The $200 Billion+ agreement gives small businesses choice, lower credit card processing rates for years
Date: November 10, 2025
Media Contact: Nick Simpson
Nick@electronicpaymentscoalition.org
WASHINGTON, D.C. – Electronic Payments Coalition (EPC) Executive Chairman Richard Hunt issued the following statement after Visa, Mastercard, and a class of merchants – more than 90 percent of which were small business owners – announced a settlement agreement in a class-action lawsuit over card processing costs:
“Both sides worked in good faith to reach this new, comprehensive agreement. It provides businesses of all sizes with meaningful and significant concessions that give more flexibility and choice in card acceptance, greater ability to pass along card processing costs, a more than 25 percent reduction on standard credit cards, and capped interchange rates across the board. This agreement now moves forward for judicial review.
“With this agreement, lobbyists for corporate mega-stores and a few politicians can end their misguided crusade – at both the federal and state levels – to undermine our safe, secure, and efficient payment systems through untested government mandates.”
In total, merchants have stated the concessions in the agreement will save them more than $200 billion.
The agreement reached by Visa, Mastercard, and merchants allows:
- Merchants more options to surcharge Visa and Mastercard credit cardholders;
- Merchants to accept cards based on card category; and
- A reduction of current interchange rates.
Note: Walmart objected to the first agreement reached in March 2024, claiming small businesses had “traded away the interests of large national merchants for relief that is worthless to the members with the most at stake in this litigation.” That agreement would have provided businesses an estimated $30 billion in relief, along with technical provisions specifically requested by small business owners.
Since that objection, corporate mega-stores have attempted to create credit card chaos across more than 20 states by pushing state legislation that largely violates federal preemption laws. Walmart has hosted multiple seminars promoting these state bills at government conventions, attempting to present these efforts as grassroots initiatives. In reality, these campaigns are being driven by a former Walmart and Darden Restaurants lobbyist and government affairs executive, who has authored op-eds in more than half a dozen states. Additionally, a former staffer for Senator Dick Durbin (D-Ill.) — who is advocating for new federal credit card mandates — has testified in several state legislative and regulatory hearings in support of these measures.
A one-page overview outlining the corporate mega-store state campaign is available here.