In 2005, a class-action lawsuit was filed against Visa and MasterCard by claimants who argued that the two credit/debit card providers were colluding in price fixing and anti-competitive practices. The case was settled in 2013, and the card companies agreed to provide compensations totaling $6.05 billion, reduced by 25% to account for exemptions and exclusions, to merchants who accepted Visa or MasterCard payments in the United States between January 1, 2004 and November 28, 2012. Claimants may receive $6,000 per $1 million in Visa or MasterCard transactions processed during this period.
Your business could qualify for compensation from this fund. If you believe you are entitled to compensation, or would like to find out more about compensation and filing, Host Merchant Services is ready to get you started.
How do I qualify for funds?
To qualify for compensation from the $6.05 billion settlement fund, your business must have accepted transactions from Visa or MasterCard credit or debit cards at any point between January 1, 2004 and November 28, 2012. The settlement fund covers only transactions processed in the United States during the described time period.
If your business meets this requirement, then you are eligible to file for a claim using HMS’s easy filing service. Once filed, claims are reviewed by settlement administrators, who process your application and determine the compensation your business is due.
What will HMS do for me?
We at HMS want our clients to receive the full compensation to which they are entitled. We understand that claim filing can be an arduous process, and that business owners sometimes elect not to file because of the investment of time and resources it requires. Therefore, HMS is proud to announce that it will help facilitate the claim filing process on behalf of your business. We will provide recovery services to clients, and we will work to ensure you are fairly compensated.
You only need to provide your business information to get the filing process started. The forms are straightforward and easy to use, and you will be contacted if more information is required. The initial filing process takes only minutes, yet it can earn your business anywhere from thousands to millions. You will receive updates about the status of your claim as it progresses through settlement administration.
What will this pay? Do I have to pay anything?
The settlement will allow claimants to recover $6,000 per $1 million in Visa or MasterCard credit or debit card payments processed between January 1, 2004 and November 28, 2012. Claimants must file to receive funds; no funds will be paid to your business unless you apply for them. A standard legal fee will be charged at the time of claims payment – you will not be charged until you receive your money. In the event that your claim is denied, you will be charged nothing for the filing or processing services. There are no initial fees or hidden charges. Our system is zero risk for your business.
How do I get started?
HMS will be accepting clients for Visa/MasterCard compensation claims soon. Look for updates in the near future; we will provide more information as we finalize our system. At that time, interested clients can sign up for claim filing through HMS.
If you are interested in filing a claim through HMS’s recovery services, please complete the form below.