Atlanta, GA (PRWEB) September 26, 2013
On June 22, 2005, Photos Etc. Corporation, Traditions Ltd., CHS Inc., and other plaintiffs filed a class action complaint in Photos Etc. Corp., et al. v. Visa U.S.A. Inc., et al., No. 05-CV-01007 (D. Conn.), alleging, among other things, that the card networks artificially inflated interchange rates charged for credit and debit cards.
Last November 2012, Judge John Gleeson of the U.S. Eastern District Court of New York gave preliminary approval to a proposed $7.25 billion antitrust settlement claim against Visa and MasterCard(1). On September 12, 2013, he heard arguments from the proponents and opponents of the proposed settlement(2). The settlement was reduced to $5.74 billion given that retailers accounting for more than 25% of the total volume of credit card purchases have decided to opt out of the settlement. It is anticipated this settlement will receive final approval in the next few months.
“Based on data from previous class-action settlements, our analysts estimate that only 30% - 40% of merchants representing 55% to 65% of card volume will actually file a claim. We would like to increase the participation rate by educating merchants and helping them manage the administrative hassles of filing and maximizing the value of their claims,” states Anand Goel, Founder of Optimized Payments Consulting. "Moreover, our 10+ years of experience in the payments industry will serve these claimants well," he noted.
OPC is also providing free resources and encouraging all eligible merchants to file a claim when the settlement is approved, even if these merchants file a claim on their own or use other claims services. The Company launched a free online calculator to help companies estimate the value of their claim and a LinkedIn group to keep merchants abreast of the latest settlement developments.
"Beyond our expertise in the payments industry and insights about this settlement, we provide tremendous value for our filing services", noted Monika Llorens, claims facilitator at Optimized Payments. "Our no-risk filing fee is 20% of any recovered funds and this fee drops to 15% if merchants use any of our other services," continued Ms. Llorens.
To read more about Optimized Payments claims service, visit http://www.optimizedpmts.com/services/interchange-settlement/
To read more about the payment card interchange fee settlement or to access the settlement documents, go to https://www.paymentcardsettlement.com/en, the Official Court-authorized settlement website.
Optimized Payments Consulting (http://www.optimizedpmts.com) is an Atlanta, Ga.-based consulting firm that leverages its associates' broad payment industry experience and proprietary software to help businesses reduce their card processing costs.
(1)“Visa, MasterCard $7.25 Billion Fee Deal Wins Approval,” Bloomberg News, November 10, 2012. Business Week website, http://www.businessweek.com/news/2012-11-09/visa-mastercard-fee-deal-falls-too-short-retailers-claim
(2)“Merchants Square Off With Visa, MasterCard Over Swipe-Fee Settlement,” The Wall Street Journal, September 12, 2013. WSJ Online, http://blogs.wsj.com/moneybeat/2013/09/12/merchants-square-off-with-visa-mastercard-over-swipe-fee-settlement/