Getting settled is as easy as 1, 2, 3…
Getting settled means that after accepting a payment with an iKhokha card machine, the funds will be transferred into the merchant's chosen bank account within 1 to 3 working days.
The amount settled will be less the iKhokha transaction commission fee of 2.75% (ex VAT).
i.e R100 - 2.75% (ex VAT) = R97.27
i.e R100 - 3.1625% (incl VAT) = R96.84
There is a settlement fee of R2.50 per settlement i.e. R2.50 every time money is settled into a merchant's account. This fee is only applicable when a merchant trades and money is settled into the registered bank account. Therefore, if a merchant doesn't transact this fee will not apply.
i.e R97.25 - R2.50 (settlement fee) = R94.75 (ex VAT)
i.e R96.25 - R2.50 (settlement fee) = R94.34 (incl VAT)
Settlements are done on business days only and not on Sundays and public holidays.
*We only settle daily transactions of R10 or more.
*If your total daily transactions are below this amount, you will only be settled once you go over R10.