If your business accepted Visa or Mastercard credit card payments between January 1, 2004, and January 25, 2019, you could qualify to receive a portion of the $5.54 billion Payment Card Settlement. This settlement presents a significant opportunity for businesses affected by interchange fees and card network rules—and many healthcare providers are eligible to file claims.
What Is the Settlement About?
The Payment Card Settlement stems from a class-action lawsuit filed against Visa, Mastercard, and several major banks. The lawsuit alleged that these companies set interchange fees and established rules that steered merchants toward higher-cost payment methods. As a result, they agreed to create a $5.54 billion settlement fund to resolve the case. Businesses that qualify can now file claims to receive a share of this fund.
Who Is Eligible?
All individuals, businesses, or entities that accepted Visa or Mastercard transactions during the specified time frame may be eligible—as long as they are not a dismissed plaintiff in the lawsuit.
What You Need to File a Claim
Filing a claim is a straightforward process, but you’ll need to gather some basic information and documents to get started:
- Taxpayer Identification Number (TIN) or Employer Identification Number (EIN)
- Supporting documentation, such as your incorporation certificate, W-9, or a utility bill
- Claimant ID and Control Number (if you received a claim form in the mail)
Claims can be filed online or by mail, but you’ll need the above information to complete the process.
How to File a Claim
To file your claim, visit the official settlement website at www.paymentcardsettlement.com or call 800-625-6440 for assistance. If you prefer, you can also file by mail. Claim forms were mailed out to eligible businesses starting in late 2023, but if you didn’t receive one, you can still file online or over the phone.
Deadline to File
The deadline to file your claim is February 4, 2025. It’s best to start the process sooner rather than later to ensure you have ample time to gather any required documentation and complete your filing.
Avoid Third-Party Services
Be aware that some groups are offering to assist with filing claims in exchange for 25% of your settlement. However, the process is simple and does not require third-party services. Filing directly through the official website or phone number is your best option.
What Happens Next?
After filing, your payout will depend on several factors, including the total number of claims submitted, available settlement funds, and administrative costs. Claims will not begin to be paid out until after the filing deadline has passed.
YHB Is Here to Keep You Informed
At YHB, we are dedicated to keeping our clients informed about opportunities like this. While we cannot file claims on your behalf, we encourage you to explore this opportunity if your business accepted card payments during the settlement’s eligibility period. For more details or to start your claim, visit www.paymentcardsettlement.com or call 800-625-6440.
If you have questions about this settlement or how it may impact your practice, feel free to reach out to us. We’re always here to support you.
