A class action suit against Visa and MasterCard has been settled to the tune of $131-million, The Globe and Mail reports. Retailers who have accepted credit card payments can join the class until Sept. 30. Small businesses (with under $5-million per annum in sales) can receive $30 for every year they accepted card payments, up to a maximum of $600. They do not need to document their claim.
The suit was launched in 2010 over the fees charged to merchants for processing credit card payments. As a result of the settlement, retailers will be allowed to charge customers extra to cover their card fees beginning in October.
