Visa and Mastercard Owe Your Pharmacy Money. Submit Your Claim Now!

Are you tired of being hounded for extra fees in every transaction as a pharmacy owner? They place an extra burden on already tight profit margins, especially when those fees add up. 

Well good news! Retribution has arrived. 

If your pharmacy accepted a Visa or Mastercard between January 1, 2004 and January 25, 2019, you are entitled to claim your piece of a $5.5 billion settlement. The deadline to apply is February 4, 2025. Visit https://www.paymentcardsettlement.com/en to submit your claim. 

The lawsuit that brought forth this settlement concerned merchants paying steep fees on transactions accepting Visa and Mastercard. The notice reads that "Visa and Mastercard, individually, and together with their respective member banks, violated the antitrust laws." They imposed rules that steered their customers away from alternate, cheaper modes of payment. This prevented them from having to lower prices to keep up with competition. Had they avoided this unethical behavior there would have been little to no interchange fees. This interchange fee is incurred during transactions with a debit or credit card and it consists of 1 to 2% of the original purchase price. 

The amount of money that you stand to receive is dependent upon how much you paid in interchange fees from January 1, 2004 through January 25, 2019. 

Filing a claim is simple and easy, and it should only take a few minutes. All you need is your Taxpayer Identification Number and the information needed to verify that you have the right to act on behalf of the number. Once you have submitted your TIN and the necessary information, the Class Administrator will verify your profile and then check the records for interchange transaction fee information for your business. They will email you once this process is complete, and you can also enter other TINs into your account for additional record searches. 

It can be tough to be successful in the pharmacy industry right now, but our Guides are here to look out for you and your independent store. Pharmacy Survival Guide aims to shine a light through darkness onto helpful information just like this, to lead you to a safe, successful and secure future.  This is where independent pharmacy owners leave behind the idea that "independent" means alone. 

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