"Visa and Mastercard Settle $30 Billion Swipe-Fee Lawsuit, Lowering Merchant Fees"
TL;DR
Visa and Mastercard have reached a settlement with U.S. merchants to lower and cap swipe fees until 2030, allowing small businesses to collectively bargain for rates with the payment processors. While industry groups see this as a positive step, they believe more needs to be done to address the long-term anti-competitive rate-setting practices. The settlement stems from a 2005 lawsuit alleging excessive fees, and the law firm values the savings in swipe fees at close to $30 billion. Small business owners welcome the settlement as a step in the right direction, but some believe it won't significantly change their bottom line. Eligible merchants can claim a share of the settlement until May 31.
Topics:top-newsbusiness-legal#antitrust-lawsuit#business-legal#mastercard#small-businesses#swipe-fees#visa
- Visa, Mastercard settle long-running antitrust suit over swipe fees with merchants The Associated Press
- Visa and Mastercard agree to $30 billion settlement that will lower merchant fees CNN
- Here's what Visa, Mastercard $30B settlement means for you, consumers Fast Company
- Visa, Mastercard Agree to Lower Swipe Fees, Settling Long-Running Lawsuit The Wall Street Journal
- Visa, Mastercard Reach $30 Billion Swipe-Fee Deal With Merchants Bloomberg
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Read on The Associated Press