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.
Did You Know?
When you reach these settled transaction volumes (R40K, R60K and R80K) within the month, we will automatically lower your rates. You’ll hear from us when your rate has dropped, what it has dropped to and when that rate will be effective.
The good news is that your rate will stay low (it can never go back up) until you trade more and qualify to pay less.
Start selling prepaid products, like airtime and electricity, and set up an additional revenue stream with iK Prepaid using your smartphone and an iKhokha card machine.
Check out our Fees Calculatorto see how the more you sell, the less you pay.
Watch video here:
