How does settlement work?

  1. All merchant payments are settled as a lump sum for the day's transactions.
  2. Merchant payments will reflect in your nominated bank account within 1 - 3 business days.
  3. iKhokha settles merchants less iKhokha’s transaction commission fee of 2,75% (EX VAT).
  4. iKhokha only settles merchants once accumulated sales total R10 or more.
  5. iKhokha charges a settlement fee of R2.50 per batched settlement i.e. R2.50 per day for each business day traded.
  6. iKhokha only settles on business days within the month.
  7. iKhokha merchants will receive a daily detailed transaction report for all of your transactions for the day via email.
  8. iKhokha merchants will receive a settlement report every time that iKhokha settles into the nominated bank account.
  9. iKhokha merchants will receive a monthly transaction report (via e-mail) for all transactions concluded within the month.
  10. iKhokha merchants will receive a monthly settlement report (via e-mail) for all settlements within the month.
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