Visa/Mastercard interchange settlement: who gets paid and how to file

What the interchange case is actually about

The long-running merchant lawsuit — often called In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation — accuses Visa, Mastercard and several large banks of conspiring to fix the interchange ("swipe") fees merchants pay on every card transaction, and of imposing rules that stopped stores from steering customers to cheaper payment methods. The case has been litigated in the Eastern District of New York for well over a decade and has produced multiple settlements addressing money damages and network rules.

Interchange fees are the small percentage (commonly 1.5%–3.5% of a sale) that merchants pay to card-issuing banks every time a customer swipes, dips or taps. Multiplied across billions of transactions, they add up to one of the largest cost lines for U.S. retailers. Plaintiffs argued those fees would have been lower in a competitive market. Defendants deny wrongdoing but agreed to settle the damages portion to end the dispute. To understand the broader mechanics, see what a class action lawsuit is.

Who qualifies as a class member

Eligibility is defined by the court, not by Visa or Mastercard. Broadly, the damages class covered U.S. merchants that accepted Visa or Mastercard branded cards between January 1, 2004 and January 25, 2019. That includes sole proprietors, LLCs, corporations, nonprofits and government entities that ran card transactions during that window — from a one-location coffee shop to a national chain.

You do not need to still be in business. Closed businesses can file through a former owner, successor, or authorized representative if they have records of card acceptance during the class period. Franchisees generally file separately from franchisors. Payment facilitators, ATM operators and merchants who only accepted cards outside the U.S. were treated differently and may not qualify.

Consumers are not part of this case. If you're an individual looking for payouts you might qualify for as a shopper or account holder, browse the open settlements directory instead. For a plain-English walkthrough of eligibility questions in general, read who is eligible for a class-action settlement.

How to file (or check on) a claim

Claims are handled by a court-appointed administrator that mails and emails pre-populated claim forms to merchants using data pulled from the card networks and acquiring banks. Most small merchants received a notice with a Claimant ID and a Control Number — those are the credentials you use on the administrator's website. You can also file without a pre-populated form by providing your business tax ID (EIN) and estimated interchange fees paid during the class period.

The administrator estimates your share from acquirer data. You can accept that estimate or submit your own documentation (merchant processing statements) to potentially increase it. For general filing mechanics that apply here too, see how to file a class-action claim.

1. Locate your notice email or postcard — search inbox for "Payment Card Interchange" or the administrator's name.
2. Gather your business EIN and, if possible, merchant processing statements covering 2004–2019.
3. Log in to the administrator's portal with the Claimant ID and Control Number from your notice.
4. Review the pre-filled interchange estimate; add statements if you believe it undercounts your fees.
5. Sign under penalty of perjury and submit — save the confirmation number and PDF.
6. If you never received a notice, file a fresh claim on the administrator's site using your EIN and business address history.

What a realistic payout looks like

Payouts are proportional to the interchange fees your business paid during the class period, minus attorneys' fees, administration costs and court-approved expenses. That means a corner bakery that processed $80,000/year in card sales will receive a small check, while a regional retailer with millions in annual card volume can receive a materially larger one. Court filings have discussed a net damages fund in the multi-billion-dollar range, but individual awards depend entirely on your share.

Rough ballparks reported for prior distributions: many small merchants received a few hundred to a few thousand dollars, mid-size merchants tens of thousands, and the largest retailers substantially more. There is no minimum flat payment — this is not a no-proof consumer settlement where everyone gets the same $10.

Current status and deadlines

The damages settlement received final court approval and the initial claims deadline for the main distribution has passed. However, the case has produced supplemental distributions, appeals, and a related "rules relief" settlement that changes what merchants can do at checkout (like surcharging or steering to cheaper cards). Additional claim windows can open when residual funds are distributed or if a court reopens the period.

Practically, this means three things. First, if you filed before the deadline, monitor the administrator's site for payment status and any top-up distributions. Second, if you missed the deadline, do not assume you're permanently out — supplemental rounds occasionally allow late filings. Third, keep records: acquirer statements from 2004–2019 can still matter for future rounds or for related state-level actions. Owed members get notified automatically when new merchant or consumer claim windows open — see what you're owed in about 30 seconds.

Red flags: fake "claim assistance" emails

Because the merchant list is huge and public, third-party "claim recovery" firms aggressively market to small businesses, sometimes charging 20%–35% of your recovery for filing a form you could complete yourself for free. Some outright scammers spoof the administrator's branding and ask for wire fees or your business bank login. Neither the court nor the real administrator will ever ask for an upfront payment, a gift card, or remote access to your computer.

Legitimate signals: the notice comes from the court-appointed administrator's domain (check the settlement website linked in official court orders), the URL matches, and the form asks for your EIN and Claimant ID — not your online banking password. If a message pressures you to "act in 24 hours or lose your payout," it's almost certainly a scam. For a broader primer on how these cases move from filing to payout, read how a class action lawsuit works and how to check if you're part of a class action.

What to do now (whether you filed or not)

If you accepted Visa or Mastercard during the class period and don't remember filing, do a five-minute check: search your business email for the administrator's name, ask your bookkeeper or accountant whether a claim was submitted, and log in to the administrator's portal with your EIN to see any claim on file. If a former employee or previous owner filed, the payment may be sitting with the administrator or, if uncashed, later swept to state unclaimed property programs.

Going forward, treat merchant class actions as an ongoing hygiene task, not a one-time event. New antitrust and consumer settlements against payment networks, acquirers and software vendors open every year. Save your monthly processing statements, keep your business address current with your acquirer, and subscribe to a notifier so you don't miss the next window.

This article is general information, not legal or tax advice. For guidance on your specific business, consult an attorney or CPA.

Glossary

Interchange fee

The percentage of each card transaction paid by the merchant's bank to the customer's card-issuing bank, set by the card network.

Class period

The date range during which a merchant must have accepted Visa/Mastercard to qualify — here, Jan 1, 2004 to Jan 25, 2019.

Claimant ID

A unique identifier the administrator mails or emails to merchants; used with a Control Number to log in and file.

Acquirer

The merchant's payment processor or bank that handles card transactions and issues monthly processing statements.

Rules relief

Changes to card-network rules (like the ability to surcharge) obtained as part of a related non-monetary settlement.

Supplemental distribution

A follow-up payout using leftover or reserved funds after the main distribution is complete.

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