Transaction Settlements

What are payouts?

• Payouts are how you receive the money from payments processed through your iKhokha products.
• After a customer pays successfully and the transaction is approved, the money is grouped and paid out to your registered bank account or payout method.
• In most cases, all eligible transactions from the same trading day are combined into one payout.

Payout requirements

• Before payouts can begin, your profile must be FICA approved.

• Your daily transactions must total R10 or more to trigger a payout. If you do not meet the minimum amount, your transactions will roll over until the threshold is reached.

How payouts work

Payout times depend on:

• your payout method
• your bank
• the iKhokha product you use
• when the transaction was processed

You will usually receive one payout per trading day, although this can vary around weekends, public holidays, or your payout method.

Payout timelines

iKhokha offers three payout methods:

iK Debit Card

• If your iK Debit Card is linked to your merchant profile and your payout account is a GoTymeBank EveryDay Account, you can get same-day payouts. Payouts are processed twice a day, at around 4am and 3pm, Monday to Sunday. Transactions processed after 3pm are usually paid out in the next payout run.

ABSA payout route

• Payouts are processed once a day, Monday to Saturday for merchants paid through the ABSA route. If you bank with ABSA and use an iK Flyer, iK Flyer Lite, or iK Mover, your money can reflect as soon as the next business day.

FNB payout route

• Payouts are processed once a day, Monday to Saturday for merchants paid through the FNB route. If you bank with FNB and use an iK Flyer, iK Flyer Lite, or iK Mover, your money can reflect as soon as the next business day.

For other banks and products, payouts may take longer.

When will I get paid?

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

iK Debit Card

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

Please be aware that transactions completed after 3 PM will be and paid out the next day at approximately 4 AM.

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 Payout Fees Examples

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

Once your total payout 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 payout 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 fee of R2.50 per payout (i.e. R2.50 every time money is paid into your account). This fee is only applicable if you trade and money is paid into your registered bank account. If you don't transact, this fee will not apply.

Example 2:

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

R96.84 - R2.50 (payout fee) = R94.34 (incl. VAT)

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

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

087 222 7000 or

support@ikhokha.com