Local settlements are available to all merchants transacting with the local currency (Nigerian Naira) on Korapay. As a prerequisite, you would need to provide a verified Nigerian bank account to activate your Korapay account and receive local settlements (Normally, the registered bank account associated with your Korapay account is used as your settlement bank account). You can see your settlement bank account at the bottom of the Settlements tab in your Settings.
Depending on the type of collection, the mode (or schedule) of a settlement may differ. The modes include instant settlements, same-day settlements, and next-day settlements. If a collection type is set to instant settlement, you would be settled immediately after the transaction is complete. However, if the collection is set to same-day or next-day settlement, the funds will be available for settlement 12 hours or 24 hours respectively, after the transaction is complete. By default, bank transfers are settled instantly, while card payments are settled on the next day. This timing only applies to local settlements.
The destination of a settlement is the account into which the settlement is made. By default, your settlement destination is your Korapay Balance which is tied to your Korapay Reserved Bank account. You can also set your verified Nigerian bank account as your settlement destination.
Note that instant settlements to any other account apart from your Korapay Reserved account may attract the regular payout fee.
Updated about 1 year ago