Is your business paying inflated, improper interchange fees?
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Hagens Berman's legal team is investigating potentially improper interchange fees paid by owners of small and medium-sized businesses.
WHAT ARE IMPROPER INTERCHANGE FEES?
Whenever a card is used to make a purchase, the merchant accepting that card must pay an “interchange fee” to the card issuer on each transaction. These fees, which can exceed 1.5 percent on each transaction, are a massive burden for many businesses, in particular during the current COVID-19 pandemic, attorneys say. Merchants pay billions each year on interchange fees.
Merchants may be paying higher interchange fee rates than they should be on many transactions, something many businesses are not even aware of because of the complicated system for processing card transactions and the lack of transparency in the rates paid on each transaction.
Hagens Berman’s investigation team is reviewing documents provided by business owners, at no-cost, in an effort to determine whether inflated fees are being imposed.
At a time when many businesses are struggling to stay afloat, interchange rates imposed on merchants nationwide are coming under closer scrutiny. Recently, the Wall Street Journal ran an article with the headline, “Growing and largely hidden interchange economy creates ‘a giant reverse Robin Hood.’”
TOP LITIGATION FIRM
Hagens Berman Sobol Shapiro LLP is one of the largest and most renowned plaintiff-side class-action law firms in the country, with offices nationwide. The firm’s tenacious advocacy for plaintiffs has earned it numerous national accolades, including “Most Feared Plaintiff’s Firm,” and consistent rankings among a handful of elite plaintiffs’ law firms.
