Wondering when you'll get paid? Here's how settlements work with iKhokha.
When will you get settled?
Firstly, you need to be FICA approved before you can 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
Keep in mind that 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.
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. Depending on the weekend and public holidays, you will receive one settlement per trading day. You get one settled amount for all your transactions. We call this process "getting settled".
QUICK NOTE: Different banking providers will differ in settlement timings. On average, it takes 2 to 3 working days to get 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).
When your settled transaction volume for in-person payments reaches R40K, R60K or R80K within 30 days, we will automatically lower your rate. On the 10th of the month, we will let you know what your rate has dropped to and make sure it’s effective 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.
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.
R97.27 - R2.50 (settlement fee) = R94.75 (excl. VAT)
R96.84 - R2.50 (settlement lee) = 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
Should you need assistance (or a custom low rate) please contact our Support Team on:
087 222 7000 or