Visa/MC Interchange Fee Class Action Settlement


Total Settlements Reached: $5.54 Billion
Payment Acceptance Dates: January 1, 2004 – January 25, 2019
Filing Deadline: May 31, 2024

On March 15, 2023, the Court of Appeals for the Second Circuit gave final approval of the $5.54 billion settlement on behalf of U.S. merchants who did not exclude themselves from the class action. 

Optimized Payments has negotiated a very aggressive fee for our customers who would like to work with our expert claims filing partner, FRS.

If you do not have specific plans to submit your claim this month register below and Optimized Payments will have someone from FRS contact you immediately.

Visa Mastercard Interchange Fee Settlement

Fill out the form below, and someone from FRS will reach out. (All fields are required). If you have any questions, feel free to reach out.

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Payment Card Settlement Disclaimer: Claim forms have been mailed and have been available online since December 2023. No-cost assistance is available from the Class Administrator and Class Counsel during the claims-filing period. No one is required to sign up with any third-party service in order to participate in any monetary relief. For additional information regarding the status of the settlement, visit the Court-approved website at


Frequently Asked Questions

 What if a merchant does not have records for the January 2004 to January 2019 Class Period?
With a merchant’s authorization, FRS will work with merchant services providers to obtain recent data and business information that FRS will use in its proprietary model to estimate card volume for the Class Period and to work with the Class Administrator to confirm interchange data. In some instances, FRS is already
working with a merchant’s processor, which will expedite the flow of information that FRS needs to maximize a claim.

How much will a merchant recover?
A merchant will, based on its proportionate share of interchange fees that all claimants paid during the January 2004 to January 2019 Class Period, receive its share of the approximately $5.54 billion settlement fund. In other words, recoveries will be based on the amount of a claimant’s card volume and on the total card volume submitted and approved for all claimants. That pro rata amount thus depends on how many merchants submit claims and the amount of card volume that those claims include. At this time, it is too early to tell how much that will be.

When is the settlement fund expected to be distributed to class members?
The Class Administrator began disseminating proof of claim forms and making them available on the Settlement Website on December 1, 2023. The deadline for submitting proofs of claim together with all required data is May 31, 2024. That claim filing period will then be followed by an audit and deficiency period that, based on the process described by Class Counsel, likely will last many months, or longer. At this point, it is too early to tell when a distribution will occur.

If a merchant received a prepopulated claim form, does it still need to enter into
a contract with FRS?
Every class member may always file a claim without retaining FRS. However, FRS provides services that likely will alleviate the administrative burden associated with preparing, filing, and substantiating a claim, as well as the capacity to engage in the back-and-forth claim management that often is necessary. In addition to the
significant time savings, FRS’s proprietary model is designed to enable merchants to maximize their claims in light of very complicating factors such as: (1) using Visa data to estimate Mastercard data; (2) working with the Class Administrator to “connect the dots” on the 300 billion records of interchange data that, in instances, has not been connected between the business information and the interchange fees required to substantiate a claim; (3) merchants changing merchant processors throughout the Class Period; (4) merchants moving; (5) merchants adding locations; (6) merchants closing locations or shutting down operations completely, especially
with the impact of COVID 19; and (7) mergers and acquisitions that may result in merchants overlooking card volume that should be included in their claims. FRS’s experience will help mitigate most of those variables so that a complete and accurate proof of claim is submitted.

If a merchant retains FRS, will the claim form go to the merchant or to FRS?
FRS, to make the process for its clients as efficient and seamless as possible, has been working with the Class Administrator to ensure that claim forms for all of its clients are sent directly to FRS, and was advised multiple times by Class Counsel and the Class Administrator that claim forms would be sent directly to FRS on behalf of
clients that had retained FRS prior to December 1, 2023. Unfortunately, for most of our clients, some or all of their proof of claim forms will be mailed directly to them.

These clients should contact FRS and scan any claim forms that they receive and send them to their designated Relationship and/or Sales Manager. As for clients that engage FRS after December 1, 2023, FRS will coordinate with the Class Administrator to obtain their proof of claim forms. In either case, FRS will work diligently to ensure
that any “missing” claim forms are obtained and submitted.

As for clients that engage FRS after December 1, 2023, FRS will coordinate with the
Class Administrator to obtain their proof of claim forms. In either case, FRS will work
diligently to ensure that any “missing” claim forms are obtained and submitted.

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