will include your transaction volumes and an estimated claim amount based on those transactions.
• File Accordingly: Use the information in the notice to file your claim online by the specified deadline. 

If You Haven’t Received the Letter

Not to worry—if you haven’t received the notice:

1. Visit Payment Card Interchange Fee Settlement Website.
2. Follow the instructions to submit your claim before the May 31, 2024 deadline.

Important Considerations

• Settlement Amounts Are Estimates: We understand estimates are circulating that suggest a potential return of about 0.017% of transaction amounts during the Class Period. However, the exact amount any merchant will receive is not currently known.
• Sync Payments' Role: While our processors collect interchange fees as part of payment processing, we want to clarify that these fees are set by card issuers according to Visa and MasterCard rules, and Sync Payments is not a beneficiary of these fees. Our role is to facilitate your transactions and support your business.
• We're Here to Assist: Our team is prepared to provide information and support as you navigate the claim process.

Disclaimer

This post serves as a general guide and is for informational purposes only. The settlement details, including how much your business may receive, are not determined by Sync Payments and are subject to the terms set by the settlement. We do not have insight into the exact amounts to be disbursed and cannot guarantee any outcomes. We strongly advise you to consult with your legal or financial advisor for personalized advice, and we are available to assist you with the information you need to understand the process.

Together, Forward

At Sync Payments, we're more than a service provider—we're your partner, here to help you capitalize on opportunities that arise. If you have questions or need further guidance, please reach out. We’re dedicated to your success and are here to support you every step of the way.