February 25, 2013
If your practice accepted credit cards anytime between Jan. 1, 2004 and Nov. 28, 2012, you have most likely received a legal notice about a class action lawsuit and settlement involving Visa, MasterCard and their member banks. To learn more about this $6+ Billion settlement, go to www.paymentcardsettlement.com or call 800-625-6440 for a recorded explanation, answers to frequently asked questions and additional information. Operators are also available.
Recently, several dental offices have received what appears to be an official notice regarding the settlement. PLEASE NOTE: If your signature or any information is required at this time, it is NOT a legal notice. Rather it is misleading marketing material that will attempt to persuade you to sign over a portion of your settlement money. It may also be a solicitation for credit card processing.
When and if the anti-trust settlement receives final approval (potentially in September 2013), you will receive a claim form via mail or e-mail. You will be required at that time to complete the form to receive a portion of the settlement. You can pre-register online now, but it is not mandatory to do so. Be very careful of taking action on any notice you receive prior to verifying the settlement status at www.paymentcardsettlement.com.
The proposed settlement involves two funds: a cash settlement and a temporary reduction in processing fees. In addition, the settlement requires Visa and MasterCard to give businesses permission to charge a surcharge when they accept credit cards. It is important to note, however, that the Colorado Revised Statutes 5-2-212 prohibit Colorado merchants (with the exception of government entities) from imposing surcharges.
The CDA will make you aware of more information as it becomes available. If you have additional questions regarding the settlement or surcharging in Colorado, you can also contact the CDA’s endorsed company for credit card processing, Best Card, at 303-482-2773 or 877-739-3952.