Historic Claims for Interchange Damages
Interchange fees make up the largest portion of the merchant service charge. They’ve been a real plight of merchants accepting cards for decades.
After a European Commission decision a few years ago, hundreds of merchants issued claims for damages relating to interchange fees paid. The claims came from merchants based in nearly 20 European countries and go back up to six years or more (see our article here).
There can be significant challenges to bringing a claim successfully. Knowing exactly how much interchange you paid 4 – 6 years ago is usually difficult and you may not have the necessary information. Even if you do, many merchants were on blended fees back then which means the data pulled out of the archives is likely unhelpful. Coupled with the numerous changes in interchange fees, varying levels of premium cards, local debit schemes etc., it’s no wonder many merchants are put off claiming.
Bankhawk is substantially experienced in supporting and quantifying merchants’ claims against the card schemes. Many of our clients have gone on to recover substantial sums. Our analytical capability and market intelligence are why many merchants turn to Bankhawk for support and this may be the missing piece required to bring your own claim.
Whether you wish to simply understand how much you could claim or take the next step, Bankhawk is well-placed to maximise your claim’s success.