Mastercard and Visa Anti-Trust Lawsuit decided for 7.25 billion dollars
As a merchant, if you’ve taken MasterCard or Visa as payment, you may be able to submit a claim for your share on a settled lawsuit. An ongoing anti-trust lawsuit has been settled June 30th, 2016 between MasterCard and Visa and around 12 million merchants. Visit https://www.paymentcardsettlement.com/ to keep updated and file your claim. Alternatively, third parties will file the claim for you, usually with a fee or your current Processor may file the claim for you as well.
Also, the lawsuit addressed the “Durbin Amendment” to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. This protects you, as a merchant, to pass surcharges of processing fees onto customers. This trend is increasingly becoming popular, either charging a flat dollar amount for running a card or using a percentage of the final bill. This can be incorporated into your Focus Point of Sale System, as well as other systems. Contact New Mexico POS for any questions or if you would like this feature added.
Click here to view the official court document.