Transaction Settlements

After accepting a payment with an iKhokha card machine, funds will be transferred into a merchant's chosen bank account within 1–3 working days.



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 1–3 working days.

Ka-ching!

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.

NB:
*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.

Watch video here:

Samantha Gounden

Hey, I’m Samwise. The Storyteller and friendly face behind the words, here at iKhokha. When I'm not dotting my i's and crossing my t's, I set out to conquer the universe in other ways…behind a camera lens, on radio or being a Podcast Princess. A perfect day? Curling up with a great book in one hand and coffee in the other. A perfect life? Smiles, giggles and the company of my devilishly gorgeous labs.

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