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Is understanding interchange fees giving you a headache?

Every single credit or debit card transaction involves several business entities, and they all want their cut in exchange for the services.

We’ll explain what interchange fees (also referred to as interchange reimbursement fees) are and how they work.

Still have a question on processing fees & costs? Drop it below!

Also, if you want more information and resources geared toward small business owners during this Coronavirus (COVID-19) pandemic, please check out the resource hub we’ve created: https://www.merchantmaverick.com/coronavirus-small-business-resources/

RESOURCES & LINKS MENTIONED IN THIS VIDEO:

1. Merchant Maverick: https://www.merchantmaverick.com

2. Script adapted from https://www.merchantmaverick.com/what-are-interchange-fees/

3. What is a CNP transaction? https://www.merchantmaverick.com/what-is-a-card-not-present-transaction/

4. Do you want to know more about business credit cards? https://www.merchantmaverick.com/business-credit-card-rewards-everything-need-know/

5. Tiered-pricing -plans: https://www.merchantmaverick.com/tiered-merchant-account-pricing-epic-fail-pricing-model/

6. What is AVS? https://www.merchantmaverick.com/what-is-avs-for-credit-card-processing/

7. Transparency of Interchange Plus: https://www.merchantmaverick.com/trading-ease-transparency-interchangeplus/

8. Merchant account Comparison Chart: https://www.merchantmaverick.com/merchant-account-comparison-chart/

9. Video editing: Sergey Tyurin

10. MusicMusic: Super Spiffy – David Fesliyan (main theme)
Sound Effects: Video Copilot pack www.videocopilot.net/products/motionpulse/

11. Our Blog: https://www.merchantmaverick.com/blog/

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Visa, Mastercard and the banks have settled on a lawsuit for restricting merchants’ ability to surcharge or refuse higher-cost (“premium”) credit cards. CFIB and the lawyers from the Credit Card Class Action Lawsuit discuss small business eligibility to receive settlement money and the upcoming option to to pass on your credit card fees to your clients through surcharging.

Timestamps:
2:00 Introductions
3:00 Quotes
4:00 Agenda
4:35 What’s new
7:30 Conversation with Credit Card Class Action Counsel
21:30 CFIB’s Credit Card Class Action Settlement website
23:15 Credit Card Class Action Settlement – How to make a claim
24:35 Credit Card Class Action Settlement – How much can you get?
27:30 Walk through of the Credit Card Class Action Settlement website
36:00 Credit Card Class Action Settlement – Surcharging
46:00 Live Q &A

Any business that accepted VISA and MasterCard payments for goods and services from January 1, 2004 through January 25, 2019 can apply for their fair share of a $6+ Billion court ordered settlement.

In 2004 a group of large retailers joined together to sue VISA, MasterCard and the issuing banks over illegal business practices. Specifically the suit claimed that the defendants colluded to rig higher and higher “Card Payment Interchange Fees” and “Merchant Discounts” in a manner that amounted to illegal price fixing.

This case quickly became a “class action”… which enables a small number of plaintiffs to sue on behalf of a larger group with similar interests. The court agreed to combine these cases into a class action, the results of which would be applicable to all members of the class. In this case this means all U.S. interests accepting VISA or MasterCard payments from January 1, 2004 through January 25, 2019. That is IF they elect to become part of the settlement by filing a claim.

Specialized Subscription, Membership and Event Professionals are certainly members of this class and entitled to claim a portion of the $6+ Billion Settlement.

This webinar will explain what you need to know in order to file a claim and several options for filing.

To contact DealersEdge and Brownstone Recovery about applying for your portion of the settlement, visit www.dealersedge.com/brownstone