We at B&J Bookkeeping & Taxes are often the target of small business scams and love to inform our readers all about them. You may have recently received a letter with the subject “Payment card Interchange Fee Settlement.” We will tell you all you need to know below.
1. What is the Payment Card Interchange Fee Settlement?
First and foremost, this is a legitimate letter. You may have received one and wonder if it is valid or even worth responding to. In short, if you accepted Mastercard or Visa payments between the dates of January 1, 2004 and January 25, 2019, you may be eligible for a settlement. The letter claims that over $5 billion has been set aside for business owners who claim they were mis-charged by the merchants. The settlement amount was determined after years of appeals.
American consumers changed $6.22 trillion dollars on their Visa cards in 2023. They charged $2.59 trillion their Mastercards in the same year. Source: Capital One Shopping
2. What if I received a Settlement Letter?
Just because you received a letter doesn’t necessarily mean you are entitled to part of the settlement. You must meet certain criteria including using one or both merchants during the aforementioned dates. However, you can use the form to find out whether or not you are eligible in several ways:
- Visit the official website at paymentcardsettlement.com and submit a claim.
- Scan the QR code on the received letter located at the top right.
- Call the official number at 1-800-625-6440.
- Email them at info@paymentcardsettlement.com.
Be sure to locate your individual Claimant ID and Control Number on the letter to be properly identified. You have until February 4, 2025 to file your Visa and Mastercard payment settlement claim.
Did You Know? Millions of businesses across the United States may qualify for the Payment Card settlement? Source: PR News Wire
3. The Payment Card Interchange Fee Settlement Scam
Unfortunately, many scammers know that this is a legitimate settlement and are trying to attach themselves to it. They may send you communication that you are eligible, the amount of your settlement, and other information to good to be true. Do not respond to these communications. Use the above information to conduct all communication regarding this and ignore all others.
More Tips for the Payment Card Interchange Fee Settlement
Ready to take care of your credit card charges and books like a pro? We at B&J are experts in helping you maintain income and expenses and can help you file your taxes. Contact our office or call us at 281-894-6494 for more.
