ALEXANDRIA, Va. ? NACS has learned that at least one company is soliciting retailers to sign up for its claims recovery services for a hefty fee in connection with the settlement of longstanding antitrust litigation between merchants and the credit card industry.
Retailers who are being contacted by such groups are strongly encouraged to avoid doing business with them. Participation would suggest that you are willing to accept the terms of the proposed settlement. Also, these firms often charge unnecessary and exorbitant fees.
NACS rejected to the proposed settlement and is encouraging its members to do because it does not introduce competition and transparency into the broken credit card swipe fee market. The lawsuit alleges that Visa and MasterCard and a number of the nation's largest banks engaged in collusive practices by setting credit card interchange fees ("swipe fees") at exorbitant levels and limiting competition.
NACS will keep members informed about the status of the litigation and how to make claims;�counsel in the case is supposed to make the claims process as easy as possible for retailers to do on their own.�If you have any questions, or have been contacted by a third-party firm, contact NACS Senior Vice President of Government Relations Lyle Beckwith.