Transaction Settlements

Wondering when you'll get paid? Here's how settlements work with iKhokha.

Transaction settlements happen after you’ve accepted a payment using your iKhokha card machine. These settlements are transferred into your chosen bank account within 1 to 3 days of the transaction. We call this process “getting settled”.

Transaction Rates and Settlement Fees

Every time you receive a settlement, the amount settled for each transaction will be less the iKhokha transaction rate of 2.75% (excl. VAT).

Example:

  • R100 - 2.75% (excl. VAT) = R97.27
  • R100 - 3.1625% (incl. VAT) = R96.84

There is also a settlement fee of R2.50 per settlement (i.e. R2.50 every time money is settled into your account). This fee is only applicable if you trade and money is settled into your registered bank account. If you don’t transact, this fee will not apply

Example:

  • R97.27 - R2.50 (settlement fee) = R94.75 (excl. VAT)
  • R96.84 - R2.50 (settlement fee) = R94.34 (incl. VAT)

QUICK NOTE: The R2.50 settlement fee is a set amount which is charged regardless of the sum being settled into your account. Whether your settlement is R100 or R1000, the settlement fee will always be R2.50.

When will you get settled?

Settlements will only be actioned on business days. If a transaction is made on a Saturday or the day before a public holiday, the amount will only be settled on the next working day.

 

QUICK NOTE: 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.

 

If you require any further assistance on transactions and settlements, please call iKhokha Support on 087 222 7000 or email support@ikhokha.com