ATTENTION MERCHANTS: We uncovered a post online that is soliciting pre-registration for a class-action lawsuit against Visa and MasterCard. The lawsuit claims that merchants paid excessive fees for accepting Visa and MasterCard because of an alleged conspiracy among the Defendants.
Integrity Payment Systems (IPS) would like an opportunity to address the post to its valued clients and sales partners.
1. The alleged violations occurred by the Visa and MasterCard companies would require these companies to make some positive changes in the way merchants can process fees by offering more flexibility. Because IPS handles the processing of fees and the movement of funds to a merchant’s banking institution, IPS is not involved with determining the rates or policies that Visa and MasterCard set for their services. Therefore as your processor we will monitor this settlement and keep you informed of any relevant communication that needs to occur.
2. If Visa and MasterCard are required to make these changes, and at whatever time these changes become policy, merchants and partners will be notified of the changes that apply.
3. If a settlement occurs, and if an amount is awarded, it is an independent process of law between the merchant and Visa or MasterCard, and therefore is not connected in any way to Integrity Payment Systems nor to a rebate or credit on your IPS statement.
If you are seeking more information, or wish to preregister, here is the link to the claim made in the U.S. District Court in New York https://www.paymentcardsettlement.com/en. At the bottom of the page, you can direct additional questions to the attorneys involved with the case.