How you may be able to claim money from credit card class action

Summitric

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June 9, 2022 by Adam Malik

How you may be able to claim money from credit card class action​

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Image credit: Depositphotos.com
If your business has accepted two major credits for the last two decades, you may be able to get a share of a class action settlement.

The Canadian Federation of Independent Business (CFIB) recently announced that small businesses that accepted Visa and/or Mastercard as payments dating back to the early 2000s can claim a portion of the multimillion-dollar settlement. The class action was in response to expensive credit card processing fees.

“Many business owners find dealing with credit card fees unnecessarily confusing and it is almost impossible to compare rates between different processors. Small merchants have been bearing the cost of premium cards, while the industry restricts their right to surcharge or refuse those cards,” said Corinne Pohlmann, senior vice-president of national affairs at CFIB. “The class action settlement is an important win for small businesses and any financial relief at this challenging time is welcome news.”

How much a business can claim will depend on its size and average annual revenue. Those with annual revenue of less than $5 million may claim $30 per year they incurred merchant discount fees between 2001 and 2021 — a maximum total of $600.

Businesses have until September 30 to register through the CFIB.

The organization noted that the pandemic accelerated the shift from cash to credit and debit as more online transactions took place.

“The accelerated growth in online payments and their associated costs have significantly impacted small firms throughout the pandemic. Due to pandemic-related lockdowns and restrictions, the use of cash plummeted as sales shifted to credit cards — particularly tap and more expensive e-commerce transactions,” the CFIB’s announcement said.

Furthermore, the settlement will see Mastercard and Visa modify their surcharging rules to allow small businesses to choose to pass on merchant credit card fees to customers. This is expected to come into effect in October.

“While very few merchants are expected to add surcharges for card acceptance, we believe the power to do so will give them additional clout in pushing back against future fee hikes,” said Dan Kelly, CFIB’s president.
 

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in mid 2000s i had a old gas station in Barrhead,,had a Race Trac gas franchise and took there CCs. one business from Whitecourt for some reason woud drive there abd fill up there Tidy tanks,,he did this for about 6 months.then stopped,,ya,,he stopped paying for his CC bill and as a business i am responsible up to 6 months for bad cards,,that a-hole cost me over $4,000. sure i claimed a loss over next 3 yrs,but never saw the a-hole again till moved back to Whitecourt,he forgot me and phoned me and said he heard i do mobile repair,,he had 5 Dodge diesals that all needed brakes,,he had the parts,i did the job,handed him a bill. oh come back next week ,will pay you,,i suspected he was gonna F me,so i put lien on the newest Dodge,a 2006. a-hole went and died few months later..he his wife and son advertized a Yard sale.,i got a call from his Rat Basturd Lawyer,( i dont care for Lawyers) ,thats another storey. he said u have a lein on this truck,can u stop over to office and sign a release,,sure i said,,you have $1500,,no.but will pay when truck sells....WRONG i said..he F ed me twice,,not 3 times. so after a month his wife called and said u can have the truck.went to get it,,it was on blocks..no wheels.no batterys,so i came back w batterys first to see if it still actually ran,,yup. so called a friend who who buy it as is for $6500 ..he came with wheels and a trailer.and cash..i got all my money back after 10 yrs, Assholes and Credit cards are everywhere.sorry for the long storey.
 

smokinD

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in mid 2000s i had a old gas station in Barrhead,,had a Race Trac gas franchise and took there CCs. one business from Whitecourt for some reason woud drive there abd fill up there Tidy tanks,,he did this for about 6 months.then stopped,,ya,,he stopped paying for his CC bill and as a business i am responsible up to 6 months for bad cards,,that a-hole cost me over $4,000. sure i claimed a loss over next 3 yrs,but never saw the a-hole again till moved back to Whitecourt,he forgot me and phoned me and said he heard i do mobile repair,,he had 5 Dodge diesals that all needed brakes,,he had the parts,i did the job,handed him a bill. oh come back next week ,will pay you,,i suspected he was gonna F me,so i put lien on the newest Dodge,a 2006. a-hole went and died few months later..he his wife and son advertized a Yard sale.,i got a call from his Rat Basturd Lawyer,( i dont care for Lawyers) ,thats another storey. he said u have a lein on this truck,can u stop over to office and sign a release,,sure i said,,you have $1500,,no.but will pay when truck sells....WRONG i said..he F ed me twice,,not 3 times. so after a month his wife called and said u can have the truck.went to get it,,it was on blocks..no wheels.no batterys,so i came back w batterys first to see if it still actually ran,,yup. so called a friend who who buy it as is for $6500 ..he came with wheels and a trailer.and cash..i got all my money back after 10 yrs, Assholes and Credit cards are everywhere.sorry for the long storey.
Beauty, Karma is real lol!!
 
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