Track and repay your Cash Advance
- iKhokha App
- iK Dashboard
Understand automatic repayments from card sales and track your Cash Advance progress in the iKhokha app or iK Dashboard.
Cash Advance repayments are collected automatically as a percentage of future card sales. You don't make one fixed monthly instalment. The rand amount collected can be larger on a busy trading day and smaller on a quiet day because it follows your card sales.
If you are checking whether you may be eligible for an offer, see Check if you're eligible for a Cash Advance.
How the repayment model works
The repayment percentage and total amount payable are shown before you accept an offer and form part of the agreement. Each repayment is taken from amounts due for payout and sent to Retail Capital. Your payout can therefore be lower while an advance is being repaid.
Check the cost in your agreement
Your offer and agreement show the fee, repayment percentage and total amount payable for your Cash Advance. Use those figures when planning for repayments.
You don't need to make a separate payment for each automatic deduction. The agreed percentage continues to be applied to future card sales while the advance is outstanding.
Check your repayment progress
You can track your active Cash Advance in either the iKhokha app or the iK Dashboard. Use the steps for the option you're using.
In the iKhokha app
Open the iKhokha app and sign in.
Open iK Offers.
Select Cash Advance Stats.
Use the figures and status shown in Cash Advance Stats to follow the progress of your active advance.
In the iK Dashboard
Sign in to the iK Dashboard.
In the left-hand menu, open iK Offers.
Select Cash Advance.
Review the Cash Advance and repayment information shown for your active advance.
A card machine can show and accept a Cash Advance offer, but it is not used to track repayment progress.
To match a Cash Advance deduction to a payout, compare your Cash Advance information with the related payout statement. You can see how Cash Advance deductions appear in your payout activity in Understand your payouts, statements and deductions.
Why repayments change from day to day
When you take more card payments, the agreed percentage produces a larger rand repayment.
When card sales are lower, the rand repayment is usually lower.
If there are no qualifying card sales in a period, there may be no repayment from those sales, but the advance is still outstanding.
Refunds, reversals or other adjustments can change the amount that appears in a payout.
A single payout may include fees, refunds or adjustments, so use the agreed repayment percentage and the Cash Advance information shown for your active advance when checking your repayment progress.
When the advance is fully repaid
The advance is complete when your Cash Advance information confirms that the total amount payable has been repaid. Keep your agreement and payout records with your normal business records.
If your Cash Advance information still shows an active balance after the figures appear to be complete, note the dates, payout references and amounts involved, then contact iKhokha Support on 087 222 7000 or support@ikhokha.com.
Early or manual repayment
Your repayment percentage and total amount payable are set out in your accepted Retail Capital agreement. If you want to repay early or make a manual payment, check the agreement for the options that apply to your advance before making a payment.
Keep your records aligned
Save the accepted offer and agreement.
Review your Cash Advance progress regularly.
Check payout statements when a deduction affects your expected payout.
Keep a note of any discrepancy with the payout date, amount and reference.
