The National Retail Federation today reported that more than half a million retailers will begin receiving checks which total over $1 billion this week. The refund is the result of a federal judge’s decision to approve an early payout of funds from a 2003 settlement of a class action lawsuit against Visa and MasterCard’s debit card practices. Retailers welcome the extra money during a slow holiday season where the ongoing credit crunch is taking its toll.

The lawsuit goes back to 1996 and was settled in 2003 for $3.1 billion.  Thus far, Visa and Mastercard have paid back about $1.85 billion to merchants represented in the lawsuit, however retailers were expecting to wait at least 3 more years to receive their windfall. To learn more and see if you are qualified to receive money, click here.

An easy way for retailers to save money on operating costs this holiday season is to get a better deal on credit card processing. Check out the reverse auction process on FeeFighters.com, where the best credit card

processors bid for you business. Average savings for retailers on processing are 40%.

Image thanks to http://www.flickr.com/photos/93302041@N00/498285229/