Credit Card Processing Fees Rebate - Small Businesses Get Up to $630 Back
New! Deadline for all applications has been extended to December 30, 2022!
A class action lawsuit has recently been settled with major credit card and financial institutions over the interchange fees charged to businesses for accepting Mastercard and Visa credit cards over the past 20 years.
As a result, merchants can apply to receive a settlement payment to compensate them for some of those fees. Read the details below and then apply online! Click here to view the main class action site. Have questions or need help? Contact the Chamber!
You were operating in Canada and accepted Visa or Mastercard credit cards for payment between March 23, 2001, to September 2, 2021.
How much can I get back?
How you apply and how much you can get will depend on whether you are a Small, Medium or Large Merchant.
- Small Merchants
Have up to $5 million in average annual revenue between 2001-2021
Can file an “undocumented claim” (claims that do not require any supporting documents) and get $30 for each year they accepted Visa and Mastercard cards during the 2001 to 2021 period
- Medium Merchants
Have between $5 million and $20 million in average annual revenue between 2001-2021
Can file a “simplified claim” (require proof of at least one agreement entered with an payment processor) and can get $250 for each year they accepted Visa and Mastercard cards during the 2001 to 2021 period
- Large Merchants
Have over $20 million in average annual revenue between 2001-2021
Can file either:
Simplified claims (require proof of at least one agreement entered with an payment processor) and will receive $250 per year which they accepted Visa or Mastercard cards
Documented claims (require showing proof of credit card sales volumes or payment of interchange/merchant fees) which can result in larger settlements based on the interchange fees actually charged (or estimated based on credit card sales volumes provided by the business) and calculated based on the number of claims filed
What documentation is needed?
For small businesses making “undocumented claims”, they need no documentation. You only need to provide:
- Name and contact information
- Business name and address
- Attest that you are a “small merchant” with less than $5 million in annual revenue
Indication of which years (2001 to 2021) you collected payment using Visa or Mastercard
For medium businesses or large businesses making “simplified claims”, they need to provide the above information, plus proof that you had a payment processor in each year that you are claiming a payment for.
This proof could be your original agreement/contract, or it could be your merchant statement which you receive each month showing the transactions made and fees taken.
For larger businesses making documented claims and wanting larger payments, they need to provide the above information as well as additional details outlining their annual credit card sales volume for each year they are claiming a payment for, plus their merchant fee % (if known).
How to apply?
Apply online through the portal here: https://www.creditcardsettlements.ca/en/claim
Payments will be made by electronic funds transfer, or by cheque (with a $2 surcharge). It may take several months for payments to be made.
Have questions or need help?
Contact the Langley Chamber with your questions.
We have completed the submission form ourselves, understand the process, and can walk you through this application.