Visa Mastercard Settlement Claim Form: What You Need to Know

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If your business accepted Visa or Mastercard payments between 2004 and 2012, you may be eligible to receive compensation through the Visa Mastercard Interchange Fee Settlement. To claim your share of the settlement, you must fill out the Visa Mastercard Settlement Claim Form. This article will guide you through the process, explaining what the form entails, how to complete it correctly, and key tips to ensure you don’t miss out on the compensation your business deserves.​

What is the Visa Mastercard Settlement Claim Form?​

The Visa Mastercard Settlement Claim Form is the official document businesses must complete to apply for compensation under the class action settlement. The settlement stems from allegations that Visa and Mastercard, along with other financial institutions, unlawfully conspired to fix interchange fees (also known as "swipe fees") during the period from 2004 to 2012. These fees, charged by payment processors every time a customer used a Visa or Mastercard to make a purchase, were deemed to be inflated due to anti-competitive practices.

As a result of this settlement, businesses that processed Visa or Mastercard payments and paid these fees are eligible to receive compensation based on the amount they paid during the class period.



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Why You Need to Fill Out the Claim Form​

Filling out the claim form is the only way to ensure you’re included in the settlement and receive a payout. Without submitting this form, your business will not be able to claim its share of the settlement fund. This is why it’s essential to fill out the form accurately, submit it on time, and gather all the necessary documentation to support your claim.

The claim form is a straightforward way for the settlement administrators to determine how much compensation each eligible business should receive, based on the fees it paid. The amount you may be eligible to receive depends on various factors, including the amount of interchange fees you paid during the class period and the total number of claims submitted.

Step-by-Step Guide to Completing the Claim Form​

The Visa Mastercard Settlement Claim Form requires several key pieces of information. To make sure you submit a complete and accurate claim, follow these steps:

1. Gather Necessary Documentation​

Before you begin completing the claim form, it’s essential to gather all the necessary documents to support your claim. You’ll need evidence that your business processed Visa and Mastercard payments during the 2004-2012 period and paid interchange fees. Here’s what you need:

• Merchant Identification Number (MID): This is the unique number used by your payment processor to identify your business. If you don’t have your MID, you can find it on your merchant statements or ask your payment processor for assistance.
• Payment Processor Statements: These documents show the total transaction volume for your business during the class period and the interchange fees you paid. These will likely be in the form of monthly statements from your processor.
• Transaction Data: If you have access to detailed records showing the breakdown of your Visa and Mastercard transactions and the fees paid, it will help to include this data as well.

Once you have these documents, keep them in an easily accessible location while completing the claim form.

2. Fill Out Business Information​

The first section of the form asks for basic information about your business. This includes:

• Business Name: Enter your legal business name as it appears on your tax documents.
• Business Address: This should be the physical location or primary business address for your company.
• Contact Information: You’ll need to provide the contact details of the person responsible for handling the claim, such as their name, email, and phone number.

3. Enter Merchant Identification Number (MID)​

As mentioned earlier, your Merchant Identification Number (MID) is crucial for identifying your business within the settlement process. Your payment processor should have provided this number. If you can’t find it on your payment statements, contact your payment processor directly to obtain it.

Enter your MID exactly as it appears on your statements. This ensures that the settlement administrators can correctly match your business with its corresponding transaction data.

4. Provide Transaction Volume and Interchange Fees​

This section of the form requires you to provide the total value of Visa and Mastercard transactions your business processed during the 2004-2012 period and the total interchange fees you paid. If your payment processor doesn’t provide this exact breakdown, you may need to estimate the fees based on transaction volume and the fee rates that applied at the time.

• Transaction Volume: This refers to the total amount of payments your business processed through Visa and Mastercard cards. Your processor statements should show this data.
• Interchange Fees Paid: The settlement aims to reimburse businesses for the interchange fees they paid. This can be calculated based on the percentage of each transaction that was charged as an interchange fee. If you have historical records showing these fees, use them to complete this section accurately.

If you’re unsure how to calculate these figures, your payment processor may be able to assist you. It’s important to be as accurate as possible to ensure you’re compensated fairly.

5. Sign and Submit the Claim Form​

After completing the form and double-checking your information, you’ll need to sign and submit the claim. The signature confirms that all the information you’ve provided is true and correct.

You have two submission options for the claim form:

1. Online Submission: The easiest and most efficient way to submit your claim is electronically. You can do this through the official Visa Mastercard settlement website. The online submission system typically includes built-in verification to make sure all necessary fields are completed before you submit the form.
2. Mail-in Submission: If you prefer, you can print out the claim form and mail it to the provided address. However, this method may take longer and could delay the processing of your claim. If you choose this route, be sure to include all necessary documentation and keep a copy of the form for your records.

6. Keep Records of Your Submission​

Once the claim form is submitted, it’s important to keep a copy of everything for your records. This includes a copy of the completed form, your documentation, and any confirmation emails or notifications you receive from the settlement administrators.

Important Tip: Always keep a record of your submission in case there are issues with your claim or if you need to follow up later.

Key Deadlines and Important Dates​

It’s crucial to be aware of the filing deadline for the Visa Mastercard Settlement Claim Form. Missing the deadline could result in the forfeiture of your claim. Keep track of key dates, and make sure you submit the form with enough time for any issues that may arise.

The settlement website provides updates and announcements about filing deadlines. If you miss the primary deadline, there may be an option for submitting a late claim, but it’s not guaranteed.

What Happens After You Submit the Claim?​

Once your claim is submitted, it will be reviewed by the settlement administrators. They will verify the accuracy of the data you provided and assess your claim against the overall settlement pool. Depending on the number of claims submitted, the total funds available, and the specific fees you paid, the payout may vary.

You’ll receive a notification once your claim has been processed, and if everything is in order, you’ll be issued a payment. The settlement administrators may also contact you for additional information if they need further clarification.



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Conclusion: Submit Your Claim Today​

Completing the Visa Mastercard Settlement Claim Form is a necessary step to recovering some of the fees your business paid due to the inflated interchange fees charged by Visa and Mastercard. While the process may seem complicated at first glance, it is manageable if you follow the steps outlined in this guide and gather the right documentation.

Remember to submit your claim form on time, double-check all the information you provide, and keep copies for your records. By following these tips, you’ll increase the likelihood of a smooth submission and help ensure that your business gets its fair share of the settlement.