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.
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.