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Payment Card Anti-Trust Settlement: Beware of Scam Artists

  
  
  

They’ve begun to set up shop here on the internet. Anticipation is in the air. These predators are confident they can successfully lure you into their nets and profit from providing unnecessary services. In this instance, that service would be to assist you in submitting a claim for your share of the $6.05 billion dollar payment card interchange settlement. It’s just plain wrong and, while our blog post probably won’t be read by the hordes of potential marks, we decided to do what we could and hopefully, save a few merchants from falling victim to this scam.

Visa Settlement
First a bit of background…within the payment industry, Cashbox is considered a leading expert regarding subjects related to bankcard interchange. Therefore; if there were a legitimate, value-driven opportunity to generate revenue from this upcoming windfall, we’d be all over it. There just isn’t anything here for us. Merchants don’t require our assistance to access their share of this gargantuan pie. Every merchant who qualifies (accepted Visa & MasterCard payments between January 2004 and November 28, 2012) will be notified by mail if, and when, the court announces final approval of the settlement. Presently; we anticipate the court’s decision will be favorable and the announcement will be made by August, 2013.

This blog post is prompted by the fact that tracking case developments has become significantly more complicated. Over the last couple of months, the gypsies have begun to set up shop on the internet and it’s getting difficult to separate predator sites from news worthy sites. Some of these posers win points for their cleverness! Imagine what they might accomplish if they were to focus their imagination and skills to constructive purpose.

Here are the four key facts you need to know:

1. If your business accepted Visa & MasterCard between January 1, 2004 and November 28, 2012, then you qualify for re-imbursement under the proposed settlement agreement for the Cash Settlement Class

2. You must file a valid claim to get money from this settlement. If the Court approves the settlement, and you do not exclude yourself from the Cash Settlement Class, you will receive a claim form in the mail or by email. You may also get a claim form when it becomes available by visiting https://www.paymentcardsettlement.com, or you may call: 1-800-625-6440.

3. Visit https://www.paymentcardsettlement.com/en/Home/FAQ to learn everything you need to know about how these Class Action Settlements impact you.

4. Don’t be persuaded it’s necessary to submit your claim through a third party.

Cashbox will continue to monitor the Payment Card Interchange Fee and Merchant Discount Antitrust settlements and post relevant developments. We hope this particular post prevents at least a few merchants from stumbling into the honey traps currently under construction by these scam artists.

The information and opinions expressed here are those of the author. We welcome your comments, observations and suggestions. 

Comments

Thank you John for the 'heads-up'--Unfortunately,as you stated,there are many scam artists out there--Ready to pounce-- 
Your information is invaluable and I thank you once again- 
 
Have a beautiful day
Posted @ Saturday, January 19, 2013 4:51 AM by Paul Efron
re: the use of the word "Gypsy" in your headline.  
 
Please refrain from perpetuating ethic slurs and racist stereotyping.  
 
Most of your readers would be horrified if you had described these swindlers as Jewish Predators, or Armenian Predators, etc.  
 
Romany (commonly referred to as Gypsy) people have been persecuted for centuries, were targeted in the Nazi Holocaust, and continue to face prejudice, inequality and persecution in many European countries.  
 
The fact that most of your readers do not know much about Romany people does not make the propogation of detremental stereoypes acceptable.  
 
Regards, 
Paul. 
Posted @ Wednesday, February 06, 2013 9:59 PM by Paul
Thank you for posting your informational website. I will check back from time to time and see whats new,additionally I will tell our Rotart club about this site.
Posted @ Friday, February 08, 2013 4:14 PM by TomRamon
When originally posted, we referenced "Gypsy Predators"which has since been replaced with "Scam Artists". This amendment was made due to a comment we received that pointed out, correctly, that we had inadvertently (and ignorantly) slurred a group of people. This was not our intention and we immediately revised our words. Sincere apologies to the Romany people.
Posted @ Friday, February 08, 2013 8:12 PM by John Lehman
I think this may be legit. http://www.rgrdlaw.com/assets/htmldocuments/Payment%20Card%20Interchange%20Fee%20and%20Merchant%20Discount%20Antitrust%20Litigation/Definitive%20Class%20Settlement%20Agreement.pdf
Posted @ Friday, February 15, 2013 2:04 AM by frank
Yes Frank. Both the payment card settlement and the website http://paymentcardsettlement.com are legitimate. However; there are now over 25 otjer wesites that are attempting to take advantage of unsuspecting merchants.
Posted @ Friday, February 15, 2013 1:24 PM by John Lehman
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