Payment Facilitator, or PayFac, is a method that makes it easier for businesses to accept digital payments. Rather than having every merchant create their own account with a bank, PayFac facilitates it on its own account. This speeds up onboarding, decreases paperwork, and enables small and medium-sized enterprises to begin...
Payment Card Interchange Fee Settlement Amounts and Payouts
The Payment Card Interchange Fee Settlement has been one of the most high-profile cases within the payments landscape, trying to handle years of controversy over unhealthy credit card fees. US merchants who took payments from Visa/Mastercard for 15 years have been granted a deadline extension to February 04, 2025, to...
The Future of Payment Card Interchange Fees Post-Settlement
In the United States, recent settlement agreements with Visa and Mastercard have started to really change the setup of interchange fees as they are applied to payment cards. This settlement was mainly set up to help merchants suffering from high transaction costs, and thus it has opened an entire debate...
Legal Advice for Businesses Affected by the Interchange Fee Settlement
Visa/MasterCard has finally settled a longstanding lawsuit against them for alleged antitrust violations associated with the imposition of exorbitant interchange fees. This settlement, approved by the Eastern District Court of New York, would seek to correct over two decades of high costs for merchants. The agreement includes provisions for cutting...
Common Challenges and Issues in the Claims Process
August 2023 saw a landmark ruling for the US merchants-providing for damages to the merchants for alleged excessive interchange fees and anti-competitive behavior perpetrated by Visa/Mastercard, and a consortium of big banks. It is an opportunity for businesses to claim their shares of the $5.5 billion antitrust settlement regarding Visa/MasterCard....