Visa and Mastercard: SMEs have until September 30 to claim money

Visa and Mastercard: SMEs have until September 30 to claim credit money


SMBs that accepted credit card transactions between 2001 and 2021 have until September 30 to claim up to $5,000, depending on their size and average annual revenue, under a class action lawsuit filed against Visa and Mastercard. 

“SMBs have been paying high fees for credit card transactions for decades. The settlement obtained within the framework of the class action will allow them to recover sums and to breathe a little financially. Those who have not yet submitted their application must do so immediately, especially since in most cases, no document is required,” explained Jasmin Guénette, vice-president of national affairs at the Canadian Federation. Independent Business (CFIB), in a statement Tuesday.

For more than 10 years, CFIB says it has lobbied governments and the credit card industry “to process small merchants with fairness and transparency.”

She calls on the federal government to fulfill its 2019 election promise to further reduce credit card payment processing fees currently imposed on small businesses.

< p>“The Liberal government has often promised to lower credit card transaction fees. It would be a good thing for him to keep his word, because it is an excellent way to give a boost to SMEs that are facing sharp increases in operating costs,” added Mr. Guénette.

To learn more about the class action settlement, eligibility and how to claim your share, go to