How payouts work
- iK Dashboard
Understand how payouts are calculated, what affects their timing, and where to check your balance and past payouts.
A payout is the money from your successful iKhokha transactions that is paid into your bank account on record.
Your payout may be less than your gross sales because transaction fees, subscription fees, refunds and reversals are deducted first.
What needs to happen before payouts start?
Your profile and bank details need to be approved as part of the FICA process.
The bank account must be in your business’s name. If you’re a sole proprietor, it can be in your own name.
If iKhokha asks you for verification information, respond as soon as you can.
Failed, reversed or refunded transactions are not paid out. Transactions that are still pending are not included in a payout either, but you’ll still see them in the iK Dashboard.
Cash sales you record in iKhokha are not paid out. They’re included to give you a full record of your sales.
Is there a minimum payout amount?
Yes. You need at least R10 in net sales before iKhokha makes a payout.
Anything under R10 stays in your balance and is added to a later payout.
How transactions become a payout
Successful transactions on any iKhokha payment method are included. This includes card machines, iK Tap on Phone, Instant EFT, e-commerce and Pay Links. Cash sales are not included.
Once a transaction is reconciled with the bank, it becomes eligible for payout.
Transaction fees, subscription fees and any other deductions are taken off your gross sales to give your net amount.
Your net amount is paid into your bank account on record.
Each transaction that affects your balance is shown on your statement. Your balance is then paid out at set times, depending on your bank.
What affects payout timing?
Payout timing can be affected by:
the bank you’re paid into;
the time and date the transaction was completed;
cut-off times for each payout run;
weekends and public holidays, except for Nedbank and GoTyme Bank; and
verification or risk checks, for example if a transaction is flagged for possible fraud.
A transaction completed after a payout run’s cut-off is included in the next run.
In some cases, a payout can take up to 48 hours to reflect.
Payout times by bank
Nedbank: Payouts run at 4am and 3pm, 7 days a week, including public holidays. The cut-offs are 3am and 2pm, so anything after 2pm is paid the next morning.
iK Debit Card (GoTyme Bank EveryDay Account): Payouts use the same times and cut-offs as Nedbank.
All other banks: Payouts run once a day at 8am. Transactions must be reconciled by midnight to make the next morning’s payout. Weekends and public holidays can delay these payouts.
Check your balance
Sign in to the iK Dashboard.
Go to Reports > Payouts.
Open Pending to see your balance.
Your Pending balance is money from successful transactions that has not been paid out yet, usually because it is still being reconciled.
Open Statement for a line-by-line view of amounts and deductions.
Check a completed payout
In Reports > Payouts, open History to see your past payouts by day.
You’ll see one or two payouts per day, depending on your bank.
Use Statement to see how your sales, fees and deductions add up to the amount paid.
To match your sales to what arrives in your bank, see Reconcile your sales and payouts.
If an expected payout has not arrived
Check Pending to see whether the money is still waiting for the next payout run.
Check History and Statement for a completed payout, deduction or reversal.
Check that the transaction was successful and that your balance reached R10.
Consider your bank, the cut-off time, and whether it was a weekend or public holiday.
Check that your bank details have not been changed or left pending approval.
If your payout still does not match what you expect, contact iKhokha Support on 087 222 7000 or support@ikhokha.com.
Include the payout date, amount and reference number from your statement.
Never share your password, PIN, one-time PIN or full bank account details in a support request.
