Transaction Settlements

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

What Are Settlements?

• Settlements are how you receive payments processed through your iKhokha payment products.
• After a transaction is approved, and the acquiring bank validates the transaction, and funds are transferred to your bank account through our settlement process.
• All transactions from each day are merged into one consolidated payout, which is then processed to be transferred to your bank account during the settlement process.

Settlement Requirements

• Your account must be FICA approved before any settlements can begin.
• Daily transactions must total R10 or more to trigger a settlement.

Settlement Timelines

Settlements take place once you accept a payment through any of iKhokha’s payment solutions. Each day's transactions are aggregated into a single total for settlement, a process commonly known as "getting settled."

Generally, you should see the funds reflected in your bank account within 1 to 3 business days after the transaction.

Settlements occur on business days, which are Monday to Saturday. However, this does not apply to the iKhokha Debit Card.

You can typically expect to receive one settlement for each trading day, although this may vary depending on weekends and public holidays. The timing of your settlements may also be affected by your banking provider and the specific iKhokha device you are using.

iKhokha offers three different settlement methods for paying merchants, via:

• iKhokha Debit Card * : Settled to iKhokha Debit Card merchants,
  • Settled : Twice day (4AM and 3PM) , Monday to Sunday. 
• ABSA : Settled once a day to all banks (except FNB and iKhokha Debit Card merchants.
  • Typically Settled : Monday to Saturday
• FNB : Settled once a day to all FNB banked merchants
  • Typically Settled : Monday to Saturday

When will you get settled? 

Here are a few scenarios to help you determine exactly when you'll be paid:

iKhokha Debit Card

If you you have a iK Debit Card Linked to you merchant profile, the following settlement times apply, find out more here.

 

If you own an iK Flyer, iK Flyer Lite or iK Mover and bank with ABSA or FNB, the following will apply:

 

If you own an iK Shaker Solo and bank with ABSA or FNB, the following will apply:

 

If you own an iK Shaker Solo and bank with any other banking provider besides ABSA and FNB, the following will apply:

Transaction Rates and Settlement Fees

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

Once your total settled transaction volume reaches R40,000, R60,000, or R80,000 within a trading month, we will automatically reduce your transaction rate. We will notify you of your new rate, which will be implemented by the 10th of the following month.

You don’t need to worry about your rate going back up if your settled transaction volume drops. Your rate will stay low until you’ve traded enough to go lower.  

If you trade R100K, you will be eligible for a custom low rate. Go ahead and use our Fees Calculator to see how the more you sell, the less you pay.  

Example 1: 

 R100 – 2.75% (excl. VAT) = R97.27 

 R100 – 3.1625% (incl. VAT) = R96.84 

There is also a settlement 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 2: 

R97.27 - R2.50 (settlement fee) = R94.75 (excl. VAT) 

 R96.84 - R2.50 (settlement lee) = R94.34 (incl. VAT) 

Should you need assistance (or a custom low rate) please contact our Support Team on:

087 222 7000 or

support@ikhokha.com

 

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