Managed Care Advisory Group, LLC: Visa/MasterCard Settlement Offers Cash to Millions of U.S. Merchants Ohio Company Helps Merchants File Claims into Complex Settlement Business Wire TOLEDO, Ohio -- October 16, 2013 Over the past month, the Payment Card Interchange Fee Settlement has drawn considerable attention among U. S. merchants. (In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation | MDL No. 1720). Since the opportunity is almost unprecedented, there is considerable confusion and misinformation regarding the settlement, its terms and provisions designed to provide cash and various forms of relief to merchants. Although final approval of the settlement is still pending, there is no better time than the present for merchants to educate themselves about the opportunity and their options. The Payment Card Settlement arises from allegations that merchants paid excessive fees (interchange fees) for accepting Visa and MasterCard because of an alleged conspiracy among the Defendants. It also alleges that merchants had to follow unfair rules that limited their ability to steer customers to other payment methods. The Settlement originally provided $7.25 Billion in relief for merchants, but the amount was reduced after a group of large merchants opted out of the fund in May. The Settlement still has funds totaling nearly $6 billion for merchants, before legal and administrative expenses are withdrawn. The Settlement was designed to provide cash and other relief for all merchants that accepted Visa and MasterCard purchases between January 1, 2004 and November 28, 2012. Merchants can file a basic claim on their own and receive a cash award based on an estimate of their sales and fee volume for a nine-year period. The estimate will be provided by the Settlement Administrator based on data they have accumulated from VISA and other sources. However, if a merchant wants to file an accurate and timely claim supported by actual historical sales and fee volume, it can be a tedious and complex process. Most merchants had various Merchant IDs and probably used multiple card processing companies over the last decade, making it very difficult, if not impossible, to consolidate and collect accurate data for the majority of the claims period. An Ohio company, Managed Care Advisory Group, LLC (MCAG), www.mcagvmc.com, has contracted with more than 20 of the top 50 payment card processors, and over 100 ISO’s and Agents, in order to provide assistance to merchants who want to file a claim using their actual historical financial data. Since using real data is the only proven method that is valid and effective for increasing recoveries, MCAG has spent over a year building a vast data set, including current and historical data for an estimated 40% of all active merchants. Relying on over a decade of class action settlement filing experience, MCAG maintains an intricate knowledge of the Settlement documents and the claims filing process required to maximize their clients’ cash returns. In recent settlements, MCAG increased their clients’ cash awards by an average of 52% over the default or estimated award that would have otherwise been provided by the settlement administrator. MCAG clients received a cash award that averaged 44% more than other class members who filed claims into these settlements. Tim Schmidt, CEO, explains, “MCAG uses actual merchant data when negotiating a claim; we don’t rely on guesswork or estimates. In order to submit a timely and complete claim that is supported by actual data, MCAG triangulates the current, historical and settlement provided data, wherever possible, for each of its merchant clients. Many other competing service companies simply accept the Settlement Administrator’s estimate, or plan on trying to obtain data after the claim period has opened, leaving little or no time to contest a claim or to ensure that an accurate and comprehensive claim is submitted for merchants. MCAG’s technology and access to data is unique and unprecedented in the marketplace. The goal is to maximize our client’s cash return from these settlement funds.” MCAG specializes in assisting merchants of all sizes and complexities. Their Settlement Recovery Service is performed on a contingent fee basis – if there is no recovery, there will be no fee. Merchants that process with one of MCAG’s many partners may be offered a substantially discounted fee. It is strongly recommended that merchants take the time to educate themselves about this historic opportunity. For those interested in assistance in maximizing the cash award from these funds, more information about MCAG and its Settlement Recovery Service can be found by visiting mcagvmc.com. Contact: MCAG Peter Schmidt, 800-355-0466 Ext 2401 PSchmidt@mcaginc.com
Managed Care Advisory Group, LLC: Visa/MasterCard Settlement Offers Cash to Millions of U.S. Merchants
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